NEW YORK, NEW YORK (September 24, 2019) – It has been a pivotal year for the members of the Green Bank Network. Members collectively have committed about USD 14.9 billion for projects that are expected to mobilize US$50 billion in public and private capital for green infrastructure projects around the globe, surpassing their goal of US$40 billion by 2019. The announcement was made during Climate Week in NYC, convened adjacent to the United Nations Generally Assembly meetings. The analysis, prepared by the Secretariat of the Green Bank Network using publicly available information, shows members are mobilizing as much as 10 dollars in total investment for every one dollar of public capital invested in clean energy projects. Investments to date have avoided 25 million metric tons of CO2EQ emissions.
This global group of cutting edge financial institutions includes the Clean Energy Finance Corporation (Australia), Connecticut Green Bank (US), Energy Efficiency and Renewable Sources Fund (Bulgaria), Green Finance Organization (Japan), Green Investment Group (UK), Malaysia Green Technology Corporation, NY Green Bank (US), Rhode Island Infrastructure Bank (US), and Tata Cleantech Capital Limited (India). These organizations have appointed the Coalition for Green Capital and the Natural Resources Defense Council to manage the Network, with support from the ClimateWorks Foundation.
Additional announcements from members of the Green Bank Network today include:
Two new Green Banks have joined the GBN from India and Bulgaria
New catalytic climate finance initiatives on the Green Bank model are moving forward in a number of OECD countries, including:
Public- and private-sector professionals from 32 countries have expressed interest in the Green Bank model.
Manish Chourasia, Managing Director, Tata Cleantech Capital Limited said: “We are thrilled to join this group of green banks from around the world, to learn from their experience, and offer our own perspective and experience working to fill gaps and mobilize investment in local clean energy markets in India.”
Pierre Langlois, Leader of the Managing Consortium Econoler-EnEffect-Elana (EEE) of the new GBN member Energy Efficiency and Renewable Sources Fund (EERSF) said: “We are very excited to join the Green Bank Network. Green banks around the globe are demonstrating their ability to mobilize private investment into green infrastructure, and we are happy to join this group and add our significant experience, particularly related to financing energy efficiency and Renewable Energy, where we have been leading for 14 years in Bulgaria and for over 35 years internationally.”
Ilmi Granoff, Director of Sustainable Finance at the ClimateWorks Foundation said: “Discussions of ‘green new deals’ for the US, EU, and beyond have opened the question of whether we have the right public financial institutions for a rapid transition to a low-carbon economy. Green investment banks provide a way of maximizing market mobilization of every fiscal dollar committed. We’re proud supporters of the Green Bank Network, and its growing cadre of institutional members that provide a powerful model of how it’s done.”
Reed Hundt, CEO of the Coalition for Green Capital, notes: “It is clear that the world requires an unprecedented and immediate mobilization of capital into clean energy and low-carbon infrastructure. Green Banks in both developed and emerging economies offer a powerful strategy to mobilize capital in support of urgent national and sub-national climate goals.”
Doug Sims, Director of NRDC’s Green Finance Center said, “As the Green Bank Network expands to include members from India and Eastern Europe, it confirms the effectiveness, adaptability and durability of using public purpose and capital to orient and stimulate private capital. We are witnessing the evolution of a new species of financial institution, with DNA from public and private banks as well as impact investors, needed to reach a clean energy, climate-resilient future.”
The Catalytic Green Bank model:
Green banks are dedicated finance institutions created to work closely with the private sector to mobilize overall investment in clean energy and bring clean energy financing into the mainstream. The members of the Green Bank Network are investing across the technology spectrum, including wind, utility and small-scale solar, energy efficiency, low-carbon transport, combined heat and power, anaerobic digesters, LED street lighting, geothermal and energy storage. They are financing with a variety of products and at all scales – from multibillion dollar offshore wind farms to more energy efficient property and vehicles, to solar for small and medium-sized enterprises and affordable housing properties.
About the Green Bank Network
The Green Bank Network (GBN) is a membership organization formed to foster collaboration and knowledge exchange among existing Green Banks, enabling them to share best practices and lessons learned. The GBN also aims to serve as a source of knowledge and a network for jurisdictions that seek to establish a Green Bank. Learn more at www.greenbanknetwork.org/about-gbn.