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The U.S. Environmental Protection Agency (EPA) has awarded $5 billion from the Greenhouse Gas Reduction Fund to the Coalition for Green Capital, which includes the Connecticut Green Bank. They will use the funds to stimulate public-private investments in environmental infrastructure, helping to reduce greenhouse gas emissions, lower energy costs, and increase resilience to climate change. The Coalition for Green Capital aims to establish an economically self-sustaining ecosystem of green banks and will finance many climate and clean energy projects, especially in low-income and disadvantaged communities.
Connecticut Welcomes $5B Funding for Environmental Infrastructure Projects From Greenhouse Gas Reduction Fund
Connecticut Governor Ned Lamont and the state’s Congressional delegation celebrate an announcement by the U.S. Environmental Protection Agency (EPA). $5 billion from the Greenhouse Gas Reduction Fund, part of President Joe Biden’s Inflation Reduction Act, is being awarded to the Coalition for Green Capital. This consortium, which includes the Connecticut Green Bank, is made up of organizations from across the U.S.
The Connecticut Green Bank plans to utilize the funding to stimulate public-private investments in environmental infrastructure projects. These projects aim at reducing greenhouse gas emissions, lowering energy costs, and bolstering climate change resilience in vulnerable communities. The bank’s focus lies in areas like green schools, land conservation, climate-smart agriculture, and other environmental infrastructures.
With this grant, the Coalition for Green Capital will extend its collaboration with green banks like the Connecticut Green Bank. The coalition will speed up the recycling of capital to optimize benefits, foster an economically self-sustaining ecosystem of green banks, and offer co-investment opportunities.
The funding will establish a unique national network for financing numerous climate and clean energy projects, particularly in low-income and disadvantaged communities. The EPA awards these grants as part of the act’s National Clean Investment Fund and Clean Communities Investment Accelerator.
Connecticut Governor Ned Lamont noted, “This federal grant will significantly support Connecticut’s efforts in achieving our environmental goals and resilience against climate change. The Connecticut Green Bank will leverage this award to increase private investment in our state’s environmental infrastructure, especially in our vulnerable communities.”
Senator Richard Blumenthal stated, “The federal funding is vital for building a more energy resilient Connecticut. The Connecticut Green Bank’s transformative work in combatting climate change and protecting our disadvantaged communities from environmental injustice is commendable.”
Lonnie Reed, chair of the Board of Directors of the Connecticut Green Bank, expressed, “Through the unwavering determination of our board and staff, and the support of Governor Lamont and the Connecticut Congressional delegation, we have demonstrated how to deploy resources effectively. This investment is not only creating jobs but also reducing the energy burden on our families and businesses, and tackling climate change, especially in our vulnerable communities.”
Bryan Garcia, president and CEO of the Connecticut Green Bank, shared, “Working with the Coalition for Green Capital, the Green Bank is ready to further mobilize private investment to achieve the EPA’s objectives of the National Clean Investment Fund.”
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