(By Yinong Sun) How can green banks collaborate internationally to scale up private financing to meet the challenge of climate change? A new international organization, the Green Bank Network, hopes to lead the way.
During the Paris climate conference, six green banks and two nonprofit organizations jointly announced the opening of the network on Dec. 7. The network will accelerate clean energy installations and mobilize private investments worldwide.
According to Jeffrey Schub, executive director of Coalition for Green Capital (CGC), three main objectives of the network are to share information and know-how among green banks, to help create more green banks and to leverage more private capital.
“The goal of the network is to get more capital and investments into clean energy,” Schub said.
The six participating green banks are Connecticut Green Bank, Japan’s Green Fund, Malaysian Green Technology Corporation, UK Green Investment Bank, NY Green Bank and Australia’s Clean Energy Finance Corporation.