A group of six green banks and two nonprofit groups has established the Green Bank Network to increase and accelerate investment in renewable energy and energy efficiency worldwide.
The founding partners of the initiative are the U.K. Green Investment Bank, the Connecticut Green Bank, the N.Y. Green Bank, the Japan-based Green Fund, the Malaysian Green Technology Corp. and the Australia-based Clean Energy Finance Corp.
The banks have appointed the Natural Resources Defense Council (NRDC) and the Coalition for Green Capital to spearhead the creation of the network. The ClimateWorks Foundation has agreed to provide seed funding.
The network hopes to 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.
‘Meeting commitments coming out of Paris will require a profound transformation in global energy investment," says Shelley Poticha, director of urban solutions at NRDC. ‘The Green Bank Network is a critical tool in this process, and the NRDC is excited to help facilitate the global scale-up of green banking.’