States are tapping public financing institutions to advance a green agenda and create jobs as they plan their economic rebound from the coronavirus pandemic
, saying it will set up a green bank by the end of the year to finance environmentally friendly infrastructure. The state follows in the footsteps of Connecticut, New York and other states that provide loans and grants to fund carbon-cutting projects, such as community solar and energy efficiency retrofits.As other lenders pull back during the economic downturn, taxpayer-backed green banks can aid recovery by keeping money flowing to construction projects, their supporters say.
While the banks aren’t new — Connecticut launched the nation’s first in 2011 — their numbers are growing. In 2019, the nine global members of the Green Bank Network committed a total of nearly $15 billion,in public and private capital. Now the coronavirus pandemic is giving them a chance to flex their muscle as other lenders rein in business.
“The primary focus is to get those businesses back up and get those people back on those jobs,” Griffin said. “The needs of the market evolve, just like today, what we're seeing in this unprecedented period.” New Jersey’s initial $12 million investment might not sound like much — New York established its bank with $1 billion in 2013 — but it will be “a ton of money” if it can lure private capital off the sidelines to launch new projects, said Jeffrey Schub, executive director of the Coalition for Green Capital, a nonprofit that advocates for the creation of green banks.
“At the end of the day, it is a wealth-building program,” Garcia said. “It is reducing the amount of monthly budget a low-to-moderate income family spends on energy and allows them to save more of it and use it for other things." Bank officials filled the gap by issuing bonds, cutting operating expenses and transferring staff to an associated but independent nonprofit.
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