Press Release: August 9, 2019
The Coalition for Green Capital (CGC) today submitted written comments to the New Jersey Energy Master Plan (EMP) Committee supporting the Committee’s recommendation to create a New Jersey Green Bank. CGC’s Executive Director, Jeffrey Schub, previewed these comments in yesterday’s in-person stakeholder meeting.
CGC’s comments argue that to achieve the state’s proposed ambitious energy and climate goals, it must create a focused finance institution to drive the energy transition. New Jersey can and should take a national leadership role to address climate change and reduce its greenhouse gas emissions, and New Jersey’s new EMP appropriately sets aggressive goals and targets. In order to achieve the EMP’s goals, a significant increase in energy-related investment will be required. A New Jersey Green Bank will be the key tool for driving this investment and implementing the state’s clean energy vision.
CGC Executive Director and New Jersey native Jeff Schub said: “A New Jersey Green Bank can turn the climate crisis into an investment and economic development opportunity. We applaud the Committee’s recommendation and desire to join its neighbors in New York and Connecticut by forming a Green Bank. This can benefit all New Jerseyans by expanding clean energy, lowering energy costs, and creating local jobs.”
New Jersey’s EMP also appropriately calls out the needs of low- and moderate-income communities, as well as environmental justice communities. These communities should be supported in reaping the benefits of the clean energy transition through the creation of new jobs, improvements to public health, and savings on energy bills. A New Jersey Green Bank would use state funds efficiently by mobilizing private investment, increasing its total impact beyond its public capital base. And it would invest in projects that directly lower consumer costs, which would be especially important to low- and moderate-income households.
CGC recommends that a New Jersey Green Bank be formed as a government-adjacent, independent 501c3 non-profit corporation, with a mandate to operate in alignment with the state’s clean energy and climate policy objectives. This approach would keep New Jersey at the leading edge of innovative trends in the Green Bank and clean energy finance sector. It would also ensure that the Green Bank is fully integrated and overseen by government, while retaining the independence to operate as a market actor free of political influence.
New Jersey’s Green Bank would be well-positioned to work in close coordination with other Green Banks around the country that are now organizing to achieving collective scale. This includes joining the American Green Bank Consortium to engage in capital and product partnerships with its fellow Green Banks. The New Jersey Green Bank could also benefit from momentum at the federal level to establish a National Climate Bank, which would be empowered to provide capital to New Jersey’s Green Bank.
CGC’s full written comments are available here. For additional context, also see the 2017 report “Financing New Jersey’s Clean Energy Economy: Pathways for Leadership” published by EDF and co-written by EDF, CGC, and Quantified Ventures.
The Coalition for Green Capital (CGC) is a non-profit organization focused on accelerating the growth of clean energy through the creation of Green Banks.
CGC offers a unique and proven capacity as the leading creator, advocate, and expert on Green Banks since 2009 and works directly to support the formation of Green Banks with governmental and civil society partners. CGC also provides on-going consulting and guidance to operating Green Banks.
For more information visit coalitionforgreencapital.com/.
Director of Communications