An international coalition of Green Banks announced they will collectively support more than $29 billion in clean energy projects across the world. With the latest round of investments, the banks said they are expected to exceed their goal of supporting $40 billion in renewable and clean energy projects around the world by 2019. Not bad for an entity launched in December 2015 at the Paris climate accords.
The banks, public entities, were able to leverage up to $10 in investments for every $1 they invested in these projects. The projects they’re financing range from small-scale solar to anaerobic digesters, LED street lighting, to multibillion dollar offshore wind farms and more.
“Private investment is key to driving climate investment to scale. Green Banks can provide a critical link in the climate finance architecture, using limited public-purpose funding to take on risk and leverage private capital quickly and effectively to support large-scale low-carbon investment and enable countries, cities and states to meet their climate goals,” explained Reed Hundt, CEO of the Coalition for Green Capital, which, along with Natural Resources Defense Council, is managing the network of green banks.
At the 5th annual Green Bank Congress, part of ClimateWeek NYC, the network’s founding members: Clean Energy Finance Corporation (Australia), Connecticut Green Bank (US), Green Finance Organisation (Japan), Malaysia Green Technology Corporation, NY Green Bank (US) and Green Investment Group (UK) also announced they are expanding the network.
The network’s membership structure will now allow participation of other financial institutions, it said. That will allow such “Market Members” and “Affiliate Members”—project developers and commercial banks and development finance institutions, respectively—to share best practices, experiences and market insights.
“The climate finance market has evolved significantly since we first launched this network a year ago, and as one of the six founding Green Bank members we are pleased to have been on the cutting edge of sustainable infrastructure financing since the earliest days,” said Alfred Griffin, President of NY Green Bank. “The progress we have made along with the advancements of our colleagues have been rewarding already, and we look forward to future collaboration in the months and years ahead.”Tweet