Over the last decade, CGC has established itself as the leading expert and implementer of Green Banks around the world. We have built expertise and offer a unique set of capabilities to design and build institutions that are proven to work. To date, institutions formed by CGC have financed nearly $9 billion worth of clean energy projects. They have also demonstrated first-of-kind financing techniques and broken new ground when it comes to capital raising. This includes using cap-and-trade auction proceeds to finance clean energy projects in multiple states in the U.S. And also securing the first ever loan from the Green Climate Fund to capitalize a Green Bank in a developing country.
State and local green bank formation and support
CGC worked closely with policymakers and market participants to support green bank formation across the country, including in:
- New York
- Rhode Island
- Montgomery County, Maryland
- The District of Columbia
Green bank institutions directly supported by CGC have collectively mobilized nearly $3 billion in public and private capital into clean energy projects. And CGC is working across many other jurisdictions today to evaluate green bank opportunities and support implementation.
International green bank formation
CGC produced the first comprehensive evaluation of the green bank model’s potential in developing countries. (link to Hewlett study). This work led to a new surge of development and exploration of green banks across the globe. CGC worked closely with the Development Bank of Southern Africa to create the Climate Finance facility, the first green bank in a developing country and the first to secure a $56 million loan from the Green Climate Fund. CGC is now working towards green bank operation in a growing number of countries, including Rwanda.
US federal advocacy
CGC’s work first began in 2009 to create a national green bank in the U.S., and that work has continued for over a decade. In 2009, CGC worked with leaders on Capitol Hill to secure bi-partisan passage of green bank legislation in the House of Representatives, and bi-partisan support in committee in the Senate. Though legislation was not ultimately passed, this initial work sparked the green bank movement at the state and local level that we see today. Green Bank Acts were again introduced in the House and Senate in 2014, 2016 and 2017, each incorporating important updates based on the evolving landscape.
The full evolution of the federal green bank idea is now embodied in the National Climate Bank Act, where for the first time since 2009 there is wide support in Congress and on the campaign trail to form a national green bank.
Coordination and thought leadership
In addition to direct formation and operation, CGC has been a field catalyst for green banks through industry coordination and thought leadership. CGC has continued to advance and refine the model while building a strong community of practice around the world. The Green Bank Network and the American Green Bank Consortium convene green banks internationally and domestically. Members of these organizations have driven over $50 billion in investment. These membership organizations host events, report on new developments, and produce original analysis and thought leadership. Connections built through these networks have resulted in the advancement of new real-world green bank formation efforts and product offerings.