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Hartford, CT April 29, 2022 — Inclusive Prosperity Capital, Inc. (IPC) has raised $13 million of program- related investments (PRI) from the John D. and Catherine T. MacArthur Foundation, McKnight Foundation, and The Kresge Foundation to support the capitalization and deployment of accessible clean energy upgrades across the nation. Created in 2018, IPC’s mission is to ensure everyone has access to the benefits of clean energy. IPC’s programs and products are designed to serve historically marginalized communities and other underserved markets – non-profits, faith-based institutions, small-to-medium commercial businesses, affordable multifamily housing, and credit-challenged and lower income homeowners. The foundations have provided IPC with a combined $13 million in PRI – critically flexible and catalytic capital support.  Investors like these are deeply aligned with IPC’s mission and have allowed IPC the opportunity to expand the depth and breadth of its investing platform. IPC intends to blend the PRI money with other private and public capital to create a unique investment platform for underserved markets. John Balbach, Director of Impact Investments at MacArthur, said, “With its roots in green banking, its deep connections in community development, and its intentional focus on engagement with historically marginalized communities, IPC is demonstrating that the expansion of clean energy and energy efficiency solutions is inextricably intertwined with climate justice. These solutions must be accessible for all communities, and we are thrilled to provide IPC with $5 million in catalytic capital to advance this essential mission.” Elizabeth McGeveran, Director of Investments at McKnight, said, “We are thrilled to build on our philanthropic support of Inclusive Prosperity Capital’s expansion to the Midwest with a $5 million program-related investment. We know that we can’t win on climate unless we’re attentive to racial equity and justice and bring everyone along. With this investment, IPC and local partners will create more opportunities for underserved communities to reap the benefits of the clean economy.” Joe Evans, Portfolio Director and Social Investment Officer of The Kresge Foundation, said, “Kresge has invested in IPC from the beginning because we believe in its unique mission. We’re excited to make this additional capital available to them in partnership with new investors.” Kresge provided a $3 million PRI. Kerry O’Neill, CEO of Inclusive Prosperity Capital, said, “Foundation investors like these are at the core of our ability to deliver on our mission. Without low-cost PRI investment, we’re less likely to be able to provide a loan for an affordable multifamily building to install heat pumps and improve indoor air quality, or to help a community center or house of worship in an underserved community go solar and see significant savings on their bills, or to help low-income homeowners make green improvements that reduce their energy burdens. We are so grateful to Kresge, McKnight, and MacArthur, who have helped us streamline the capital raising process from this critically important sector. The need for catalytic capital is only growing, and it’s how we’ll ensure everyone has access to the benefits of clean energy.” About Inclusive Prosperity Capital: Inclusive Prosperity Capital, Inc. (“IPC”) is a not-for-profit investment platform scaling clean energy financing solutions that channel investment capital to program partners in communities that need it most. As a spin-out of the Connecticut Green Bank, IPC is focused on scaling its work and expanding its successful model nationwide by accessing mission-driven capital and partnerships. IPC operates at the intersection of community development, clean energy finance, and climate impact. We believe everyone should have access to the benefits of clean energy, helping to deliver Inclusive Prosperity. For more information about Inclusive Prosperity Capital, please visit  inclusiveprosperitycapital.org   About The John D. and Catherine T. MacArthur Foundation: The John D. and Catherine T. MacArthur Foundation supports creative people, effective institutions, and influential networks building a more just, verdant, and peaceful world. MacArthur is placing a few big bets that truly significant progress is possible on some of the world’s most pressing social challenges, including decreasing nuclear risk, promoting local justice reform in the U.S., and reducing corruption in Africa’s most populous country, Nigeria. In addition, the Foundation continues its historic commitments to the role of journalism in a responsive democracy as well as the vitality of our headquarters city, Chicago. MacArthur also is committed to building the field of impact investing and providing catalytic capital to address social and environmental challenges around the world.   About McKnight Foundation: The McKnight Foundation, a Minnesota-based family foundation, advances a more just, creative, and abundant future where people and planet thrive. Established in 1953, the McKnight Foundation is deeply committed to advancing climate solutions in the Midwest; building an equitable and inclusive Minnesota; and supporting the arts in Minnesota, neuroscience, and international crop research. The McKnight Foundation has committed to achieving net zero greenhouse gas emissions across its $3 billion endowment by 2050 at the latest and over 40% of its $3 billion endowment has some mission alignment, with $500 million committed to decarbonizing the economy. Learn more at McKnight.org.   About The Kresge Foundation: The Kresge Foundation was founded in 1924 to promote human progress. Today, Kresge fulfills that mission by building and strengthening pathways to opportunity for low-income people in America’s cities, seeking to dismantle structural and systemic barriers to equality and justice. Using a full array of grant, loan, and other investment tools, Kresge invests more than $160 million annually to foster economic and social change. For more information visit Kresge.org.

