Total investments caused by the network since 2011 are now at $21.8 billion
Washington, DC— The Coalition for Green Capital (CGC), doing business as the American Green Bank Consortium (AGBC), announces that its 2023 preliminary results show that public-private investments have increased by more than 52.2%. Based on data accounting for less than half of its network, the findings indicate that total investments have reached $7 billion in 2023, compared to the $4.6 billion reported in 2022.
Preliminary highlights of the consortium’s 2023 annual report include:
- Active investors in the network who provided input for 2023 caused $7 billion of investment in clean energy projects. This is a $2.5 billion increase from 2022.
- Of the $7 billion, consortium partners contributed $2.5 billion of their own capital, joining that up with $4.5 billion in private capital, attracting $1.4 billion more in private capital than in 2022.
- Since 2011, cumulative public-private investment caused by green banks and partners is now at $21.8 billion, up from the $14.8 billion reported in CGC’s 2022 annual report.
CGC is seeking a total of $11.9 billion through four applications to the EPA’s three separate Greenhouse Gas Reduction Fund programs to establish a national green bank, and expects to use these funds to cause $35 billion in cumulative private-public investing in clean power projects within the first year of receiving funds.
Chairman of the CGC Board, Bryan Garcia, President and Chief Executive Officer of Connecticut Green Bank, said, “The American Green Bank Consortium has consistently demonstrated the power of collaboration. This preliminary record-breaking $7 billion invested in 2023 is a testament to the strength of our network. As Chairman of the Board, I applaud the dedication of our partners and the impact we’ve collectively made to advance clean energy projects, especially those in vulnerable communities, and lower greenhouse gas emissions across the US.”
CGC Chief Executive Officer, Reed Hundt, said, “I expect our final reporting total will approximately reach $10 billion of public private investment. I think this number demonstrates the validity of public private investing.”
CGC Executive Director and Chief Operating Officer, Eli Hopson, said, “The initial data demonstrates the effectiveness of our network in accelerating clean energy investments throughout the US. We anticipate the release of our annual report in early March and are excited to provide a more comprehensive insight into our ability to equitably reduce greenhouse gas emissions at the scale and speed necessary to meet the challenges of climate change.”
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.
About the American Green Bank Consortium
The American Green Bank Consortium is a partnership organization for green banks, community development financial institutions, capital providers, developers, and other clean energy supporters to work together to expand and accelerate innovative clean energy investments across the United States. It consists of over 40 green banks and financing entities, including over 20 startups motivated by the GGRF to create state or local green community lenders and covering over 40 states across the country. Since applying to the GGRF, CGC expanded the AGBC umbrella to include participation from over 70 lending partners who expressed support for CGC’s application to EPA.