(HARTFORD, CT) – Governor Ned Lamont and the members of Connecticut’s Congressional delegation are applauding an announcement made today by the U.S. Environmental Protection Agency (EPA) that $5 billion from the Greenhouse Gas Reduction Fund, which was created under President Joe Biden’s Inflation Reduction Act, is being awarded to the Coalition for Green Capital, a consortium of organizations from throughout the country that includes the Connecticut Green Bank.
The Connecticut Green Bank will use the funding to catalyze public-private investments in the creation of environmental infrastructure in vulnerable communities to help reduce greenhouse gas emissions, lower energy costs for consumers, and increase resilience against climate change. Priority projects will include infrastructure in areas such as green schools, green school buses, green homes, green municipal and commercial buildings, green resilience hubs, land conservation and climate-smart agriculture, and other types of environmental infrastructure.
With this funding, the Coalition for Green Capital will partner with and expand an economically self-sufficient ecosystem of green banks, including the first-in-the-nation Connecticut Green Bank and community partners. By providing co-investment opportunities and other services as a national green bank, the coalition will accelerate the recycling of capital to maximize benefits.
This investment will stand up a first-of-its-kind national network that will finance tens of thousands of climate and clean energy projects across the country, especially in low-income and disadvantaged communities. Specifically, the EPA is awarding the grants as part of the act’s National Clean Investment Fund and Clean Communities Investment Accelerator.
Governor Lamont said, “This grant from the EPA will go a long way in supporting Connecticut’s efforts to build infrastructure that helps us reach our goals of reducing greenhouse gas emissions and making our state more resilient against climate change. On behalf of Connecticut, I thank President Biden, Vice President Harris, and EPA Administrator Regan for leading the Greenhouse Gas Reduction Fund process in a diligent, comprehensive, and inclusive manner. This award will help the Connecticut Green Bank increase and accelerate private investment in our state’s environmental infrastructure, especially in our vulnerable communities.”
Senator Richard Blumenthal said, “This $5 billion in federal funding is critical to building clean energy infrastructure and a more energy resilient Connecticut. The Connecticut Green Bank is doing transformative work in our state to fight climate change and protect our most disadvantaged communities from environmental injustice. I am proud to fight alongside the Connecticut delegation for strong investments like these that will tackle the climate crisis, reduce greenhouse gas emissions, and grow well-paying jobs.”
Senator Chris Murphy said, “Our state has set the national standard for green banks, and I’m thrilled to see this massive investment in the Connecticut Green Bank. This federal funding will help reduce greenhouse gas emissions, create good-paying jobs, and increase resilience in communities that have been the most impacted by climate change but have the fewest resources. It’s a win-win for the climate and our state’s economy.”
Congressman John B. Larson (CT-01) said, “Today’s announcement is an investment in good-paying jobs and unleashing America’s clean energy future. I am proud of the work the Connecticut delegation has done and will continue to do to secure funding to support the Connecticut Green Bank, which has been a model for the nation in the fight against climate change. This funding will build on their important mission to invest in innovative green energy solutions, protect residents from dangerous pollution, and uplift communities that have been disproportionately impacted by environmental injustices.”
Congressman Joe Courtney (CT-02) said, “When we talk about becoming more energy efficient, more energy independent, and better stewards of our environment, this is the kind of serious investment we need to achieve those goals. With the federal funding announced today from the Inflation Reduction Act, the Connecticut Green Bank will enable communities across the region to stand up more climate resilient infrastructure and projects that reduce greenhouse emissions.
Congresswoman Rosa DeLauro (CT-03) said, “This award to the Connecticut Green Bank, the nation’s first green bank, will accelerate investments in the clean economy, reduce emissions and improve the quality of life for all Americans. The intent of the Greenhouse Gas Reduction Fund was to ensure that entities like the Connecticut Green Bank can spread the benefits of the Inflation Reduction Act to underserved communities. Investments like the one today empower clean technology projects to create good-paying jobs and lower energy costs for American families, especially in low-income and disadvantaged communities, while cutting harmful pollution to protect people’s health and tackle the climate crisis.”
Congressman Jim Himes (CT-04) said, “The Connecticut Green Bank is an invaluable asset in the national effort to curb the effects of climate change and a key driver of our state’s transition to a clean energy economy. I’m thrilled to see $5 billion from the Inflation Reduction Act’s Greenhouse Gas Reduction Fund go to organizations like the Connecticut Green Bank to facilitate public-private investments in green infrastructure across the country. This award will help make our communities more resilient against extreme weather events, slash energy costs for residents, and limit our greenhouse gas emissions so that future generations may inherit a livable, vibrant planet.”
Congresswoman Jahana Hayes (CT-05) said, “Once again, Inflation Reduction Act funding will be coming back to our state through the Connecticut Green Bank. This legislation has a tremendous impact on Connecticut as we look to combat climate change, reduce carbon emissions and deploy clean energy infrastructure. I look forward to continuing the work to deliver wins for our state.”
Lonnie Reed, chair of the Board of Directors of the Connecticut Green Bank, said, “Over a decade ago, with support from the Coalition for Green Capital, we passed nearly unanimous bipartisan legislation establishing the nation’s first state-level green bank. Through the steadfast determination of our board and staff, with the support of Governor Lamont, Connecticut General Assembly, and Connecticut Congressional delegation, we have demonstrated in Connecticut how to deploy resources to attract and mobilize private investment that is creating jobs in our communities, reducing energy burden on our families and businesses, and confronting climate change, especially in our vulnerable communities.”
Bryan Garcia, president and CEO of the Connecticut Green Bank, said, “We know the economywide benefits of mobilizing investment in clean energy and environmental infrastructure projects can have a profound impact on families and businesses, especially those in vulnerable communities. Working with the Coalition for Green Capital, the Green Bank is ready to go to further mobilize private investment to achieve the EPA’s objectives of the National Clean Investment Fund.”
For more information on the Connecticut Green Bank, visit ctgreenbank.com.
