U.S. Launches First National Green Bank with $5 Billion from Inflation Reduction Act for Clean Energy Investments

The first U.S.-based national green bank, None, has opened with over $5 billion in funding from the Inflation Reduction Act (IR). The nonprofit Coalition for Green Capital, which also operates as the American Green Bank Consortium, will use the IRA’s funding for direct and indirect clean energy investments. The bank plans to use this funding to create a self-sustaining nationwide network of state and local green banks. It has already hired 23 employees and has over $10 billion in projects in its pipeline. CGC CEO and co-founder Reed Hundt, a former Federal Communications Commission chair and former chair of CGC, said the EPA funding allowed the bank to build its staff, make investments and create a network of green investors in every state.