Green banks across the country launched a new partnership Monday to help develop community lending for low-carbon projects and to access federal resources.
The group, called U.S. Green Bank 50, will focus on state, local and regional green banking — a class of nonprofit lender that has grown exponentially in recent years to support the low carbon transition. These specialized banks stand to play a role in implementing several federal climate programs, such as the $27 billion Greenhouse Gas Reduction Fund created by the Inflation Reduction Act.
“We’ve really seen the number of green banks explode over the past couple of years to help meet this moment of unprecedented investment into solutions for our climate and our communities,” said Kirsten Stasio, CEO of the Nevada Clean Energy Fund and a founding member of the new coalition. “So, the GB 50 was created to support the efforts of these community-focused green banks and empower them with the resources they need to be successful.”
Green banks are being counted on to help facilitate several programs under the IRA, the landmark climate bill signed by President Joe Biden in 2022.