Administrator Regan Recognizes Outgoing Chair Joanne Throwe August 12, 2021 Contact Information EPA Press Office (press@epa.gov) WASHINGTON – ​Today, U.S. Environmental Protection Agency (EPA) Administrator Michael S. Regan announced the selection of Kerry E. O’Neill as the chair of the Environmental Financial Advisory Board (EFAB). She succeeds Joanne Throwe, whose six-year term as a board member is ending, including nearly four years as chair. “At EPA, climate change is a top priority, and we know this crisis can be an opportunity to create good paying jobs, boost our economy and build back better. That’s why the work of the EPA Environmental Financial Advisory Board is so important, to ensure that our work delivers these benefits for the American people, especially for underserved communities overburdened by pollution,” said EPA Administrator Michael S. Regan. “I’m thankful for Joanne Throwe’s leadership and years of successful service to the board, and I’m looking forward to Kerry O’Neill bringing her experience and advice on climate impacts, community development, and clean energy finance.” The 32-member EFAB is a chartered federal advisory committee that provides feedback and advice to the Agency on ways to lower costs and increase investments in environmental and public health protection. O’Neill joined the board in June 2020 and was selected for a two-year term as chair. O’Neill and the other members of EFAB are drawn from all 10 EPA regions and hail from 17 states and the District of Columbia. “EPA is answering the call to tackle the most significant issues facing our people and our planet today, and the Environmental Financial Advisory Board is going to provide the expertise on financial solutions needed for success. We need to meet this moment at the scale required, including leveraging public-private partnerships, and with strategies that ensure our most vulnerable communities aren’t left behind,” said EFAB Chair, and Inclusive Prosperity Capital Chief Executive Officer, Kerry E. O’Neill. “I’m honored to be asked to serve as the chair of a board whose members are the most exceptional thinkers and leaders in their fields.” Outgoing Chair Joanne Throwe recently led the board in examining financial options for municipal stormwater infrastructure, small remote community wastewater system improvements, and lead risk reduction. “The Environmental Financial Advisory Board provides the federal government with an unprecedented resource, and it’s been an honor to serve on the board over the past six years,” said Joanne Throwe, President of Throwe Environmental. “EFAB’s expert analysis and policy recommendations will be needed more than ever as the country moves aggressively towards fortifying its environmental infrastructure and natural resources.” About Kerry E. O’Neill Kerry E. O’Neill is the chief executive officer of Inclusive Prosperity Capital Inc., a nonprofit investment fund that was spun out of the Connecticut Green Bank in 2018 to scale up impact for underserved communities and underinvested markets across the country. Inclusive Prosperity Capital operates at the intersection of community development, clean energy finance, and climate impact using a collection of products and strategies that match capital supply with project demand through partners on the ground. Prior to joining IPC, O’Neill led the residential energy financing programs at the Connecticut Green Bank, a state entity that works with private-sector investors to create low-cost, long-term sustainable financing for clean energy to maximize the use of public funds. Her work at the Connecticut Green Bank has given her insight into the institutional challenges – and opportunities – associated with clean energy investing for underserved communities. O’Neill earned a B.S. in computer science and engineering from MIT and a M.S. from NYU Tisch School of the Art’s Interactive Telecommunications Program. About Joanne Throwe Joanne Throwe is president of Throwe Environmental LLC and has over 25 years of experience in financing environmental and natural resource activities. She has experience in climate finance, stormwater management, green infrastructure, and public-private partnerships. She served as deputy secretary of the Maryland Department of Natural Resources from 2015 to early 2019, managing the day-to-day operations of over 1,300 employees and a budget exceeding $270 million. From 2009 to 2015, Throwe was the director of the Environmental Finance Center (EFC) at the University of Maryland, managing all aspects of EFC operations providing environmental finance technical assistance to communities. Additionally, prior to the EFC, she worked for several federal agencies. Background on EFAB Established in 1989, the EFAB is a chartered federal advisory committee that is convened by the agency to provide expert advice on environmental financing approaches from state and local governments, financial service companies, industry sectors and nongovernmental organizations. EFAB’s work focuses on lowering the cost of environmental protection, removing financial and programmatic barriers that raise costs, increasing public and private contribution in environmental facilities and services and building state and local financial ability to comply with environmental programs. EFAB members are selected to serve on the board based on the EFAB charter, which seeks to achieve balance and diversity in terms of workplace sector, geographic location, gender, ethnicity, and stakeholder perspective. EFAB members may serve up to a total of six years. The board’s designated federal officer is EPA Acting Region 7 Administrator Edward H. Chu. For more information on EFAB, visit EPA’s Water Finance Center online. A list of EFAB members is available online.   Link to Original article here: https://www.epa.gov/newsreleases/epa-announces-kerry-e-oneill-chair-environmental-financial-advisory-board

