Clean Energy Finance Forum

The Rwanda Catalytic Green investment bank will boost the financing of climate projects that the country undertakes.

"As part of Europe’s promise to become the first 'climate-neutral' continent by 2050, the region is emerging as a leader in creating standards for green investments. But the push to get its banks to back sustainable assets needs careful scrutiny."

Utilities like Duke Energy and Xcel Energy have issued billions in green bonds to fund renewables development. Green banks in New York, Connecticut and other states are backing investments in distributed resources and energy efficiency. It appears much more institutional money wants in on the green opportunity.

The National Climate Bank Act introduced this year is based in part on successful projects in Connecticut and New York.

As an initial exploration, this paper seeks to examine the sectors in which the Climate Bank may invest and the types of projects which it could finance. Taken together, the Climate Bank’s investments could have significant impact towards economy-wide decarbonization.

"There won’t be a transition to clean energy without a way to finance what could be the largest infrastructure project ever undertaken. Green banks — purpose-built financial institutions that facilitate funding of clean-energy projects — aim to lead the way."

Governor Ralph Northam’s administration is exploring a possible alliance with the New York Green Bank to finance projects.

"To ensure the long-term environmental health of the planet, we will have to spend. This spending cannot be wasteful, but must embody a pragmatic investment in our future."