Climate Week Event: As Adaptation Needs Grow, Green Banks Offer Funding Solutions

NEW YORK - Climate investments are poised to increase in the United States and around the world, and green banks can model scaling impact and delivering holistic climate solutions to communities, according to participants at a Climate Week green bank event in New York City.

"As we witness the cascading impacts of climate change, green banks are increasingly being called to crack the code on financing of adaptation and resilience," said Manish Bapna, president and CEO of NRDC (Natural Resources Defense Council), who introduced and MC-ed the event.

Two years after the passage of the Inflation Reduction Act, EPA's Greenhouse Gas Reduction Fund is set to catalyze billions of dollars in clean energy and resiliency projectsacross the United States; implemented largely by green banks. Other green banks around the world are helping their countries meet their decarbonization and adaptation goals. In New York, members of the Green Bank Network came together to discuss how green banks finance the transition to clean energy, and strategies to provide adaptation and resiliency solutions for communities.

Also speaking at the event were: Kelsey Clair, Managing Director, NY Green Bank; Trisha Miller, CEO, DC Green Bank; Jason Patrick, CIO, New Zealand Green Investment Finance; Leigh Whelpton, Director of Environmental Infrastructure, Connecticut Green Bank; Aurea Evangelista, SustainabilityManager, Development Bank of Minas Gerais State; Rick Nogueira, Senior Advisor, Pollination; John McGinley, Managing Partner, Mekong Strategic Capital and Cambodia Climate Finance Facility; and Laura Mondragón, Director of Climate Resilience, Montgomery County Green Bank

Around the world, the green bank model of using limited public funds to catalyze additional private investment in green solutions is advancing national priorities on climate and sustainable development goals. By sharing investment risks, building local capacity, and transforming markets, Green Bank Network members are helping cities, states and countries scale-up climate action, ambition and move closer to achieving climate targets under the international Paris Agreement on climate change.

Through mid-2024, Green Bank Networkmembers have globally invested $54.31 billion to support renewable energy, energy efficiency and other projects valued at $163.72 billion. Together, these green bank-supported projects are estimated to have avoided 58.42 million metric tons of carbon pollution-the equivalent of taking 27,26 million cars off the road.

Following are comments from event participants:

Leigh Whelpton, Director of Environmental Infrastructure, Connecticut Green Bank:

"As the nation's first state-level green bank, the Connecticut Green Bank has helped prove the model that leveraging public dollars to attract multiples of private investment works. Since 2011, total investment in our state has reached nearly $3 billion dollars. In 2021, our scope expanded beyond green energy to environmental infrastructure, inclusive of projects related to climate adaptation and resilience. We are excited for the impact that the opportunities created through the GGRF will provide to accelerate our investments, especially in our vulnerable communities."

Kelsey Clair, Managing Director at NY Green Bank, a division of the New York State Energy Research and Development Authority (NYSERDA):

"Through innovative deal structures and financial products, green banks drive market adoption of clean energy solutions. NY Green Bank is proud to work with the Green Bank Network in advancing climate change-mitigating technologies and financing a sustainable future."

Jason Patrick, CIO, New Zealand Green Investment Finance"

"Green banks are a proven model to utilise limited public capital in a targeted way to scale the private capital that will be needed for the climate transition. By working creatively to structure transactions and mitigate risk for private sector partners, green banks play a critical role in not just driving that capital but also in building decarbonisation markets. We're delighted to share lessons from our work in New Zealand and learn from our peers throughout the world."

Trisha Miller, CEO, DC Green Bank:

"With the passage of the Inflation Reduction Act, the U.S. government has made its strongest commitment yet to a clean economy. The nation's green banks are now positioned to galvanize coalitions and mobilize the private capital needed to build greener, healthier, and more prosperous communities across the country. I'm grateful to have this valuable discussion with our partners on how our investments can put historically underserved communities at the forefront of the energy transition."

Gabriel Viegas, CEO Development Bank of Minas Gerais:

"BDMG is committed to expanding access to solar energy in Minas Gerais, focusing on the state's most vulnerable areas. By leveraging public and private resources, we aim to foster sustainable development and support the transition to a low-carbon economy."

NRDC(Natural Resources Defense Council) is an international nonprofit environmental organization with more than 3 million members and online activists. Established in 1970, NRDC uses science, policy, law, and people power to confront the climate crisis, protect public health, and safeguard nature. NRDC has offices in New York City, Washington, D.C., Los Angeles, San Francisco, Chicago, Beijing and Delhi (an office of NRDC India Pvt. Ltd). Visit us at www.nrdc.organd follow us on Twitter @NRDC.

The Green Bank Network(GBN) is a membership organization managed by NRDC that was founded in December 2015 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. The GBN members are the Clean Energy Finance Corporation (Australia), Connecticut Green Bank (U.S.), DC Green Bank (U.S.), Minas Gerais Development Bank (Brazil), NY Green Bank (U.S.), New Zealand Green Investment Finance, Rhode Island Infrastructure Bank (U.S), and Tata Cleantech Capital Limited (India). Visit us at greenbanknetwork.org/about-gbn.

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