Press Release: May 28, 2019
The Coalition for Green Capital (CGC) today released the first annual industry report of the American Green Bank Consortium, finding that cumulative investment caused by American Green Banks has exceeded $3 billion for the first time.
CGC supports the work of state and local Green Banks, as well as the formation of new Green Banks. The full report is available here: Green Banks in the United States: 2018 Annual Industry Report.
In total, the report finds that American Green Banks have caused $3.67 billion in clean energy investment, with $676 million of this investment taking place in 2018. The Green Bank concept was initially proposed in 2009, and there are now 14 Green Banks in the U.S. with more in development.
Green Banks are unique in that they use innovative finance solutions and incentives to facilitate private investment in clean energy projects that would otherwise struggle to find capital. The report finds that the impact of every dollar of direct public Green Bank investment was more than tripled by the private investment it attracted. The ratio of private to public investments generated by the American Green Banks was 3.4 to 1.
The report also reviews broader trends across Green Banks, finding a shift towards more diverse sources of capital to fund the Green Banks themselves, and an increased focus on the importance of energy storage technologies and climate resilience measures.
Bryan Garcia, president and CEO of the Connecticut Green Bank, said: “We’re excited to be part of the American Green Bank Consortium and to have our work reflected in its first annual report. Industry-wide reporting on Green Banks has never before been produced on a consistent basis, and the increasing availability and depth of this reporting will be important to the growth and development of our industry.”
The report comes at a time when a national conversation is taking shape on how best to finance massive investments in infrastructure, and particularly in clean energy. Presidential candidates have recently released climate plans that have included the creation of a Green Bank, and legislation outlining a national Green Bank was also recently introduced in the Senate.
Reed Hundt, CEO of CGC, said: “Green Banks need to exist in every state if we want to win the battle against climate change. They need to be partners with the national Green Bank when it is created. Green finance will move the country rapidly from the carbon to clean platform, while guaranteeing that customers are better off.”
For more details see the full report: Green Banks in the United States: 2018 Annual Industry Report.
The Coalition for Green Capital (CGC) is a non-profit organization focused on accelerating the growth of clean energy markets through the creation of Green Banks.
CGC offers a unique and proven capacity as the leading creator, advocate, and expert on Green Banks since 2009 and works directly to support the formation of Green Banks with governmental and civil society partners. CGC also provides on-going consulting and guidance to operating Green Banks.
For more information visit coalitionforgreencapital.com/.
ABOUT THE AMERICAN GREEN BANK CONSORTIUM
The American Green Bank Consortium is a project of CGC. Launched in 2019, the Consortium is a membership organization enabling Green Banks, capital providers, developers and other clean energy supporters to work together.
The Consortium creates value for members through services including facilitating the sharing of knowledge among Green Banks, and working with potential capital providers to design blended clean energy investment vehicles that work at scale across the entire network of Green Banks.
For more information visit greenbankconsortium.org.
Director of the American Green Bank Consortium