Blue Hills Civic Association, Connecticut Green Bank Receive Grant and Technical Assistance to Finance Equitable Clean Water Infrastructure
Grant Funds and Technical Assistance Provided by Coalition for Green Capital, PRE Collective, and Quantified Ventures via Robert Wood Johnson Foundation Investment in Equitable Water Infrastructure
WASHINGTON, DC — April 10, 2024 — Today, The Coalition for Green Capital (CGC), PRE Collective, and Quantified Ventures (QV) jointly announce their selection of six green banks from across the United States to receive $1.3 million in grants plus technical assistance to build a pipeline of equitable clean water infrastructure projects that directly benefit disadvantaged communities. This funding and technical assistance is a key component of an investment made by the Robert Wood Johnson Foundation (RWJF) in a strategic collaboration between CGC, PRE Collective, and QV to develop scalable financing programs for equitable water infrastructure.
CGC, QV, and PRE Collective are deploying their collective expertise to leverage the RWJF investment to support project development, provide technical assistance for implementation, and fund local staff capacity. These grants are among the programs to be implemented by CGC’s extensive green bank network to address water-related challenges, including clean drinking water, stormwater management, and flooding in disadvantaged communities. Green banks have a proven track record of removing perceived barriers and massively scaling up investments toward clean energy technology and these grants will lead the effort to replicate this approach for clean water investments to rapidly deliver benefits to communities most impacted by a changing climate.
This announcement follows the U.S. Environmental Protection Agency’s (EPA) recent selection of Coalition for Green Capital for an award of $5 billion from the Greenhouse Gas Reduction Fund’s National Clean Investment Fund competition to establish a national green bank. CGC’s national green bank represents a once-in-a-generation opportunity to shift financing interest toward other climate mitigation efforts, such as clean water infrastructure by reinforcing the critical role that green banks must play to reduce emissions, cut costs, and create jobs in communities across the country.
The six green bank initiatives will each receive approximately $216,000 in grant funding and technical assistance.
The Connecticut Green Bank, together with Blue Hills Civic Association and other community partners and stakeholders, will focus on opportunities to invest in equitable and climate resilient water infrastructure in Hartford. The Green Bank aims to increase stormwater management through both natural (i.e., parks) and built (i.e., homes) infrastructure solutions, to help revitalize Hartford’s parks as public health infrastructure, and to empower residents to access green solutions to increase their climate preparedness and resilience. To accomplish this the bank will leverage its Smart-E and Capital Solutions programs, expanding their financing capabilities from clean energy to include environmental infrastructure.
Leigh Whelpton, Director of Environmental Infrastructure, Connecticut Green Bank: “We are thrilled to use this support together with the Blue Hills Civic Association—Hartford’s oldest civic association—to empower homeowners in the North End and to enable stormwater solutions for increased climate resilience. This partnership is an exciting component of the Connecticut Green Bank’s expanded authority for environmental infrastructure.”
The other green banks receiving awards are the DC Green Bank, Groundswell Capital, the Hawaiʻi Green Infrastructure Authority, Missouri Green Banc (MGB) and SELF (Solar Energy Loan Fund).
Eli Hopson, Executive Director and Chief Operating Officer, Coalition for Green Capital: “By providing this funding the Robert Wood Johnson Foundation reinforces the role that a national green bank plays in mobilizing capital for climate mitigation efforts. These six green banks within CGC’s network are learning together how to deploy capital toward exciting water infrastructure projects in their pipeline that will directly benefit disadvantaged communities. Green banks have a role to play using public-private investment to mobilize capital for clean water using the playbook from the energy transition.”
Shalini Vajjhala, Executive Director, PRE Collective: “Multi-benefit, community-centered infrastructure projects are both the most exciting and challenging projects to design and finance. The Robert Wood Johnson Foundation’s investment in early-stage predevelopment with green banks is a transformational opportunity to reimagine how water infrastructure can serve as an entry point for climate action.”
Tee Thomas, CEO, Quantified Ventures: “We are thrilled to work with these forward-thinking green banks, the communities they serve, and local partners to design programs and financial mechanisms that address regional water challenges. Their commitment to addressing environmental justice needs in under-resourced communities will change the trajectory of these communities for generations to come.”
Robert Wood Johnson Foundation Director of Impact Investments Kimberlee Cornett said, “At the Robert Wood Johnson Foundation, we know that challenges brought about by climate change will continue to affect the health and wellbeing of communities that have experienced a lack of investment. We’re proud to support this cohort of green banks with a goal of growing the technical know-how and financing of water infrastructure projects that support the health and wealth of communities.”
The full announcement can be found here.
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About Coalition for Green Capital
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.
About PRE Collective
PRE Collective is a core group of public-service minded infrastructure and project development experts helping communities and regions make the most of transformational infrastructure opportunities. Our goal is to build collective momentum for equitable implementation.
About Quantified Ventures
Quantified Ventures (QV) – a certified B Corp – is a nationally recognized leader in implementing innovative funding and financing strategies for climate, environmental, and health projects. Our success stems from quantifying project outcomes, identifying untapped financial resources, and structuring innovative partnerships that engage new stakeholders. QV has worked extensively to provide technical assistance for establishing and administering water, energy, and climate financing programs.
About Robert Wood Johnson Foundation
The Robert Wood Johnson Foundation is committed to improving health and health equity in the United States. In partnership with others, we are working to develop a Culture of Health rooted in equity that provides every individual with a fair and just opportunity to thrive, no matter who they are, where they live, or how much money they have.
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