WASHINGTON, D.C. — The Coalition for Green Capital (CGC) and Spruce Root, Inc. today announced the formation of a new strategic partnership to unlock billions of public-private capital and deliver clean energy projects to local Alaska communities. This is the latest partnership announcement from CGC and comes as its growing, nationwide network of clean energy investors and lenders prepares to apply for federal funds from the Environmental Protection Agency (EPA) Greenhouse Gas Reduction Fund (GGRF) to launch a nationwide green bank.
“Spruce Root has been making a major difference for Southeast communities since its founding, which is why I am in strong support of this partnership with CGC,” said Representative Mary Peltola (AK). “This partnership will support the delivery of green infrastructure that is responsive to local needs. The combination of a national green bank organization and a regional community development group like Spruce Root provides an excellent blueprint for how to deploy clean energy funding efficiently and responsibly.
“Alaska is on the front lines of climate change, and our Indigenous communities have often borne the brunt of its impacts,” said Representative Peltola. “More needs to be done to provide for these communities, but partnerships like this are an important step in building resilience and capacity at the local level as we transition to a clean energy grid. I look forward to supporting more partnerships in this model, and maximizing the impact of the funding Congress has set aside for clean energy development.”
Spruce Root, Inc. is a non-profit community development financial institution delivering programs to communities and small businesses as they work to drive towards a regenerative economy in Southeast Alaska. They provide small business lending, technical and educational resources, and coaching programs, centered around Indigenous knowledge and values of land and resource stewardship.
“We’re thrilled to enter this partnership with CGC and support the launch of a nationwide green bank to unlock billions in public-private capital for clean energy and climate resiliency investments in our state,” said Alana Peterson, executive director of Spruce Root, Inc. “The green bank model has proven to be a successful tool for unlocking private capital, delivering projects that reduce emissions, easing the economic and environmental burdens on families, and supporting good paying jobs. As the federal government prepares to make the largest clean energy investments of our lifetime, we are determined to deliver these funds to where they are needed most, which is to the underserved communities and families greatly impacted by the climate crisis.”
The news comes as the EPA recently announced its program design for the GGRF. The EPA made clear that the primary objectives of the GGRF are to reduce greenhouse gas emissions, drive funds and projects in low-income and disadvantaged communities, and mobilize financing and private capital to stimulate additional deployment of resources.
“We thank Spruce Root for the opportunity to work together alongside our coalition of clean energy lenders and in support of the nationwide green bank,” said Eli Hopson, executive director and COO of CGC. “Our network has already identified an initial pipeline of green projects valued at $13B in public-private capital over the next several years, and we are prepared to leverage the GGRF to unlock even more funds. With the expertise of community organizations like Spruce Root, our network and the nationwide green bank will be best positioned to quickly make an impact and deliver on projects spearheaded and supported by local communities.”
Over the last several weeks, CGC has announced a growing number of partnerships as it seeks EPA funding, including with:
- Climate Access Fund;
- Clean Energy Fund of Texas;
- CleanSource Capital;
- Colorado Clean Energy Fund;
- Columbus Region Green Fund (CRGF);
- Community Development Venture Capital Alliance (CDVCA) Finance New Orleans;
- Growth Opportunity Partners, Inc.;
- Hawaii Green Infrastructure Authority (HGIA);
- Missouri Green Bank;
- Puerto Rico Green Energy Trust;
- Rhode Island Infrastructure Bank; and
- Solar and Energy Loan Fund (SELF).
ABOUT COALITION FOR GREEN CAPITAL: The Coalition for Green Capital (CGC), doing business as the American Green Bank Consortium, is a 501(c)(3) chartered specifically to reduce greenhouse gas emissions and other forms of air pollution and redress climate and energy related environmental injustice. Green banks are a proven finance model that uses public and philanthropic funds to mobilize private investment in renewable energy, energy efficiency and other decarbonization technologies. For over a decade, the Coalition for Green Capital has led the Green Bank movement, working at the federal, state and local levels in the U.S. and countries around the world. For more information, visit: https://coalitionforgreencapital.com/.