Author: Gary Decker

“Grandma Dynamite” has been contributing to her Washington community for decades. A community project is giving back to her and her neighbors, ensuring their homes are comfortable and energy efficient. Learn more about this community and the Affordable Housing Retrofit Accelerator program that is helping affordable housing buildings reach the District’s Building Energy Performance Standards, reduce energy use, save money, and secure a healthy and clean future for all residents.

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By Tristan Navera, Washington Business Journal

D.C. Green Bank’s inaugural chief is exiting as the financial organization prepares to emerge from its “startup” phase and take advantage of federal resources now available to support sustainable construction.

Eli Hopson, founding CEO of the 2.5-year-old program, is leaving to become chief operating officer and executive director of the Coalition for Green Capital, a nonprofit that will soon apply with the Environmental Protection Agency to became the nation’s first green bank. Friday was his last day on the job.

D.C. Green Bank CFO Jean Nelson-Houpert has been named interim leader in Hopson’s place. The board hasn’t disclosed a process for naming a permanent CEO but said one is ongoing.The institution was established by the District in 2018 to provide financing mechanisms for sustainable building upgrades.

Under Hopson’s tenure, the D.C. program grew from $2 million in loan commitments in its first year to a projected $30 million in its third. That’s meant ever-bigger financing deals, like a $7 million loan to PosiGen to provide solar energy at no cost to 350 low- and moderate-income D.C. households.

“I’ve been proud of what we accomplished, the progression of learning while dealing with this volume of loans,” Hopson said in an interview. “It’s been extraordinarily fast given the complications.”

(Washington, D.C.) DC Green Bank announced today the departure of the bank’s inaugural Chief Executive Officer, Eli Hopson, and an orderly transition to interim-CEO Jean Nelson-Houpert, the bank’s current Chief Financial Officer. Mr. Hopson leaves DC Green Bank after 2.5 years of committed service, growing the institution’s investment portfolio from approximately $2 million in loan commitments in his first fiscal year to nearly $30 million in his third fiscal year in charge. He is leaving his post as DCGB CEO to join the Coalition for Green Capital as its Chief Operating Officer and Executive Director, supporting the non-profit financial institution’s planned application to the Environmental Protection Agency to serve as the United States’ first national green bank to finance green projects and initiatives across the country.

During Mr. Hopson’s tenure, DC Green Bank saw incredible growth, not only in terms of the size of its investments, but also in capacity and stakeholder relationships. Beginning as its first employee in April 2020 in the early days of the COVID-19 pandemic, he oversaw the hiring of the bank’s Leadership Team and closed the bank’s first loan, well ahead of most green banks’ initial investment timetables. As of his departure the bank is positioned to take the next step in its maturation process while marshaling the tremendous amount of resources set to come into the District following the passage of the federal Infrastructure Investment and Jobs Act in 2021 and the Inflation Reduction Act in 2022.

“It has been the pleasure of my career to lead DC Green Bank from its very first days of operation and to serve the residents of the District,” said Hopson. “I want to thank the Board of Directors and our outstanding staff for their trust in my leadership and for supporting me throughout my tenure. We have achieved an incredible amount in our nearly three years together, and I aim to ensure that the new national green bank builds on the outstanding work we did together right here in DC. It is bittersweet as my time with the bank comes to an end; however, I know that the future of the institution is in fantastic hands and that the District will continue to be a national leader that everyone will look to for inspiration.”

“We greatly appreciate Eli’s thoughtful service to the District and DCGB as our inaugural CEO. This pioneering venture is a proven model of partnership to ensure that the future of our city is cleaner, greener, and more inclusive with real investments in climate mitigation. The Board wishes Eli every success in his next role to ensure that this country demonstrates strong climate leadership from coast to coast,” said Chair of the DC Green Bank Board of Directors, Brandi Colander. “It is indeed a testament to the success of the green bank model to see it elevated at the national level, we are grateful that our own leadership, from the nation’s capital will continue to shape that work. As we make this transition, we are fortunate to have a proven leader in Ms. Nelson-Houpert that can step into the role of interim-CEO. Ms. Nelson-Houpert has demonstrated a solid handle of the DCGB mission, is a seasoned professional and financial institution veteran prepared to lead. We thank her tremendously for her service.”

Ms. Nelson-Houpert joined the DC Green Bank staff in September 2020 as part of the Leadership Team and quickly provided project finance deal due diligence and implemented strong financial and accounting policies to ensure the institution could fulfill its mission in line with its core values.

“I want to express my gratitude to the Board for their confidence in me to step into the interim-CEO role and I want to voice my sincere congratulations to Eli on his important new opportunity,” said Ms. Nelson-Houpert. “Working with Eli over these last years to establish and grow the bank to where we are today has been an amazing experience. I look forward to continuing the hard work to fulfill our mission, partnering closely with the Board, city leadership, our wonderful staff, and the communities we serve to support the transition to a cleaner DC.”

Mr. Hopson’s last day with the bank will be October 14^th. Ms. Nelson-Houpert’s interim-CEO leadership is effective immediately. The DC Green Bank Board of Directors will continue to support the smooth transition of leadership and oversight of governance duties.

NEW YORK — NRDC Release – The new Inflation Reduction Act is poised to make major investments across the country and in disadvantaged communities to more equitably spur development of green technologies that reduce or avoid climate pollution, according to participants at a Climate Week green bank event today in New York City, featuring keynote addresses from Rep. Debbie Dingell of Michigan and Sen. Edward Markey of Massachusetts, sponsors of legislation creating a national climate bank.

“The new climate bill can be a real game changer for the U.S. on investing in clean energy, climate action and equity, if implemented the right way,” said Sarah Dougherty, director of the Green Finance Center at NRDC (Natural Resources Defense Council.) “Green Banks have a proven track record globally stimulating new private investment and starting new, self-sustaining markets for deploying climate solutions, including in low-income and marginalized communities. And they can play a key role in the U.S. addressing the climate crisis and building resilient communities.”

The new law contains $27 billion for a Greenhouse Gas Reduction Fund that can be used by cities, states, or Tribal Governments, new or existing green banks, as well as other long-standing institutions like Community Development Financial Institutions and credit unions, to cut climate pollution, clean up the air and drive clean energy, with more than half of the funding explicitly directed to low-income and disadvantaged communities.

Green banks include stand-alone institutions and existing public development banks that are transformed with strong climate mandates and additional climate finance capacities. They can play a key role in advancing country priorities on climate and sustainable development goals.

The Greenhouse Gas Reduction Fund demonstrates the U.S. is serious about investing in clean energy, efficient buildings, and resilient infrastructure in disadvantaged communities, so businesses, families and individuals will benefit from cleaner air, better housing and infrastructure.

Around the world, green banks are a proven model. By sharing investment risks, building local capacity, and transforming markets, green banks help cities, states, and countries scale up climate action, ambition, and move closer to achieving climate targets under the international Paris Agreement on climate change.

Through mid-2021, Green Bank Network members globally invested $54.4 billion to support renewable energy, energy efficiency and other projects valued at $134.7 billion. Together, these green bank-supported projects are estimated to have avoided 48.03 million metric tons of carbon pollution, equivalent to taking 22.4 million cars off the road.

“We have an incredible opportunity to demonstrate the transformational impact that green finance can deliver through a partnership between a national green bank, state and local green banks, and community financial institutions, said Eli Hopson, CEO, DC Green Bank. “In our communities right here in DC, we are already seeing the benefits of green jobs, clean energy, and equitable development. This new economic paradigm will create a powerful enabling environment to ensure that the future is clean and green and that no communities are left behind.”

Read the Full Release Here