Hartford, CT (September 23rd, 2024) – Inclusive Prosperity Capital, Inc. (IPC) and forty of the nation’s leading green banks, collectively responsible for more than $10 billion in new investments last year alone, announced on Monday the formation of U.S. Green Bank 50 (GB 50), a historic partnership between clean energy-focused public and non-profit financial institutions.
“As a founding member of U.S. Green Bank 50, Inclusive Prosperity Capital is proud to join forces with leading green banks across the nation to create a stronger, more cohesive clean energy finance ecosystem,” remarked Kerry O’Neill, IPC’s Chief Executive Officer. “This partnership allows us to scale our efforts to deliver inclusive climate solutions that reach historically underserved communities, providing them with the resources they need to benefit from the clean energy transition. Together, we are building the financial infrastructure that will drive transformative change, spur economic growth, and ensure that the benefits of clean energy are shared by all.”
U.S. Green Bank 50 will act as a hub for community-focused green banks working locally, regionally, or nationally to build and share best practices, coordinate and leverage resources, and support the collective needs of the rapidly growing green banking industry, which received sizable investment from the landmark Inflation Reduction Act. In doing so, the new organization will accelerate the growth of the U.S. green banking industry, speed up investment in clean energy and inclusive climate solutions nationwide, and further increase clean energy investments in lower-income and historically underserved and marginalized communities.
This announcement comes at an inflection point for climate action, thanks to the generational investments in the U.S. clean energy economy in recent years. On the heels of the Inflation Reduction Act infusing $27 billion into public and non-profit green lending institutions, state and local green banks are set to play a pivotal role in creating historic numbers of clean energy and manufacturing jobs while driving new opportunities for American communities. U.S. Green Bank 50 members plan to work collaboratively with the coalitions receiving the $27 billion of grants from the Inflation Reduction Act to advance clean energy, climate, and justice goals nationwide.
Green banks have emerged as a key bridge to help communities otherwise unable to secure capital from traditional financial institutions to invest in clean energy projects, with a particular focus on low-income and disadvantaged communities too often left behind in the clean energy transition.
Since the passage of the Inflation Reduction Act, the number of state and local green banks has surged to nearly 50 across the nation, serving almost every state plus Puerto Rico. By organizing collectively to seize these opportunities, U.S. Green Bank 50 will support the expansion of green banking into even more communities so benefits reach more American households, small businesses and local organizations, particularly those with historically limited access to clean energy financing.
Learn more about projects financed by IPC here: https://inclusiveprosperitycapital.org/case-studies-and-deal-spotlights/
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Inclusive Prosperity Capital, Inc. (IPC) is a non-profit organization that operates at the intersection of clean energy finance and community development. Our team delivers comprehensive energy financing solutions, innovative tech-enabled lending platforms, and financial products that foster inclusive access to climate solutions. We are dedicated to deploying capital strategically into historically underserved energy markets, projects, and mission-aligned organizations through innovative structuring and initiatives.
As a thought leader in the industry, IPC is demonstrating how impact can be scaled. Learn more about how IPC is shaping the future of inclusive clean energy and explore opportunities to partner with our mission by visiting our website at https://www.inclusiveprosperitycapital.org/.
Media contact: Brian Liechti, Senior Manager of Market Engagement, brian.liechti@inclusiveteam.org, 860-257-2177