Trump Tried to Defund Them, But Green Banks Keep Financing Clean Energy Projects
This story was originally published by Canary Media and is reproduced here as part of the Climate Desk collaboration. A community solar project built for New Orleans’ oldest historically Black Catholic order of nuns. An all-electric affordable housing complex in Salt Lake City. A program offering low-income Maryland households inexpensive loans for rooftop solar and energy efficiency. These are…
This report delves into the impact of green banks on financing clean energy projects in the United States, despite the Trump administration's cuts to federal climate funding. Green banks, which utilize public funds to encourage lending for clean energy and climate adaptation, have persevered and continued their work. Dan Adler, executive director of the U.S. Green Bank 50, a coalition of 56 green banks and organizations, reported that the groups have managed to channel capital even in challenging circumstances.
The report, released in September, details the activities of 48 green banks across the nation, highlighting that they have allocated approximately $1.4 billion of their own capital and an additional $11 billion in private capital to over 40,000 projects. Among the noteworthy projects include a community solar array for low-income households in New Orleans, an all-electric apartment complex in Salt Lake City, and a program offering low-income Maryland households affordable solar and energy efficiency loans.
Despite the loss of federal grants such as the Greenhouse Gas Reduction Fund and Solar for All grants, green banks have continued to secure financing from diverse partners, including commercial banks, credit unions, corporate funders, and philanthropic organizations. The report includes case studies of various projects, such as a community solar array in New Orleans, funded by nonprofits, and a 396-unit, all-electric affordable housing project in Salt Lake City, supported by a green bank and a nonprofit.
The success of these projects lies in green banks' ability to mitigate risks associated with projects in low-income communities and for affordable housing providers. Some green banks, like the Solar and Energy Loan Fund in Florida, have already financed nearly $80 million in energy-efficiency and solar projects, demonstrating the potential of green banks to facilitate private-sector lending for clean energy initiatives.
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