November 20, 2014

International Green Bank Summit Brings Together Global Clean Energy Financing Institutions

Over $40,000,000,000 to be Deployed in Global Clean Energy Markets Over Next Five Years

A two-day International Green Bank Summit concluded Tuesday with international and US-based public-private financing organizations coming together to discuss best practices, share technical expertise and to strengthen the growing “Green Bank” network. The purpose of the summit was to discuss how to advance emerging clean energy markets by harnessing commercial practices, mobilizing private sector participation, and adopting a common framework, easily understood by private sector partners and the public-at-large.

The Green Banks represented at the summit, which was hosted by NY Green Bank, collectively expect to deploy over US$15 billion in capital for investments in clean energy and energy efficiency projects, which could be leveraged to over US $40 billion total investment into global and local clean energy capital markets over the next five years.

Representatives at the summit included leadership from various clean energy financing organizations, several states interested in pursuing the Green Bank model, private sector representatives who have been actively engaged in developing the Green Bank model, and non-profit and non-government organizations that have also been active participants in the discussions around Green Bank developments. Participant organizations included NY Green Bank, the New York City Energy Efficiency Corporation, the UK Green Investment Bank, the Japanese Green Finance Organization, the Australian Clean Energy Finance Corporation, GreenTech Malaysia, the Connecticut Green Bank, the Hawaii GEMS Program and the New Jersey Energy Resiliency Bank. States considering developing state-sponsored clean energy financing institutions were also in attendance.

At the conclusion of the summit, together, this group of clean energy financing institutions committed to providing guidance and technical support to states, countries and multilateral agencies interested in establishing similar clean energy financing vehicles. Participants agreed to reconvene for a 2015 International Green Bank Summit.

The global network of Green Banks is focused on accelerating the deployment of clean energy and energy efficiency. The network will continue to work towards crowding-in private capital and to be a key driver of the commercial and efficient allocation of capital for deployment into global clean energy financing markets.

About NY Green Bank

NY Green Bank, as part of the New York State Clean Energy Fund, reinforces the state's commitment to accelerate the growth of clean energy and reduce the environmental impacts of energy production and use. NY Green Bank's deals announced today support the Clean Energy Fund's goals by providing long-term funding certainty and flexibility in how the state will transform New York's clean energy economy.