News & Events

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