BY MARK WOLFE, OPINION CONTRIBUTOR — 08/13/21 11:30 AM EDT THE VIEWS EXPRESSED BY CONTRIBUTORS ARE THEIR OWN AND NOT THE VIEW OF THE HILL © iStock Achieving President Biden’s goal to move the nation to a net-zero energy economy by the year 2050 will require a massive change in how we as a nation produce and use energy. Essentially this will mean that the amount of greenhouse gases produced will be equal to the amount we remove from the atmosphere. This represents an important and necessary goal to end climate change. Reaching net-zero by the year 2050 will not be simple or quick and will require significant investments in expanding solar and wind production, closing coal plants and retrofitting the commercial and residential built environment, representing possibly the single greatest investment opportunity since the telecommunications revolution. One tool that has been recommended by the administration has been tested in 22 states: a national green bank. The purpose of the bank is not to take deposits and make mortgages but rather to specifically make loans and provide incentives to facilitate private investment into low-carbon, climate-resilient infrastructure. Green banks focus on investments where the private sector has been reluctant to provide low cost capital because of concerns about perceived risk, new technologies that have not been in the market long enough to meet strict reliability criteria for lenders, smaller deal sizes, and areas with complicated financing structures like low income housing. The administration’s proposal, called the “Clean Energy and Sustainability Accelerator”, would begin with $27 billion and use those funds to increase the investment of capital in the key green energy sectors: renewable energy, grid technology, residential and commercial building efficiency, industrial decarbonization, clean transport and agriculture. Funding for the accelerator will have a multiplicative impact on total real-world investment in clean energy, because the accelerator will leverage private capital, recycle its own capital for repeat investment of the same dollars, and then borrow additional private capital to expand its own lending capacity. Some have argued that the green bank will duplicate existing work being conducted by the private sector. While this might be the case for large corporations with deep pockets and resources, it’s less true for smaller companies that have more limited resources to capitalize their investments. Also, buildings that house low income residents often have multiple layers of financing and few banks have the expertise to tailor specific solutions to provide green financing for those complicated situations. While there is strong congressional support for a national green bank, there is still no guarantee that the administration’s proposal will be enacted. The House has passed the plan, while the Senate is still considering the “National Climate Act” proposed by Sens. Chris Van Hollen (D-Md.) and Ed Markey (D-Mass.). Both the House and Senate bills would capitalize their version of the green bank with $100 billion, which has been projected to generate $880 billion in clean energy investments. To address low income concerns, the House, Senate and the administration green bank proposal all specify that 40 percent of the funds invested by the federal government must be deployed in low-income and disadvantaged communities. Many of these communities suffer from high energy burdens due to history of neglect in their building infrastructure, which has led to deferred maintenance and older, less energy-efficient buildings. The result is that low-income families pay amounts two to three times higher than the median energy burden across the country. The accelerator would help to support reducing energy burdens by investing in energy efficiency, renewable energy and weatherization thereby reducing energy use and the carbon generated to create the energy used in the first place. A national green bank would also support state-based green banks that have been leading the way in using innovative transaction structures to channel private investment into low-carbon projects in such areas as commercial and residential energy efficiency retrofits, rooftop solar photovoltaic systems and municipal-level, energy-efficient street lighting. One only has to look as far as Tesla to see how government-financing can address green financing needs that the private sector isn’t ready to meet. In 2010 Tesla applied for and received a $465 million U.S. Department of Energy loan from the Advanced Vehicle Manufacturing Loan Program to build a new factory to launch its Model S car. After the initial success of the car, Tesla was able raise capital in the private marketplace and pay back the government loan. The loan also helped to set the stage for the broader development and success of electric vehicles. On a more local level, the Connecticut Green Bank used tailored financing strategies to ensure that low-income homeowners and communities of color have the same access to rooftop solar and efficiency as homeowners with more resources — and with it the benefits of reduced energy burdens and healthier homes. Inclusive Prosperity Capital was spun out of the Connecticut Green Bank and now acts as a resource to other green banks to scale these and other strategies to scale nationally, including a partnership with N.Y. Green Bank to drive green investment in underserved communities in New York State and partnerships with green banks in Michigan, Texas, Washington, D.C. and Philadelphia focused on affordable housing and nonprofits. Another example is the Florida Solar and Energy Loan Fund, a Florida-based green bank that provides low-interest rate and long-term financing for comprehensive home upgrades meant to lower high electricity bills caused by nearly year-round air conditioning. The financing covers the cost of roof upgrades, which are essential to both hurricane resilience and rooftop solar installation. The net result is that overall household expenses are reduced, even including the loan repayment, because the increased home resilience lowers insurance premiums. While a national green bank will not solve the problem of climate change on its own, it is a key piece of the solution to helping finance the transition to a carbon-free economy and including low-income families and communities in the process. The President has requested, the House has acted and now the Senate must pass similar legislation to guarantee that the U.S. has a national green bank to help finance the technologies and Read More »