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June 4, 2024

Finance New Orleans Advances Solutions to Urgent Local Climate and Housing Challenges

NEW ORLEANS – Finance New Orleans is set to unveil future-forward solutions for climate and housing challenges during the Resilient New Orleans Innovation Challenge Showcase, which is scheduled to take place on Tuesday, June 25.

The event will be held from 11 a.m. to 5 p.m. at the New Orleans Jazz Market, located at 1436 Oretha Castle Haley Boulevard.

The one-day event, sponsored by Elemental Excelerator, will highlight New Orleans’ public sector investment into sustainable housing and infrastructure, as designed in the Resilient New Orleans Finance Plan. The plan is a city government framework to coordinate the mobilization of public and private sector capital for projects that are physically transformative, climate resilient and socially impactful. The event will be co-sponsored by Ballard Spahr.

The City of New Orleans and the state of Louisiana are each aiming to reduce emissions to net zero by 2050, in partnership with residents, businesses, community-based organizations, and the federal government.

According to The Data Center, the projected net sea level is expected to rise by 11.6ft. by 2100. This projection impacts some of New Orleans’ most vulnerable population. 45 percent of low-income households are stricken with the burden of energy costs, and 51 percent of renters report cost burdens.

The Resilient New Orleans Innovation Challenge, co-designed by Finance New Orleans and Elemental Excelerator, was developed to uncover innovative technologies capable of reducing the overall cost of building components while enhancing resiliency and affordability for tenants and homeowners alike.

The Challenge showcase will feature presentations from finalists among the climate technology companies, in addition to networking opportunities, and insights from industry experts.

“As we strive to establish a replicable model for well-built, innovative, resilient, and affordable housing, this showcase will spotlight cutting-edge solutions that address key challenges in the climate and housing sector,” Damon Burns, President and CEO of Finance New Orleans said. “We’re reimagining New Orleans with equitable economic opportunities for all, and what better way to engage all of our stakeholders ahead of a hurricane season that seems to be primed with rapid intensification.” Burns added.

Through the challenge, over 34 climate technology companies were identified worldwide with solutions to improve energy efficiency, wind performance, water performance, solar and battery storage and more. Winners will have the opportunity to pilot their technology within homebuilding projects and other muni bond funded projects sponsored by Finance New Orleans and partners.

The pilot technologies will be implemented in single-family home construction projects in various neighborhoods, starting in Gentilly and Central City. The winning solutions are eligible to  receive up to $50,000 in non-dilutive funding from Elemental Excelerator and forge a scalable development path in collaboration with Finance New Orleans.

“We are merging the worlds of climate tech and public finance to accelerate community-driven solutions with greater local impact,” said Mark Chambers, Vice President of Partnerships at Elemental Excelerator. “The Resilient New Orleans Innovation Challenge is an exciting opportunity for Elemental Excelerator to partner more deeply with the city of New Orleans alongside an organization that has a deep rooted history of serving this community.”

Community members, city agencies, housing developers, realtors, investors, commercial banks and climate technology companies are encouraged to attend. Attendees can RSVP here.

Individuals interested in sponsoring this event should contact Stacey Weaver at sweaver@financeauthority.org.

For more information, contact Finance New Orleans at 504-524-5533, or visit financenola.org

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