Colorado is working to become a world leader in clean energy storage. The Colorado Energy Office (CEO) is supporting a “green bank” that will use private dollars to spur investment in clean-energy projects.
The nonprofit Colorado Clean Energy Fund will draw on the success of institutions in other states such as New York Green Bank and Connecticut Green Bank. Green banks use mission-driven financing to invest in community solar and energy efficiency. American green banks have collectively raised more than $2 billion in clean energy investment to date.
With formation and operations support from the Coalition for Green Capital, the Colorado Clean Energy Fund will work with market participants to help mobilize capital and accelerate clean energy project development. The fund will look to raise capital from a diverse set of investors, including philanthropists. The fund will work alongside the New York Green Bank to create an efficient, scalable and replicable financing opportunity and utilize it to advance sustainable infrastructure across Colorado.
“Our goal in Colorado is to make sure we have the cleanest air and water possible,” state Governor John Hickenlooper said in a statement. “Access to financing capital for clean energy projects will make our state an even bigger draw for businesses looking to move and invest here.”
The Colorado Clean Energy Fund builds on CEO’s current work to identify financing gaps in the energy sector and create market-responsive products to address them. CEO’s network of partnerships will help the fund increase investment throughout Colorado to reduce emissions, improve energy security, create energy-related jobs and economic growth.
The movement in Colorado has created close to 58,000 clean energy jobs in the state’s 64 counties. Other states are following Colorado’s lead in acting to promote a better environmental situation for the Unites States.
The hope for supporting a green bank to create the changes envisioned in the Colorado Climate Plan – reducing statewide greenhouse gas emissions by more than 26 percent from 2005 levels by 2025 and maximizing the use of renewable energy without burdening taxpayers, according to the Denver Post.
The climate plan states that the state of Colorado will, “Work strategically with any interested utility or electric cooperative on a voluntary basis to maximize use of renewable energy without increasing costs to taxpayers.”
This program helps make funding available to Colorado’s clean energy entrepreneurs and businesses who are changing the state in ways that are good for Colorado’s economy and environment.
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