The State of Connecticut’s “Green Bank” program was recently named a semifinalist for the 2017 Innovations in American Government Awards. The first state Green Bank in the nation, it is a quasi-public agency that uses a public-private financing model to generate investments in clean energy deployment. The Connecticut Department of Energy & Environmental Protection (DEEP) drafted the legislation that launched its “sister agency” in 2011, and CT DEEP Commissioner Rob Klee serves as the Vice Chair of the CT Green Bank Board.
The Green Bank’s mission is to “support the Governor’s and Legislature’s energy strategy of achieving cleaner, cheaper, and more reliable sources of energy while creating jobs and supporting local economic development.” The Coalition for Green Capital estimates that based on Connecticut’s market size, growth rate, and private-public leverage ratio, a successfully operating green bank in every state would yield $200 billion in national annual investment within five years. For more information on the CT Green Bank, click here.