Each of us can make a difference if we step up and try our best / Becoming Planet Citizens
Green Banks - US
Green banks are sprouting across America. Rhode Island just authorized its own public-private green and other infrastructure bank, joining Connecticut, New York, Hawaii, and California. In addition, a half-dozen other states are exploring how to leverage public money with private to finance low-carbon technology.
State Clean Energy Finance Banks: New Investment Facilities for Clean Energy Deployment
The Coalition for Green Capital (CGC) is a 501(c)(3) organization whose mission is to establish green banks at the state, federal, and international levels in order to minimize greenhouse gas emissions and maximize the deployment of clean electricity and energy efficiency. CGC is headquartered in Washington, D.C.
Sparking a Green Energy Movement
Imagine residents, businesses, communities and educators joining together to push for clean, renewable energy sources, in a dedicated effort to strengthen Connecticut’s economy, protect community health, improve the environment and promote a secure energy supply for the state.
Such a movement is already under way, spearheaded by the Connecticut Green Bank (formerly the Clean Energy Finance and Investment Authority). As the nation’s first full-scale Green Bank, we leverage public and private funds to drive investment and scale up clean energy deployment across the state. We offer incentives and innovative low-cost financing to encourage homeowners, companies, municipalities, and other institutions to support renewable energy and energy efficiency.
In December, Governor Cuomo seeded a new clean energy effort by announcing the launch of a New York Green Bank with $210 million to advance the cause. This venture is intended to spark private clean energy investment and deployment, as well as grid modernization, by targeting market barriers to private financing of renewable energy and energy efficiency projects. The NY Green Bank will offer credit enhancement, loan bundling and other financial products to clean energy companies.
New York City - Green Bond Program
The dire effects of climate change—from rising sea levels and drought to extreme storms and economic disruption—has focused worldwide attention on the need to make our planet more resilient and sustainable. In New York City, Superstorm Sandy’s wrath proved that the five boroughs are not immune from the effects of climate change.
Indeed, with 520 miles of coastline, a growing population, and aging infrastructure, our City is on the front lines of the climate battle, which poses challenges to our future prosperity and quality of life. Combating climate change requires leadership at every level of government—local, state, federal, and transnational. In New York City, this means making infrastructure investments targeted toward resiliency and sustainability that will pay substantial dividends in the future, as well as continuing to be a model for cities around the world in minimizing our carbon footprint.
This report details Comptroller Stringer’s plan to boost these critical infrastructure efforts through the use of innovative “Green Bonds,” which are issued to fund environmental mitigation and sustainability capital projects.
In short, Comptroller Stringer believes that a Green Bond program will benefit New York City in three ways: by expanding our investor base, creating a model program for other cities around the United States to follow, and encouraging a greener capital program.
The GEMS (Green Energy Market Securitization) Program is the State of Hawaii’s innovative green infrastructure financing program designed to make clean energy improvements affordable and accessible for Hawaii’s consumers. Governor Neil Abercrombie signed Act 211 on June 27, 2013 which authorized the creation of the GEMS program.
California Alternative Energy and Advanced Transportation Financing Authority
SB 1121, as introduced, De León. The California Green Bank.
Existing law establishes various programs throughout the state to promote energy efficiency, reduce greenhouse gases, and encourage private economic development.
This bill would state the intent of the Legislature to enact legislation that would establish the California Green Bank to coordinate, align, and enhance the state's efforts to provide energy finance programs for advanced energy technologies and projects throughout the state.
THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:
SECTION 1. (a) It is the intent of the Legislature to enact legislation that would establish the California Green Bank to coordinate, align, and enhance the state's efforts to provide energy finance programs for advanced energy technologies and projects throughout the state by accomplishing all of the following:
(1) Reducing rates and decreasing costs for California ratepayers while expanding the accessibility and affordability of clean energy for all Californians.
(2) Increasing private investment in clean energy projects that currently are not able to obtain financing in traditional capital markets at a reasonable cost by providing a variety of financial tools to stimulate private investment.
(3) Achieving California's environmental and economic objectives by reducing greenhouse gas emissions and increasing investments in disadvantaged communities.
(4) Facilitating efficient, low-cost private financing markets for clean energy projects.
(5) Supporting California's unique position as a worldwide leader in clean energy innovation by helping to bring innovative technologies to market.
(b) It is the intent of the Legislature to enact legislation that would establish a board of directors for the California Green Bank to be composed of appointees by the Governor, the Legislature, the Treasurer, the Department of Finance, the California Public Utilities Commission, the California Energy Commission, and the California Air Resources Board, who possess expertise in financing and green investments. The legislation would further provide for the creation of governing documents for the California Green Bank and the position of an executive director to manage and conduct the business of the California Green Bank, subject to the direction of its board.
Green Bank: Senate Bill 1121, The California Green Bank, was pulled by its author, Senator De Leon. The bill would have authorized a fund to provide financial assistance to eligible greenhouse gas emission reduction projects. One of our coalition partners, Lisa Sundeen, West Coast Director of the Coalition for Green Capital, reported that, "just before the end of the session, Senator De Leon decided to pull SB1121 and declared that the bill will not be moving forward this year. Although it is unfortunate that the bill was pulled so close to the finish line, the Infrastructure and Economic Development Bank (I-bank) has confirmed its plans to move forward with the creation of a Clean Energy Finance Authority without legislation. It is believed this activity is a direct result of SB1121's momentum and inspiration.