The Green Bank Network says it has closed transactions that are expected to mobilize more than $29 billion in public and private capital for clean energy projects around the globe. Members of the Green Bank Network are mobilizing as much as $10 investment for every dollar of public capital invested in such projects, according to Forester Daily News.
The announcement, made during ClimateWeek NYC, comes just days after Bank of America announced that it had financed $1.3 billion for commercial and industrial energy efficient buildings between 2013 and 2016.
Members of the Green Bank Network are investing in areas such as renewable energy, energy efficiency, LED lighting, energy storage, wind and solar farms, and more. For example, UK Green Investment Bank invested $4.5 billion in 100 UK green infrastructure projects. Malaysia’s Green Technology Corporation has worked with 28 financial institutions to make green investments, and projects supported have led to the creation of over 4,600 jobs. Since its formation five years ago, the Connecticut Green Bank has closed transactions totaling $175 million of its capital for a total investment of $1.1 billion in total project costs. These projects are reducing the energy burden of nearly 25,000 families and businesses and reducing 3.7 million tons of carbon dioxide emissions.
Who Are Involved?
The Green Bank Network was formed in 2015 by the Australian Clean Energy Finance Corporation, the Japan Green Fund, Malaysia Green Technology Corporation the Connecticut Green Bank, NY Green Bank, and Green Investment Group (formerly named UK Green Investment Bank). These banks are working with two non-profit organizations, the Natural Resource Defense Council (NRDC) and the Coalition for Green Capital (CGC), to build the network, with funding from ClimateWorks for 2016.
The International Energy Agency estimates that in order to deliver on the climate pledges made by world leaders to the UN, $13.5 trillion must be invested in energy efficiency and low-carbon technologies between 2015 and 2030, or $840 billion annually.