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.
Hartford, CT (Feb. 14, 2023) – The Connecticut Green Bank is excited by the U.S. Environmental Protection Agency’s (EPA) announcement today that advances the Greenhouse Gas Reduction Fund, as authorized in the Inflation Reduction Act, including the establishment of a national climate bank based on the model proven successful in Connecticut. 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 40 percent of investment benefits vulnerable communities, including low-and-moderate income households, Community Reinvestment Act eligible communities, and environmental justice communities.
“With energy costs expected to remain elevated, funding from the $27 billion Greenhouse Gas Reduction Fund is a generational opportunity to help working families and local businesses cope with the burdens of bigger utility bills, address the climate crisis and create thousands of good paying jobs, particularly for those communities that have been left behind,” observed Bryan Garcia, President and CEO of the Connecticut Green Bank.
The Green Bank is proud to partner with the Coalition for Green Capital as it seeks EPA funding to support the green bank model and unlock capital that will deliver immediate results for the green economy.
The EPA’s announcement can be found here: https://www.epa.gov/newsreleases/epa-announces-initial-program-design-greenhouse-gas-reduction-fund. Learn more at www.ctgreenbank.com. Learn more about the green bank model at https://www.ctgreenbank.com/strategy-impact/societal-impact/. Learn more about our impact (click here), including in vulnerable communities (click here).