Finance New Orleans’ long time partners: Coalition for Green Capital, Climate United Fund and Power Forward Communities, have been selected by the U.S. Environmental Protection Agency (EPA) to receive a total of $14 billion from the Greenhouse Gas Reduction Fund’s (GGRF) National Clean Investment Fund (NCIF). This selection comes after the Biden-Harris Administration announced $20 billion in grants to mobilize private capital and deliver clean energy and climate solutions to communities across America.
One of Finance New Orleans’ longest partnerships, Coalition for Green Capital, is a nonprofit organization with almost 15 years of experience helping to establish dozens of state, local, and nonprofit green banks. In addition to Coalition for Green Capital, Climate United Fund and Power Forward Communities will partner with local clean financing institutions that deliver accessible, affordable financing for clean technology projects nationwide, partnering with private-sector investors, developers, community organizations, and others to deploy projects, mobilize private capital at scale, and enable millions of Americans to benefit from the program through energy bill savings, cleaner air, job creation and more.
“We are happy that our partners were selected by the EPA to receive funding to invest in organizations like Finance New Orleans. For years, we’ve been working to ensure that New Orleans receives its fair share of resources to build a more resilient and sustainable community, and this announcement is one of the first major steps in funding the City’s Resilient New Orleans Finance Plan,” said Damon Burns, President and CEO of Finance New Orleans. “This selection is not only a win for our partners, but it’s a win for the entire city of New Orleans to be physically transformed,” Burns added.
Finance New Orleans is currently the only green bank in the State of Louisiana, and has been working in alignment with the City of New Orleans Climate Action Plan and the Resilient New Orleans Finance Plan to reduce greenhouse gas emissions and to reach its goal of net zero by 2050. Finance New Orleans established core service areas focused on financing sustainable housing, green infrastructure, renewable energy, clean transportation, and other projects that advance the sustainability of New Orleans.
Most recently, Finance New Orleans launched the Resilient New Orleans Innovation Challenge— a collaborative initiative to integrate innovative climate technologies into affordable and resilient housing solutions. The Challenge aims to fund the development and retrofit of 13 sites in Gentilly, Pontchartrain Park and Central City neighborhoods, and advance innovation in building materials, building performance, and creative labor solutions, thus reducing the cost of high performing homes. The initial $2M fund, combined with Finance New Orleans’ Green Mortgage Program, will finance resilient homes responsive to local climate, budget and context, incorporating sustainable technology in design, construction and operation. Applications for the challenge went live on Wednesday, March 13, and will remain open until Friday, April 19.
“We are always looking for ways to bring resources to the City of New Orleans, and we understand that we can’t do this work alone. Through our long-term relationship with the awardees, and our sister agencies such as the City of New Orleans, the Orleans Parish School Board and the Regional Transit Authority, we’ve built a pipeline of projects that will enhance the quality of life for residents and business owners, and build community wealth,” said Annie Clark, Chief Programs Officer at Finance New Orleans.
The $20 billion grant awards are segmented under two competitions within the historic $27 billion GGRF, which was created under the Inflation Reduction Act as part of President Biden’s Investing in America agenda. The awards will create a national clean financing network for clean energy and climate solutions across sectors, ensuring communities have access to the capital they need to participate in and benefit from a cleaner, more sustainable economy. By financing tens of thousands of projects, this national clean financing network will mobilize private capital to reduce climate and air pollution while also reducing energy costs, improving public health, and creating good-paying clean energy jobs in communities across the country, especially in low-income and disadvantaged communities.
With this funding, the Biden-Harris Administration has made the largest investment in U.S. history to address the climate crisis and to build a clean energy economy. This is in alignment with Finance New Orleans core mission to provide climate resilient affordable housing, and will accelerate public and private investments to transform the market so clean energy can reach every neighborhood and zip code across the city of New Orleans.
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