75 Charter Oak Avenue
Hartford, CT 06106
700 Canal Street
Stamford, CT 06902
HARTFORD, Conn. (August 16, 2022) – The Connecticut Green Bank, the nation’s first state-level green bank, applauds the U.S. Congress’ passage and President Biden’s signage of the Inflation Reduction Act (IRA), which includes $369 billion in investments to advance the country’s clean energy transition and fight climate change. The Green Bank is proud to have its successful model emulated and has high hopes for the IRA’s impact.
“Our administration is making unprecedented investments to mitigate the effects of climate change and ensure that our state parks and open spaces are maintained for generations to come. We applaud President Biden’s leadership, and that of our Congressional delegation, in confronting climate change and building the green economy for all Americans through the passage of the Bipartisan Infrastructure Law and now the Inflation Reduction Act. Since I took office, I have been a steadfast supporter of the Connecticut Green Bank not only as a partner in this work but as a model for the rest of the country to follow,” said Governor Ned Lamont.
The Act includes $27 billion through the Greenhouse Gas Reduction Fund (a.k.a. National Climate Bank or Clean Energy and Sustainability Accelerator) to spur investment in projects, activities, and technologies that reduce greenhouse gas emissions, with $15 billion explicitly earmarked for low-income and disadvantaged communities for local, state, tribal, and nonprofit green banks in partnership with the private sector.
“Over a decade ago, we passed nearly unanimous bipartisan legislation establishing the nation’s first state-level green bank,” said Lonnie Reed, Chair of the Connecticut Green Bank, and former Co-Chair of the Energy & Technology Committee. “We have demonstrated in Connecticut how to deploy public resources to attract and mobilize private investment that is creating jobs in our municipalities, reducing energy burdens on our families and businesses, and confronting climate change – especially in vulnerable communities.”
Since 2011, Connecticut has provided a successful model for the establishment of a federal green bank, mobilizing nearly $2.5 billion into the state’s green economy while creating thousands of jobs, reducing energy costs for thousands of families, businesses, and communities, and reducing greenhouse gas emissions that worsen public health.
Additionally, the Connecticut Green Bank has established a goal of directing no less than 40 percent of investment and benefits from its programs into vulnerable communities that are disproportionately impacted by the effects of climate change by 2025.
“This historic legislation creates a national plan for combatting the climate crisis. As the first green bank established a decade ago, the Connecticut Green Bank is ready to build on our success and keep improving the lives of residents in our state – especially low-income and disadvantaged communities and households,” said Bryan Garcia, president and CEO of the Connecticut Green Bank. “Our staff and board of directors have continued to work hard to demonstrate how government can confront the climate crisis in innovative ways, and we are thankful for Connecticut’s congressional delegation, Governor Lamont, and the Connecticut General Assembly for their support. Our vision of a planet protected by the love of humanity reflects an unwavering commitment and incessant hope to the betterment of our communities and country.”
For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com.
For information on the impact of the Connecticut Green Bank, please download our FY22 impact report at https://www.ctgreenbank.com/strategy-impact/impact/societal-impacts/.
To access the Comprehensive Plan of the Connecticut Green Bank, please visit https://www.ctgreenbank.com/strategy-impact/planning/
About the Connecticut Green Bank
The Connecticut Green Bank was established by the Connecticut General Assembly in 2011 as the nation’s first green bank and has since supported the creation of more than 26,000 green energy 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 and provide all of society a healthier, more prosperous future by increasing and accelerating the flow of private capital into markets that energize the green economy. 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.
This landmark legislation has created strong enthusiasm and optimism with its provisions, signaling a new approach to fast tracking and implementing the necessary climate change policies, and many of energy and environmental allies and professionals wanted to share their support.