First global Green Bank Network will speed shift to clean energy

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On 9 December 2015, a group of six green banks and two leading non-profit groups announced they are establishing a Green Bank Network to help meet the urgent need of increasing and accelerating investment in renewable energy and energy efficiency worldwide.

As world leaders gather to discuss global action on climate change, a group of six green banks and two leading non-profit groups today announced they are establishing a Green Bank Network to help meet the urgent need of increasing and accelerating investment in renewable energy and energy efficiency worldwide.

Green banks are public entities created to partner with the private sector to increase investment in clean energy and bring clean energy financing into the mainstream. They are a relatively new phenomenon that has been successful in the United Kingdom, Australia, Japan, Malaysia and several U.S. states.

The founding partners of this major clean energy initiative are the UK Green Investment Bank, the Connecticut Green Bank, NY Green Bank, the Green Fund (Japan), Malaysian Green Technology Corporation and Clean Energy Finance Corporation (Australia), and the network plans to expand rapidly. 

The banks have appointed the Natural Resources Defense Council (NRDC) and the Coalition for Green Capital (CGC), which are experienced in the development of green banks, to spearhead the creation of the network. ClimateWorks Foundation has agreed to provide seed funding. 

The Organization for Economic Co-operation and Development (OECD) will use its convening power to facilitate the sharing of experience between green banks and countries interested in creating them, building on the OECD-Bloomberg Philanthropies green banks policy guide released today.

With nations around the world making new commitments to reducing heat-trapping pollution, more capital than ever will need to be deployed for clean energy solutions. Green banks can help stimulate the private investments necessary for nations to meet their commitments.

The network will increase the global impact of green banks by enabling them to collaborate more effectively, share and leverage individual bank experiences, publicize achievements and grow the ranks of green banks worldwide.

The UK Green Investment Bank is now the most active investor in the UK `s renewable energy and energy efficiency sectors. Financing initiatives by the Australian Clean Energy Finance Corporation (CEFC) are delivering least-cost emissions reductions, contributing to economic resilience and competitiveness. The Connecticut Green Bank has nearly quadrupled annual clean energy investment and deployment in that state in three years. NY Green Bank, the largest green bank in the U.S. and one of the newer green banks, is providing market transformative financing solutions to advance solar, wind, and residential energy efficiency.
Green banks represented at a summit in New York last year said they collectively expected to deploy over $40 billion in capital for investments in clean energy and energy efficiency projects over the next five years.

Shaun Kingsbury, Chief Executive, UK Green Investment Bank, said: 
Billions of dollars of investment must be channeled into renewable energy and energy efficiency projects over the next 15-20 years if the nations of the world are to fulfill their climate pledges. The founding members of the Green Bank Network have impressive track records in drawing private capital to low-carbon infrastructure, but by building the first collaborative global clean energy finance platform we are sending out a signal that more can be achieved by working together.
 

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