As the first state level green bank, Connecticut's model has mobilized more than $2 billion in private investment in the green economy - reducing energy costs for families and businesses, especially those in vulnerable communities, and avoiding greenhouse gas emissions.
The Connecticut Green Bank is excited by the U.S. Environmental Protection Agency's (EPA) announcement today (July 14) regarding the launch of two Notices of Funding Opportunity (NOFOs) under the $27 billion Greenhouse Gas Reduction Fund: the $14 billion National Clean Investment Fund (NCIF) and the $6 billion Clean Communities Investment Accelerator (CCIA).
The NCIF will make two to three awards to national nonprofits that will provide financing to businesses, communities, community lenders and others to deploy low- and zero-emission projects with at least 40 percent of investments benefitting low-income and disadvantaged communities.
The CCIA will make two to seven awards to hub nonprofits that will expand the clean finance ecosystem by providing funds to experienced community lenders to rapidly deploy capital in underserved markets. The entire CCIA is dedicated to projects that benefit low-income and disadvantaged communities.
Both NCIF and CCIA projects will target the decarbonization of existing buildings, the decarbonization of transportation, and distributed power generation.
"We know that the benefits of clean energy can have a profound impact on the lives of families in low-to-moderate income communities by reducing their energy burden and improving air quality," said Bryan Garcia, President and CEO of the Connecticut Green Bank. "We have begun to see this impact in Connecticut, and we are excited that these NOFOs will help us further mobilize private investment to increase access to clean energy to reach more of those who need it most."
"Connecticut has long positioned itself as a leader in clean energy deployment through bipartisan policies and actions that include creating the first state-level Green Bank in 2011," said Lonnie Reed, Chair of the Connecticut Green Bank. "Along with our partners, we stand ready to ensure that our disadvantaged communities gain access to these historical funds and benefit from much healthier environments."
Since 2011, the Connecticut Green Bank has been positioned between the state's strong public policy goals and the private market, leveraging public dollars to mobilize multiples of private investment to confront climate change by avoiding the emissions of greenhouse gases and local air pollution.
This increased investment has led to the deployment of clean energy for families and businesses - especially those in vulnerable communities - helping them reduce energy costs, create jobs, and improve public health. Through innovative partnerships with local banks, credit unions, and community development financial institutions, the Green Bank strives to ensure that no less than 40 percent of investment benefits vulnerable communities, including low-and-moderate income households, Community Reinvestment Act eligible communities, and environmental justice communities.
Learn more about the Connecticut Green Bank at www.ctgreenbank.com. Learn more about the green bank model at www.ctgreenbank.com/strategy-impact/societal-impact/. Learn more about our impact (click here), including in vulnerable communities (click here).
About the Connecticut Green Bank
The Connecticut Green Bank was established by the Connecticut General Assembly in 2011 as the nation's first state-level green bank and has since supported the creation of more than 26,000 green jobs in the state, while reducing the energy cost burden on over 66,000 families, businesses, and nonprofits. The Green Bank's vision is a planet protected by the love of humanity and its mission is to confront climate change by increasing and accelerating investment into Connecticut's green economy to create more resilient, healthier, and equitable communities. This is accomplished by leveraging limited public resources to scale-up and mobilize private capital investment into Connecticut. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and Innovation for their "Sparking the Green Bank Movement" entry. To date, the Green Bank has mobilized nearly $2.5 billion into the State's green economy. This has reduced the energy costs for thousands of families and businesses, and reduced greenhouse gas emissions that cause climate change and worsen public health. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.
