Skip to content

May 25, 2017

Mayor Bowser’s Green Bank Bill!

Thu May 25, 2017 at 02:41:37 PM EST

by Chris Weiss, Global Green USA

Mayor Bowser wants to make Washington, DC, the first city in the United States (and second in the world) to create a Green Bank!

Mark your calendars. On June 23rd at noon, join the DC Environmental Network (DCEN) for our monthly networking event.

We are putting together a special briefing on Mayor Bowser’s legislation to create a Green Bank in the District. This DCEN event will be hosted by the District Department of Energy and Environment (DOEE) at 1200 First Street NE, 5th Floor. You can RSVP here!

To present and answer questions, we have assembled the following panel:

– Tommy Wells, Director, Department of Energy and Environment

– Sarah Dougherty, Green Finance Manager, Natural Resources Defense Council

– Larry Martin, Advisory Committee, DC Public Banking  Center AND representing DC chapter of the Sierra Club

– Chris Weiss, Executive Director, DC Environmental Network, Global Green USA (Moderator)

Background:

On April 25, 2017, Councilmember Mendelson introduced Mayor Bowser’s Green Bank bill, B22-0257, the District of Columbia Green Finance Authority Establishment Act of 2017. This legislation would create the District of Columbia Green Finance Authority (“DC Green Bank”) to increase the availability of financing for energy efficiency, clean and renewable energy, clean transportation vehicles and infrastructure, stormwater management, sustainable projects and programs, water efficiency, and green infrastructure projects in the District.

You can RSVP here to attend this DCEN briefing!

DCEN is convening this briefing to help the DC sustainability community, and anyone who is interested, learn about this exciting new proposal. Some areas that will be covered:

1. What is a Green Finance Authority (Green Bank)?

2. What other jurisdictions around the world are utilizing this finance mechanism?

3. How would the District’s Green Bank work and enhance our current finance setup?

4. There is a local Public Bank movement in the District. The Council is considering funding a DC Public Bank Feasibility Study in the next fiscal year. What is the relationship between a public bank and a green bank? Do they have overlapping elements?

5. For over a year and a half, DCEN has been involved in discussions focused on putting a price on carbon in the District. Several participants have asked whether some of the collected revenue could be used in support of a green finance authority? How might this work and what might be a meaningful contribution looking forward?

Please RSVP here if you would like to attend!

Definition of Green Bank:

“A Green Bank is a public or quasi-public institution that finances the deployment of renewable energy, energy efficiency, and other clean energy and green infrastructure projects in partnership with private lenders. They are an institutional platform for public-private partnerships (“PPP” or “P3”). Green Banks are capitalized with public funds, which are then used to offer loans, leases, credit enhancements and other financing services to close gaps in the private capital markets for clean energy projects. Green Banks typically invest in the project deployment of mature, commercially viable technologies – not in early stage tech or in clean energy companies. The goal of a Green Bank is to accelerate the deployment of clean energy by removing the upfront cost of adoption, leveraging greater private investment in clean energy, and increasing the efficiency of public dollars.” – District of Columbia Green Bank Report, DOEE, April 3, 2017

Additional background materials:

Legislative Summary, Bill History, Introduction, Other Documents.

Green Bank 101

District of Columbia Green Bank Report, April 3, 2017

Hope to see you June 23rd at Noon!

Read more from DCEN Blog

Share your thoughts, post a comment.

(required)
(required)

Note: HTML is allowed. Your email address will never be published.

Subscribe to comments