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16 States and Puerto Rico Create Green Banks to Finance, Pushing Renewable Energy On the Way
Posted on: 06/22/2018
Previously, we discuss a big green trend is coming: green finance will fund the green transformation. Leading finance organizations such as Barclays, Citi, Goldman Sachs, HSBC and JPMorgan Chase see unlimited opportunity to fund the sustainability transition, along with the world’s governments, multinational development banks, pension funds and others. To view the discussion, please visit https://www.rateitgreen.com/green-building-community/discussions/green-services/do-we-have-the-capital-to-fuel-the-sustainable-transition/2974
Now, this is happening faster with the help of government. A group of 16 states and Puerto Rico have made an effort to create “green” banks to finance clean-tech.
The U.S. Climate Alliance’s green bank initiative, effective June 1, is aiming to create the institutions first in member states, and then moving on to include non-members.
*The U.S. Climate Alliance is an initiative led by the governors of California, Washington and New York. The alliance also includes the governors of Colorado, Connecticut, Delaware, Hawaii, Maryland, Massachusetts, Minnesota, New Jersey, North Carolina, Oregon, Puerto Rico, Rhode Island, Vermont, Virginia, and Washington.
Andrew Cuomo, New York Governor, is leading the initiative through the state’s New York Green Bank. New York Green banking is looking to raise $1 billion from private investors to mobilize investment.
In 2018 alone, the Green Bank is looking to make a $200 million investment in grid energy storage to help stabilize the transition to more renewables such as solar, while committing $15 million funds to train new energy workers.
Victoria Harmon, senior adviser to New York's energy authority that houses the green bank, said that New York’s green finance bank has already become self-dependent.
She noted the bank “began to generate positive net income a year ahead of schedule.” By the end of March 2018, the bank earned $32.6 million in total revenue with a reduction in GHG emissions from its investments totaling between 6.3 and 8.1 million metric tons.
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