Washington DC – The Robert Wood Johnson Foundation (RWJF) has awarded $1 million to a strategic collaboration between the Coalition for Green Capital (CGC) and Quantified Ventures (QV) to develop scalable financing programs. These programs will be implemented by CGC’s extensive green bank network to address water-related challenges, including clean drinking water, stormwater management, and flooding in disadvantaged communities.
Clean water infrastructure is imperative for good health and a critical solution for environmental justice because of its ability to rapidly deliver benefits to communities most impacted by a changing climate. By using green banks to fill a financing gap in the market and encourage investments toward water infrastructure projects, economically disadvantaged communities will have the opportunity to modernize their water infrastructure for improved health outcomes and economic prosperity.
The creation of a national green bank also represents a once-in-a-generation opportunity to shift financing interest toward climate mitigation efforts, such as investments in clean water infrastructure. This is because the EPA’s $27 billion Greenhouse Gas Reduction Fund (GGRF) includes Clean Water Infrastructure as an eligible investment project.
The CGC and QV partnership will utilize their expertise to leverage the initial RWJF investment to support project development, provide technical assistance for implementation, and fund local staff capacity for the inaugural cohort. CGC and QV will issue a Request for Proposal (RFP) to select a cohort of six established green bank grantees, each receiving $50,000-$60,000 to develop robust pipelines of investable water infrastructure projects.
CGC Chief Executive Officer Reed Hundt said, “This marvelous grant dovetails beautifully with our decade-long green bank experience and our application for funding under the Greenhouse Gas Reduction Fund (GGRF).”
QV Vice President and incoming CEO Tee Thomas said, “Green banks can play a vital role by filling a financing gap in the market and encouraging investments toward water infrastructure projects, especially in disadvantaged communities. We’re excited to work with state green banks and their local communities to design potential program structures and financial mechanisms that meet their unique needs.”
CGC Executive Director and Chief Operating Officer Eli Hopson, said, “The creation of a coordinated national network of green banks represents a once-in-a-generation opportunity to catalyze investment in climate mitigation efforts such as clean water infrastructure investments. Green banks have a proven track record of removing perceived barriers and massively scaling up investments toward clean energy technology, and I’m excited that we can now lead the effort to replicate this approach for clean water investments.”
Robert Wood Johnson Foundation Director of Impact Investments Kimberlee Cornett said, “Robert Wood Johnson Foundation understands how safe and clean water directly contributes to community resilience and benefits public health. This collective effort is a critical first step to help green banks across the country access the tools and capacity they need to spur greater investment into this critical piece of public health infrastructure.”
ABOUT QUANTIFIED VENTURES
Quantified Ventures (QV) – a certified B Corp – is a nationally recognized leader in implementing innovative funding and financing strategies for environmental and health projects. Our success stems from quantifying project outcomes, identifying untapped financial resources, and structuring innovative partnerships that engage new stakeholders. QV has worked extensively to provide technical assistance for establishing and administering water, energy, and climate financing programs.
ABOUT ROBERT WOOD JOHNSON FOUNDATION
The Robert Wood Johnson Foundation is committed to improving health and health equity in the United States. In partnership with others, we are working to develop a Culture of Health rooted in equity that provides every individual with a fair and just opportunity to thrive, no matter who they are, where they live, or how much money they have.
ABOUT COALITION FOR GREEN CAPITALThe Coalition for Green Capital (CGC), doing business as the American Green Bank Consortium, is a 501(c)(3) chartered specifically to reduce greenhouse gas emissions and other forms of air pollution and redress climate and energy-related environmental injustice. Green banks are a proven finance model that uses public and philanthropic funds to mobilize private investment in renewable energy, energy efficiency, and other decarbonization technologies. For over a decade, the Coalition for Green Capital has led the Green Bank movement, working at the federal, state, and local levels in the U.S. and countries around the world. For more information, visit: https://coalitionforgreencapital.com.