Two new financial institutions from Brazil and Washington, D.C., today joined a growing green financing movement that uses relatively small pools of public funds to attract substantially larger private funds to invest in renewable energy, energy efficiency and other low-carbon technologies and projects aiding the shift from fossil fuels to a climate-friendly future.
The two new members—Minas Gerais Development Bank (BDMG) of Brazil, a state-level development bank, and the D.C. Green Bank of the United States, a city-level green bank created to support a thriving, sustainable capital city for all—joined the Green Bank Network at an official side event held during the COP26 global climate talks in Glasgow.
The event titled, “Banking on Green: The role of green banks and development finance institutions in mobilizing private investments into climate solutions,” was organized by Green Bank Network, Green Bank Development Platform, Inter-American Development Bank, Latin American Association of Development Financing Institutions, Minas Gerais Development Bank and NRDC (Natural Resources Defense Council.)
“We are excited to join this growing group of green banks and a dynamic network that is focused on building a better future for all,” said Eli Hopson, CEO of DC Green Bank of the United States. “We are committed to learning from our colleagues in the network as well as sharing best practices to deliver critical impact at scale. We know that we cannot achieve this impact and transition to a clean energy and resilient future unless we bring everyone with us, and that is why we invest in line with our core values of Sustainability, Inclusive Prosperity, and Clean Economy. We are looking forward to working with the Green Bank Network to build a future where all investment becomes green investment.”