September 30, 2024

Finance New Orleans Joins Groundbreaking New Partnership to Accelerate Clean Energy Investment Nationwide

NEW ORLEANS – Finance New Orleans and forty of the nation’s leading green banks, collectively responsible for more than $10 billion in new investments last year alone, announced on Monday the formation of U.S. Green Bank 50 (GB 50), a historic partnership between clean energy-focused public and non-profit financial institutions. 

“Becoming a founding member of the U.S. Green Bank 50 is a momentous achievement for Finance New Orleans, and it exemplifies our dedication to making a lasting impact in the communities we serve,” said Damon Burns, CEO of Finance New Orleans. “This partnership allows us to not only advance clean energy investments but also amplify our broader mission—ensuring that every New Orleanian, especially those in underserved areas, can access the financial resources needed to improve their quality of life. By aligning with other green banks across the nation, we’re not just financing projects, we’re building a more sustainable and equitable future for our city. This collaboration marks a turning point in how we mobilize transformative investments that create jobs, foster wealth, and strengthen the resilience of New Orleans.” Burns added.

U.S. Green Bank 50 will act as a hub for community-focused green banks working locally, regionally, or nationally to build and share best practices, coordinate and leverage resources, and support the collective needs of the rapidly growing green banking industry, which received sizable investment from the landmark Inflation Reduction Act. In doing so, the new organization will accelerate the growth of the U.S. green banking industry, speed up investment in clean energy and inclusive climate solutions nationwide, and further increase clean energy investments in lower-income and historically underserved and marginalized communities. 

This announcement comes at an inflection point for climate action, thanks to the generational investments in the U.S. clean energy economy in recent years. On the heels of the Inflation Reduction Act infusing $27 billion into public and non-profit green lending institutions, state and local green banks are set to play a pivotal role in creating historic numbers of clean energy and manufacturing jobs while driving new opportunities for American communities. U.S. Green Bank 50 members plan to work collaboratively with the coalitions receiving the $27 billion of grants from the Inflation Reduction Act to advance clean energy, climate, and justice goals nationwide.

Green banks have emerged as a key bridge to help communities otherwise unable to secure capital from traditional financial institutions to invest in clean energy projects, with a particular focus on low-income and disadvantaged communities too often left behind in the clean energy transition. 

Since the passage of the Inflation Reduction Act, the number of state and local green banks has surged to nearly 50 across the nation, serving almost every state plus Puerto Rico. By organizing collectively to seize these opportunities, U.S. Green Bank 50 will support the expansion of green banking into even more communities so benefits reach more American households, small businesses and local organizations, particularly those with historically limited access to clean energy financing.

Examples of projects financed by Finance New Orleans include St. Bernard Circle Apartments, H3C Apartments, Tivoli Place, Grove Place, and St. Claude Gardens. The affordable housing units are designed with sustainability and resilience in mind, featuring Fortified Gold Standards, solar arrays, Energy Star appliances, LED lighting, and water-saving fixtures. Finance New Orleans and its partner, Elemental Excelerator, recently launched the Resilient New Orleans Innovation Challenge. The selected companies will pilot their green technology solutions in single-family home construction projects across various neighborhoods, beginning with Gentilly and Central City.

Finance New Orleans is committed to improving the quality of life in New Orleans by directly investing in the creation of affordable housing and economic development projects that produce quality jobs and wealth for residents.