2017 Winner
Winners:
State of Connecticut
March 30, 2018
Jurisdiction:
Connecticut

The Connecticut Green Bank was established in a bipartisan manner by the Office of the Governor and General Assembly on July 1, 2011 through Public Act 11-80 as a quasi-public agency that supersedes the former Connecticut Clean Energy Fund. As the nation’s first state green bank, the Connecticut Green Bank makes clean energy more accessible and affordable to all citizens and businesses in the state by creating a thriving marketplace that accelerates the growth of green energy. 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 Green Bank facilitates clean energy deployment by leveraging a public-private financing model that uses limited public dollars to attract multiples of private capital investments. By partnering with the private sector, the Green Bank creates solutions that result in long-term, affordable financing to increase the number of green energy projects statewide. The Green Bank is demonstrating how public resources can be better invested in ways that attract more private investment in our communities, lead to deployment of more green energy by local contractors, and most importantly providing positive value to our consumers. The Connecticut Green Bank is leading a movement to use public funds more responsibly. By attracting and deploying more green energy related private investment both its economy and environment benefit. In a September 2014 study done by the Center for America Progress, “Green Growth: A U.S. Program for Controlling Climate Change and Expanding Job Opportunities,” it was estimated that the U.S. requires at least $200 billion to be invested annually in efficient and renewable energy for 20 years to reduce carbon emissions and avert climate disaster. The Coalition for Green Capital estimates that based on Connecticut, its 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 5 years. And like Connecticut, 90 percent of funds would come from private sources with all public contributions returned over 10-20 years.