The first, national, green bank in the United States, the Coalition for Green Capital, is open for business, with the goal of directing $5 billion from 2022’a Inflation Reduction Act (IRA) into projects supporting clean energy across the country, while also creating a green banking network to mobilize more capital for clean energy projects.
Accepting Business Proposals
The Coalition for Green Capital (CGC) is now accepting business proposals “to accelerate clean power projects in every community, create jobs, reduce emissions, and improve the quality of life for all Americans,” and shares this overview:
The Coalition for Green Capital (CGC), doing business as the American Green Bank Consortium, is a 501(c)(3) chartered specifically to reduce greenhouse gas emissions and other forms of air pollution and redress climate and energy-related environmental injustice. Green banks are a proven finance model that uses public and philanthropic funds to mobilize private investment in renewable energy, energy efficiency, and other decarbonization technologies. For over a decade, the Coalition for Green Capital has led the Green Bank movement, working at the federal, state, and local levels in the U.S. and countries around the world.
In addition to funds previously raised through it’s network, the CGC will draw on it’s award of $5 billion from the Inflation Reduction Act, administered through the Environmental Protection Agency (EPA), “to invest directly in qualified clean energy projects and help create a “self-sustaining nationwide network of state and local green banks, community lenders and community partners.” In thanking the EPA for launching the green bank, Chairman of the CGC Board, Bryan Garcia referenced the urgency behind getting more clean energy projects funded and off the ground: “There is no time to waste in working with our green bank network to mobilize private investment across this country, especially in underinvested communities, in projects that reduce greenhouse gas emissions and air pollution and create meaningful benefits – reducing energy costs for families, creating jobs in our communities, improving public health, and growing the green economy.”
There are already more than $10 billion dollars of projects in the CGC pipeline, and
Chief Executive Officer Reed Hundt is working to raise capital for more, pointing out “It’s time for public-private investment to join up with tax credits, and U.S. Department of Energy loans as the three ways this administration will win the battle against catastrophic climate change and fight for social justice in every American community.”
Powering Forward?
In addition to keeping an eye on opportunities stemming from the Coalition for Green Capital, ambitious builders will also want to follow the action on the $2.2 billion from the Department of Energy (DOE) that was recently awarded to improve grid resilience in 18 states by advancing “a more modern grid, a more energy-secure future, a grid that is more reliable and resilient and one that delivers more clean and affordable energy….”
DOE award winners include:
- Power Up New England
- The Tribal Energy Resilience and Sovereignty microgrid project in Northern California
- The Data Center Flexibility as a Grid Enhancing Technology project in Virginia and South Carolina
- The North Carolina Innovative Transmission Rebuild
- The Reliable Electric Lines: Infrastructure Expansion Framework in Utah
As energy and infrastructure problems are addressed, builders across the country are finding there is plenty of work to do, but publicly funded projects are competitive, and, as Construction Business Owner reminds us: “The companies that make even small moves away from manual processes stand to gain a competitive edge. They will be able to do things faster, use fewer manual resources, and make more strategic and informed decisions.”
Colonial Surety is offering contractors a pragmatic step toward bigger results: take control over your bids and bonds. Once qualified for The Partnership Account® for Contractors, you are in the driver’s seat and can:
- issue your own bonds in minutes with our power of attorney
- adjust bids
- update works in progress
- obtain additional credit
- get speedy performance and payment bonds
Let’s Get You Powered Up:
This video highlights the benefits of The Partnership Account®, and will give you a good feel for how it all works—easily and efficiently.
Founded in 1930, Colonial Surety Company is a leading direct seller and writer of surety bonds and insurance products across the USA. Colonial is rated “A Excellent” by A.M. Best Company and U.S. Treasury listed. Let’s connect today: Colonial Surety.