The Dernogalizer

September 26, 2009

Green for All Unleashes Energy Opportunity Fund

Filed under: Energy/Climate — Matt Dernoga @ 12:19 am
Tags: ,

I wrote a couple weeks ago about the power of energy efficiency loan funds, and it’s good to see that Green for All’s CEO has posted an accomplishment on Grist of getting a 20 million dollar loan fund up expected to leverage 10 times that amount in private capital.  I’m re-posting what they wrote below.

Opportunity, fully funded

Today, Green For All and Living Cities unveiled the Energy Efficiency Opportunity Fund alongside President Clinton, at the closing session of Clinton Global Initiative’s annual meeting.


The groundbreaking fund will finance innovative efforts that create jobs and cut energy costs for low-income families through energy-efficiency building retrofits.
 

I am proud to say that in addition to advocating for public policies that invest in the clean energy economy, Green For All is now mobilizing private capital to directly create jobs and fight global warming

By investing in new models for financing retrofits, the Fund will help catalyze and leverage additional funding from federal, state and local governments, financial institutions, and foundations. 

The Fund creates a unique platform for “triple bottom line” returns, including:

  • Profit for investors: A financial return of 2 – 3 percent annually; 
  • Cuts in global warming pollution: An environmental return in the form of reduced energy consumption and avoided greenhouse gas emissions; and
  • Jobs and opportunity for Americans: A social return that saves money and creates jobs for low-income people. 

We estimate that when fully deployed, a $20 million fund would leverage approximately $200 million in financing for building energy retrofits. On an annual basis, this would mean:

  • 37,000 tons of carbon dioxide emissions avoided—the equivalent of more than 4,700 cars taken off the road;
 
  • 25 percent energy savings on average in 15,000 homes, with total household savings of $6 million;
 
  • 25 percent energy savings on average in 2,000 commercial/community buildings;
  
  • 2,500 clean energy jobs, with substantial opportunity for low-income people; and
 
  • Improved health, increased household income and/or greater worker productivity experienced by 40,000 people.
 

The Energy Efficiency Opportunity Fund is an extension of Green For All’s commitment to build a clean-energy economy that is ripe with broad opportunity and shared prosperity for every neighborhood.

In particular, we have been engaging the business community through our Capital Access Program.  Through CAP, we coach emerging clean energy businesses, provide resources for the business community, and now, invest directly in the clean-energy economy.  You can learn more and get involved with CAP here.

Building a better economy for America requires working hand in hand with diverse and unlikely partners: from elected officials to unemployed workers, from businesses to community organizers.  Everyone has a role to play in crafting a clean energy future.

We are so proud to be able to work with businesses and investors to directly create jobs and wealth through clean energy.

Economic opportunity and environmental renewal are now converging through smart investments in people, place, and planet.”

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