Washington DC Mayor Bowser signed the Green Finance Authority Establishment Act of 2018 earlier this month, making the District the first U.S. city to establish a green bank. The innovative policy tool seeks to expand renewable energy, lower energy costs, reduce greenhouse gas emissions, and create green jobs.
“Washington, DC is a global leader on environmental issues, and by establishing a Green Bank, we will continue to build on the progress that helped us become the first LEED Platinum city in the world,” said Mayor Bowser. “I look forward to working with all of the businesses, non-profit organizations, and residents that will benefit directly from this new tool. Together, we will continue to meet our ambitious sustainability goals while creating high-paying, clean energy jobs for residents in all eight wards.”
Green Banks are capitalized with public funds which are then used to offer loans, leases, credit enhancements, and other financing services for clean energy projects. The financing enables private capital to fill gaps by reducing real and perceived risk, absorbing transaction costs, and providing private investors the chance to learn about new market opportunities with the security of government partnership. To learn more, visit: https://doee.dc.gov/release/mayor-bowser-signs-historic-green-finance-authority-establishment-act