Washington, DC – The Coalition for Green Capital (CGC) today asks the Environmental Protection Agency (EPA) for funding from the Greenhouse Gas Reduction Fund (GGRF) that will enable it as a national green bank to:
- Within one year of receiving funds, cause $35 billion in cumulative private-public investing in clean power projects;
- Make more than half of its investment in low-income and disadvantaged communities (LIDCs);
- Fund at least one economically self-sufficient green bank in every state;
- Fund a network of green banks and other community actors to transform markets and create clean energy benefits for everyone;
- Within seven years, cause more than $150 billion in cumulative public-private investing;
- By 2030 account for 4% of the Administration’s goal of cutting 2005 emissions levels in half; and
- By 2035 create 3.7 million new clean energy jobs.
CGC seeks a total of $11.9 billion through four applications to the three separate programs within the GGRF. CGC will use the funds to make direct investments and to fund a network of partners consisting of 16 state and local green banks and two national non-profit investors (obtaining a “sub-award” of CGC’s award) and an ever-expanding big green tent of a total of 191 partners, including developers, community benefit organizations, community lenders, and commercial and financial firms.
CGC attaches to its application a total of 668 letters of support, including 409 from community benefit organizations, governors, mayors, and other community actors.
CGC’s pipeline of potential projects for public-private investing is $105 billion within one year and more than $1.2 trillion over seven years. The magnitude of this pipeline gives CGC confidence that within one year of capitalization, CGC can deploy all $10 billion of the national grant and join that up with at least $25 billion in private investment. CGC will make these investments in all EPA regions, weighted by population.
In the application, CGC shows its organizational and governance plan and, in confidence, the 17 experienced professionals who compose its senior management team. The Board of Directors, chaired by Connecticut Green Bank CEO and President Bryan Garcia, comprises 15 highly qualified individuals who are founders, leaders, and board members from various for-profit and nonprofit firms in finance, clean energy, communications, housing, and other sectors. (see attached list of board members).
Chairman of the CGC Board Bryan Garcia, President and Chief Executive Officer of Connecticut Green Bank, said, “What an exciting moment this is for the green bank movement as CGC submits these applications to the EPA to mobilize investment in projects that confront climate change, with a focus on projects in low-income and disadvantaged communities. Alongside the equitable investments in such projects that will be made in communities across the country, we have created a participatory governance structure that includes each of the 10 EPA regions and tribal communities. This way we’ll make local voices integral to our strategies with a focus on mobilizing investment in low-income and disadvantaged communities.”
CGC Chief Executive Officer Reed Hundt said, “After working for more than a decade to reach this moment, we are very proud that our big green tent has gained so many partners, sub-awardees, and supporters. More than 660 letters from supports like Invenergy, Lafayette Square, Lendistry, The Bullard Center for Environmental Justice, The Deep South Center for Environmental Justice, Howard University, Children’s National Hospital, and Dream.Org, reinforce the strength of our vision and business.”
CGC Executive Director and Chief Operating Officer Eli Hopson, said, “I’m proud of the network of 191 partners composed of green banks, community benefit organizations, community development financial institutions, and businesses that will join us in deploying $10 billion of grant funds in year one. Together, we will reduce greenhouse gas emissions at the scale and speed necessary to meet the challenges of climate change and environmental injustice. Our team is ready to go.”
CGC board member David J. Hayes, former Special Assistant to the President for Climate Policy and two-time Deputy Secretary of the Interior Department, said, “The market transformation sought by EPA and the focus on low-income and disadvantaged communities are both at the core of CGC’s business plan. CGC’s bold application will put the EPA’s Greenhouse Gas Reduction Fund to immediate use, leveraging federal dollars to help finance the delivery of billion-dollar benefits of reliable, low-cost, clean power to households, businesses, and communities in every corner of our country.”
CGC board member Julie Greene Collier, Chief of Staff of the AFL-CIO, said, “With the grant funds, CGC and its network will create millions of new jobs and help Americans save more than $150 billion in energy costs. I’m ready to see CGC reach labor agreements and community engagement contracts that help guarantee job creation in low-income and disadvantaged communities.”
Proposed CCIA Administrator Stephen Brown, Founder and Chief Executive Officer of Clean Energy Fund of Texas, said, “To maximize the impact, CGC plans to manage all grants in tandem. Our CGC Accelerator will fuel the growth of a national network of self-sufficient green banks. With our two coalition partners NY Green Bank (NYGB) and Community Development Venture Capital Alliance (CDVCA), we’re applying to support 150 targeted community lenders who will receive capitalization funding and technical assistance. CGC is using public and private investments to unlock capital and by 2035 the CGC Accelerator will create over 400,000 jobs, and reduce energy costs by $26.8 billion throughout communities that have been most impacted by climate change and have faced the most historic environmental harms. These are in addition to the benefits pursuant to the NCIF grant.”
About the Coalition for Green Capital
The Coalition for Green Capital (CGC), operating as the American Green Bank Consortium, is a 501(c)(3) organization specifically chartered to reduce greenhouse gas emissions, combat other forms of air pollution, and address climate and energy-related environmental injustice. Green banks are a proven finance model that utilizes public and philanthropic funds to mobilize private investment in renewable energy, energy efficiency, and other decarbonization technologies. For more than a decade, the Coalition for Green Capital has been at the forefront of the Green Bank movement, collaborating at the federal, state, and local levels in the U.S. and internationally. Learn more at https://coalitionforgreencapital.com.
CGC’s Sub-Awardees Include California Infrastructure Bank, City First Enterprises, Colorado Clean Energy Fund, Connecticut Green Bank, Community Development Venture Capital Alliance, DC Green Bank, Efficiency Maine Trust, Elemental Excelerator, Illinois Finance Authority/Climate Bank, Michigan Saves, Minnesota Climate Innovation Finance Authority, Montgomery County Green Bank Corporation, New Jersey Economic Development Authority, New York City Energy Efficiency Corporation, NY Green Bank, Ohio Air Quality Development Authority, Solar and Energy Loan Fund, and the State Environmental Improvement and Energy Resources Authority (Missouri).
Supporters Include Governor Jared Polis of Colorado; Governor Ned Lamont of Connecticut; Governor Josh Green of Hawaii; Governor J.B. Pritzker of Illinois; Governor of Louisiana John Bel Edwards; Lieutenant Governor Garlin Gilchrist of Michigan; Governor Philip Murphy of New Jersey; Governor Michelle Grisham of New Mexico; Governor Wes Moore of Maryland; Mike DeWine of Ohio; Governor Jay Inslee of Washington; City of Douglas Jennifer Smith, Arizona; Mayor Regina Romero of Tucson, Arizona; Mayor Clea McCaa of Sierra Vista, Arizona; Mayor London Breed of San Francisco California; Mayor Justin Bibb of Cleveland; Mayor Aftab Pureval of Cincinnati; Mayor Andrew Ginther of Columbus; Mayor Brandon Johnson of Chicago, Illinois; Mayor Misty Buscher of Springfield, Illinois; Mayor of New Orleans, Louisiana; Maine; City of Rockland, Maine; Dayton City Manager Shelley Dickstein of Dayton Ohio; Kent City Manager Dave Ruller of Kent, Ohio; Mayor John Finley of McConnelsville, Ohio; Mayor Patrick Cadle of Newcomerstown, Ohio; Mayor Kate Snyder of Portland; Mayor of Seattle Bruce Harrell, Washington.