About

Partnerships Formed With Finance New Orleans and Hawaii Green Infrastructure Authority

Washington, DC— The Coalition for Green Capital (CGC) today announced the formation of new strategic partnerships with clean energy community lenders, Finance New Orleans and the Hawaii Green Infrastructure Authority (HGIA). The announcement comes as CGC prepares to seek funding from the Environmental Protection Agency’s Greenhouse Gas Reduction Fund to launch a national green bank. These partners will join CGC’s application to the EPA.

“We’re excited to partner with Finance New Orleans and the Hawaii Green Infrastructure Authority, which together are ready to deliver on a pipeline of projects valued at nearly $4B in public-private funding,” said Eli Hopson, executive director and COO of CGC. “These entities know their local communities and will help ensure the national green bank delivers immediately – especially in underserved communities.” 

“This partnership will allow us to collaborate with green lenders across the country, share best practices and ultimately maximize the investment of the Greenhouse Gas Reduction Fund,” said Damon Burns, president and CEO of Finance New Orleans. “Our region has a rich history of resilience and innovation, and it’s exciting to see this nationwide commitment to clean energy for frontline communities. We are proud to be a part of this effort and look forward to the positive impact it will have on underrepresented communities in New Orleans and beyond.”

“This new partnership with CGC and the national green bank is an opportunity to accelerate our transition to the clean power platform and make much-needed investments in frontline communities that have long faced the harshest consequences of the climate crisis,” said Gwen Yamamoto Lau, executive director of the HGIA. “The investment and support of this coalition will help drive the clean energy revolution, bringing us closer to a future powered by renewable sources and reducing our dependence on fossil fuels. We look forward to bringing accessible clean energy to lower the energy burden for our most vulnerable ratepayers.”

CGC recently announced similar partnerships with the Clean Energy Fund of Texas, Growth Opportunity Partners, Inc., and the Community Development Venture Capital Alliance (CDVCA). The new partnerships build upon CGC’s nationwide coalition of over 30 green banks and other lenders focused on addressing the climate crisis by financing clean energy projects in local communities. 

Finance New Orleans is a green finance agency with a vision of creating a resilient New Orleans for all. Since 1978, Finance New Orleans has invested more than $750 million into the local economy. Those efforts have been primarily focused on homeownership for low-to-moderate-income families and have resulted in more than 8,000 mortgage financings and the creation of affordable rental units for families in need. In 2017, Finance New Orleans also became the City’s green bank to drive more investment into sustainable infrastructure alongside needed green housing investments.

The Hawaii Green Infrastructure Authority is a state authority in Hawaii, responsible for the development and financing of green infrastructure projects that reduce emissions and support underserved communities in the state. 100% of HGIA funding benefits underserved ratepayers defined as low and moderate-income homeowners, renters, small businesses (as defined by the U.S. Small Business Administration’s Size Standards), nonprofits, and multi-family rental projects.

Reach out to your members of Congress and share your support of the Clean Energy & Sustainability Accelerator

S.283, introduced by Senators Markey and Van Hollen, and H.R.806, introduced by Congresswoman Dingell, will provide the investment needed to accelerate America’s transition to clean energy with equity and justice in mind.

Visit the link below to fill out your information to securely email your members of Congress in support the Clean Energy & Sustainability Accelerator, a national climate bank.

FOR IMMEDIATE RELEASE

March 31, 2021

press@coalitionforgreencapital.com

President’s American Jobs Plan Turns to Green Bank Model to Accelerate Clean Energy Deployment, Job Creation 

Proposal has gained GOP support from Rep. Don Young and Rep. Brian Fitzpatrick

WASHINGTON—The White House’s American Jobs Plan includes $27 billion for a Clean Energy & Sustainability Accelerator, based on the proven green bank model, to mobilize private investment into distributed energy resources; retrofits of residential, commercial and municipal buildings; and clean transportation. The bank would make at least 40 percent of its investments in disadvantaged communities that have not yet benefited from clean energy investments.

“I congratulate President Biden, the whole White House team, and lead Congressional champions Senators Markey and Van Hollen and Congresswoman Dingell on the decision to create what would be the first national climate bank. The Clean Energy & Sustainability Accelerator will expand in scale and scope the way more than a dozen state and local green banks that for the last decade have combined public and private capital to expedite the transition from carbon to clean power as the platform for American society and business. We at the Coalition for Green Capital look forward to discussing with legislators the actual activities of the Accelerator as the brilliant infrastructure plan makes its way through Congress," said CGC CEO Reed Hundt. 

The nonprofit Clean Energy & Sustainability Accelerator was included in the U.S. House Energy & Commerce Committee’s comprehensive CLEAN Future Act. 

Since Sen. Chris Van Hollen (D-Md.), Sen. Ed Markey (D-Mass.), Sen. Richard Blumenthal (D-Conn.), Sen. Brian Schatz (D-Hawaii) and Congresswoman Debbie Dingell (D-Mich.) introduced S. 283 and H.R. 806, they have gained Republican support in the House from Rep. Brian Fitzpatrick (R-Pa.) and Rep. Don Young (R-Alaska). Sen. Debbie Stabenow (D-Mich.) has also added her support since introduction. 

The National Academies of Science has recommended that Congress fund an institution based on the green bank model. In its report, it wrote, “Private sources of capital are unlikely to be sufficient to finance the low-carbon economic transition, especially during the 2020s when the effort is new. To ensure industrial competitiveness and quality of life, the United States should establish a Green Bank to mobilize finance for low-carbon infrastructure and business in America.”

In January, two independent reports by the Analysis Group and The Brattle Group found that a national Clean Energy Accelerator would have an outsized impact helping the United States recover from the economic effects of the COVID-19 pandemic and also speed up the country’s deep decarbonization and Environmental, Social and Corporate Governance (ESG) efforts.

Green banks currently exist in over 14 cities and states across the country and have supported over $5 billion in investment in clean energy projects in their states and local communities, and much of this investment has been targeted toward low- and moderate-income households and communities. View a list of projects that have been supported by already existing state and local green banks.