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Meet the Green Bank That’s Investing in Eco-Friendly Initiatives

Meet the Green Bank That’s Investing in Eco-Friendly Initiatives

This post was written by Kathleen OBrien and originally appeared on NationSwell.

The financial institution is interested in green projects — and we’re not talking those that have to do with Benjamins.

Green is a color often associated with banks, or at the very least, with the crisp bills kept inside their vaults.

Recently, however, New Yorkers have another reason to associate green with finance. It’s called the Green Bank — a new form of banking dedicated solely to financing energy-efficient projects.

The $1 billion investment fund aims to help make local energy-efficiency and clean energy projects a reality. Many times these projects are passed over by the big banks, which is where the Green Bank will step in.

It operates with two goals in mind. First, to establish a viable green projects marketplace supported by the private sector, and secondly, through the Green Bank, to have residents to see a reduction in the cost of these technologies.

While New York is the latest state to establish a Green Bank, it is not alone. Connecticut paved the way for others back in July 2011 when it opened its first one. And now, not far behind New York is Hawaii, which is currently in the process of establishing its own. Then there are California, Maryland and New Jersey which are considering similar proposals in their legislatures.

Although the states may use different designs, their mission to bring clean-energy projects to the states remains the same.

So how is New York financing its Green Bank? By redirecting existing state grant money and raising $165.6 million on utility customers through clean-energy surcharges, the Green Bank now has $218.5 million. And by the end of 2014, the bank will reach the $1 billion mark when all of the funds arrive.

The end of the year will also herald the announcement of some of the bank’s lending deals with outside groups. Although no exact details have been given, project proposals concerning solar, wind, storage and energy-efficiency have all been received and considered.

These Green Banks are showing just how far a little green can go when it comes to saving the planet.

Read more from NationSwell:

This Drilling Practice Is Controversial. But Now, New York Towns Can Say “Get the Frack Out”

Help Your Favorite Spot Go Solar With Just One Click

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Photo Credit: Thinkstock

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90 comments

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9:01PM PDT on Aug 8, 2014

Thanks for the article.......know as "Ethical Investments" here in Australia....it even goes through to our Fund Managers......you can tell them only to invest in "Ethical Companies" no Miners, no Monsantos, no Military weapons, etc..

5:55AM PDT on Aug 8, 2014

Thank you for sharing.

8:28AM PDT on Aug 7, 2014

Thanks for the article...

1:18AM PDT on Aug 7, 2014

ty

7:24PM PDT on Aug 6, 2014

Sounds like a wonderful idea that should spread around the world. Interesting article.

12:56PM PDT on Aug 6, 2014

Cool

10:44AM PDT on Aug 6, 2014

Thanks for sharing this.

10:02PM PDT on Aug 5, 2014

For just a few of your dollars, stop 1000 tons of CO2 emissions by saving acres of rainforest:

https://www.rainforesttrust.org/acres-for-50cents/


7:44PM PDT on Aug 5, 2014

Thank you for sharing.

3:11AM PDT on Aug 5, 2014

Thanks for the article.

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Disclaimer: The views expressed above are solely those of the author and may not reflect those of
Care2, Inc., its employees or advertisers.

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Colleen H. Colleen H. is an Online Campaigner with Care2 and a recent transplant to San Francisco from the East... more
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