Connecticut Green Bank Templates Private-Public Investment Partnership
Connecticut’s first state-wide green bank, with its mission to leverage enough private capital to eventually replace the limited public seed money it receives, might be a job-creating, emissions-cutting template for the kind of investment that will win political support during the Trump administration, InsideClimate News reports.
“The green bank model may be an attractive tool under a Trump presidency,” said Bryan Garcia, president of Connecticut Green Bank. “Public-private partnerships like ours spur investment in local clean energy economies that create jobs and ultimately mitigate greenhouse gas emissions.”
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The bank now has more than $1 billion in play, with a 6:1 ratio between private and public funds. The institution says it has funded nearly 215 MW of clean power through a portfolio of more than 20,000 projects, creating nearly 13,000 jobs and preventing 2.6 megatons of carbon emissions.
“It has designed a dozen or more clean energy and efficiency financial products, programs and marketing efforts. Best known is its heralded Commercial Property Assessed Clean Energy, C-PACE, program that is transforming how commercial properties finance clean energy and energy efficiency improvements.”
“Our goal is to be catalytic,” Garcia told ICN. “These problems aren’t going to be solved by taxpayers and ratepayers. These problems are going to be solved by bringing more private investment into the clean energy economies.”
While private banks initially saw the project as competition, they’ve since “come around so much that two early popular programs are now run solely by private banks,” writes ICN correspondent Jan Ellen Spiegel. “Officials say several private companies have launched specifically because of opportunities created by the bank’s success.”