US State and Local Green Banks

U.S. State and Local Green Banks

Exploring and supporting the establishment of new institutions.

CGC is the leading expert on Green Banks in the United States. CGC provides unique technical expertise to evaluate, design, implement and operate Green Banks in state and local markets. CGC’s work in the U.S. has sparked billions in funding and investment for clean energy deployment.

CGC works closely with governments, market participants, local community leaders and other stakeholders to understand each market’s investment and energy needs, design the optimal institution and investment structures, and make them a reality. Some projects result in new non-profits, others in legislation, and others in unique partnership structures. All are designed to create dedicated local investment expertise that can connect under-served clean energy projects with the capital needed to address climate change.

CGC has worked across the country from Rhode Island to Hawaii to support green bank creation and investment. In all cases, CGC’s approach is crafted to the specific situation and opportunity, seeking to leverage existing expertise, resources and partners. Market evaluation, institution design, capital raising, legal analysis and more are all delivered to create a green bank best positioned to succeed in each specific market.

Real-world examples of this work include:


CGC worked to form The Colorado Clean Energy Fund (CCEF), which was born out of a three-year collaboration with the Colorado Energy Office (CEO) and the Department of Energy (DOE). CCEF is a nonprofit Green Bank that serves as a specialized intermediary that identifies barriers to financing clean energy projects, bridges the gap between clean energy projects and traditional capital providers, and drives demand for these solutions by performing market engagement and development activities. In doing so, CCEF identifies underserved clean energy opportunities in Colorado and works with a variety of stakeholders to structure creative and attractive finance solutions to bring those opportunities to fruition

CGC performed a myriad of functions to bring the vision for CCEF to life. CGC performed a market scoping exercise in Colorado to identify the most pressing and attractive finance opportunities for CCEF to pursue. CGC then incorporated CCEF, as announced by former Colorado Governor John Hickenlooper in December 2018. CGC has since staffed CCEF, secured its operating capital, drafted its business plan and governance documents, and facilitated the closing of its first transaction.

Cuyahoga County, Ohio

With support from The George Gund Foundation, The Cleveland Foundation, and the Cuyahoga County Government, CGC completed a market opportunity analysis in 2019 to determine the potential for a Green Bank to increase clean energy development in Cuyahoga County, Ohio. Based on this analysis, CGC found that there was significant potential for a Green Bank to deploy mission-driven capital in support of small-scale commercial and industrial solar projects. In the wake of this report, CGC is currently working with to establish a Green Bank in Cuyahoga County that can deploy capital through this model.

New Jersey

CGC began work to develop and form a Green Bank in New Jersey in the middle of 2017. CGC co-authored a paper with the Environmental Defense Fund (EDF) analyzing the need for increased public and private investment in clean energy in the state. CGC found strong support across the board for the idea of a Green Bank and continued to offer its expertise and guidance to state officials. The recommendation to create a Green Bank was ultimately included in the governor Murphy’s official transition plan upon entering office as well as the state’s Energy Master Plan (EMP) process. CGC has remained engaged with state leaders and continues to seek ways to support and accelerate the Green Bank creation effort in the state.

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