Global green banking group commit $29bn to renewables

The Green Bank Network has announced to have allocated over $29 billion to renewable technology investment, putting it on course to exceed its collective goal of $40 billion by 2019.

Addressing the 5th annual Green Bank Congress, part of ClimateWeek NYC, Green Bank Network said its members were mobilizing as much as $10 in total investment for every one dollar of public capital invested in clean energy projects.

The global group of green banking and financial institutions is interested in investing across a range of renewable technologies, including utility and small-scale solar, wind, energy efficiency, low-carbon transport, combined heat and power and energy storage.

Amid the rise of green banking looking to meet evolving market needs, the Green Bank Network was established as a membership organization to foster collaboration and knowledge exchange among existing green banks, which aim to work closely with the private sector on clean energy financing.

Moreover, the founding members announced an intention to create an expanded Green Bank Network membership structure that would allow participation of other financial institutions focused on green infrastructure investment, including “Market Members” such as project developers and commercial banks and “Affiliate Members” such as development finance institutions.

The group’s financing is directed at a variety of projects and at all scales – from multibillion dollar offshore wind farms to more energy efficient property and vehicles, to solar for small and medium-sized enterprises and affordable housing properties.

The founding members of this group are Clean Energy Finance Corporation (Australia), Connecticut Green Bank (US), Green Finance Organisation (Japan), Malaysia Green Technology Corporation, NY Green Bank (US), and Green Investment Group (UK).

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