The Connecticut Green Bank recently released its 13th annual report for fiscal year 2024, which showed continued leadership in the state's green economy. Every public dollar invested by the Green Bank attracted $8.60 in private capital in FY2024, bringing its total contribution to nearly $3 billion since it was created through bipartisan legislation in 2011. This investment helps reduce the energy burden on more than 71,000 families and businesses across Connecticut. Additionally, this investment supports the creation of thousands of jobs and reduces greenhouse gas emissions and air pollution, which benefits public health.
"The Green Bank is proud to be a leading catalyst driving the green economy. Since our establishment, we have helped enable nearly $3 billion of investment in our state's green economy, which has supported the creation of more than 29,000 jobs and contributed nearly $150 million in state tax revenues to Connecticut's budget," said Bryan Garcia, President and CEO of the Green Bank. "Since 2011, we have forged strong relationships with lending institutions, contractors, advocates, and community and labor organizations as a reliable, dependable leader in this space. We remain committed to sharing our data and stories through reports like this annual report and our extensive Annual Comprehensive Financial Report because we understand the value of partnerships and people working together to achieve our vision of a planet protected by the love of humanity."
Some highlights of the fiscal year 2024 include:
- Supporting the financing of several fuel cell projects in Derby, including the nation's first "Community Fuel Cell" that will reduce energy burdens on low- and moderate-income families.
- Providing energy security and resilience through the financing of a microgrid for our military at the U.S. Naval Submarine Base in Groton.
- Expanding our flagship residential (Smart-E Loan) and commercial (C-PACE) financing programs to address environmental infrastructure improvements, especially resilience measures.
- Helping commercial building owners make energy improvements that reduce their operating costs, in part through the co-administration of the Energy Storage Solutions program, which has experienced strong demand from businesses driven to increase their resilience and control expenses.
- Utilizing our Solar Marketplace Assistance Program (Solar MAP) to successfully guide municipal and school leaders through the solar process while expanding the program to include storage and serve affordable multifamily housing properties so providers can reduce energy costs while increasing energy security.
To access the FY24 report, please visit https://www.ctgreenbank.com/strategy-impact/reporting-and-transparency/ or https://www.ctgreenbank.com/strategy-impact/reporting-and-transparency/connecticut-green-bank-annual-report-2024/.
About the Connecticut Green Bank
The Connecticut Green Bank was established by the Connecticut General Assembly in 2011 as the nation's first state-level green bank and has since supported the creation of nearly 30,000 green jobs in the state, while reducing the energy cost burden on over 71,000 families, businesses, and nonprofits. The Green Bank's vision is a planet protected by the love of humanity and its mission is to confront climate change by increasing and accelerating investment into Connecticut's green economy to create more resilient, healthier, and equitable communities. This is accomplished by leveraging limited public resources to scale-up and mobilize private capital investment into Connecticut. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and Innovation for their "Sparking the Green Bank Movement" entry. In 2021, the Green Bank's model was expanded to include new areas of environmental infrastructure, related to climate adaptation and resiliency, land conservation, parks and recreation, agriculture, water, waste and recycling, and environmental markets, including carbon offsets and ecosystem services. To date, the Green Bank has mobilized nearly $3 billion into the state's green economy. This has reduced the energy costs for thousands of families and businesses, and reduced greenhouse gas emissions that cause climate change and worsen public health.
Learn more at www.ctgreenbank.com.
For More Information, Contact:
Rudy Sturk (rudy.sturk@ctgreenbank.com)
