Green Bank Network Earmarks $10 Billion for Green Projects

Green Bank members invest across multiple technology platforms such as wind, utility, and small-scale solar, energy efficiency, low-carbon transport etc,.

Green Bank Networks, specialized financial institutions involved in financing green projects, are expected to shell out $41 billion in as capital for projects around the globe.

Green Bank members invest across multiple technology platforms such as wind, utility, and small-scale solar, energy efficiency, low-carbon transport, combined heat and power, anaerobic digesters, LED street lighting, geothermal and energy storage

“Meeting climate goals will require an unprecedented and immediate mobilization of capital. Accelerating the formation of Green Banks in emerging economies can provide critical capacity to take on risk and leverage private capital to support large-scale low-carbon investment and enable countries, cities and states to meet their climate goals”, said Reed Hundt, CEO of the Coalition for Green Capital in a statement.

Having a vast network, members of the Green Bank Network include 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) and Rhode Island Infrastructure Bank (US).

Members of the network have committed about $10 billion in finances for various projects over the years with a total value of $40 billion.

“It is fantastic to see a growing network of institutions, in both industrialized and emerging markets, demonstrating that entrepreneurial public capital with a low-carbon mission is fiscally efficient and an effective catalyst for growth in the low-carbon economy,” Ilmi Granoff, Director of Sustainable Finance at the Climate Works Foundation said.