New Jersey has the U.S.’s fifth-highest solar installed-capacity, but only 5% of the state’s power comes from renewables
Even many Jersey voters might not know that Governor-elect Phil Murphy’s clean-energy platform aims to put the Garden State on a path to 100% clean energy by 2050.
New Jersey has the U.S.’s fifth-highest solar installed-capacity, but only 5% of the state’s power comes from renewables. Murphy’s strategy for renewable energy, energy efficiency and clean transportation calls for private-sector financed economic growth, good jobs and resilience for the future.
A new report from Environmental Defense Fund, produced by the Coalition for Green Capital and Quantified Ventures, says that with limited taxpayer funds, the state should catalyze private investment through dedicated clean energy finance institutions and innovative financial structures.
A “green bank,” modeled on banks in Connecticut and New York, could lever three to four private dollars per public dollar invested.
Green Banks around the world have turned $9 billion in public funding into $29 billion in private investment. Such banks work both supply and demand, pulling in private capital while building a pipeline of investable clean-energy projects.
The report estimates New Jersey’s solar investment opportunity alone at $40 billion. And nearly all of New Jersey’s 300 terawatt-hours of offshore wind potential remains untapped.
How a green bank could finance New Jersey’s clean-energy economy was originally published in ImpactAlpha on Medium, where people are continuing the conversation by highlighting and responding to this story.
This post was originally published on ImpactAlpha.com
Visit the Invest With Values - Resource Directory to access leading investor information, opportunities, organizations, events, groups and tools.