The Coalition for Green Capital is excited to provide the latest and greatest thinking on the Green Bank concept in its new Green Bank White Paper!
The concept of a Green Bank—a financing institution that leverages private capital into clean energy projects—has been around for a while. The Coalition for Green Capital (CGC) has been driving the Green Bank movement in the US since 2009. With support from CGC, Connecticut established the first state Green Bank in 2011, and New York established its own Green Bank shortly after in 2013.
Fast forward to now: the Connecticut Green Bank has supported more than $936 million in project investments, while the New York Green Bank has supported more than $200 million in project investments and has an active project pipeline of $338 million.
Over the past few years, other states took notice of CT and NY’s early success with the Green Bank model. States such as Rhode Island and Hawaii have created Green Banks of their own, and many more states are currently working with the Coalition for Green Capital to develop Green Banks of their own. CGC has also been working with a few countries and even some counties to set up Green Banks. Montgomery County, MD recently created its own Green Bank, the first county-level Green Bank in the US.
In performing its Green Bank work across so many geographies, CGC has developed a wealth of expertise and experience in the realm of Green Banks. Though every Green Bank must be built to serve the unique features of its clean energy market, certain common features link all Green Banks. Those features, as well as information on existing and developing Green Banks, and their various financing products and market development activities, are detailed in CGC’s Green Bank White Paper.