WASHINGTON – Nearly forty of the nation’s leading green banks, collectively responsible for more than $10 billion in new investments last year alone, announced on Monday the formation of U.S. Green Bank 50 (GB 50), a historic partnership between clean energy-focused public and nonprofit financial institutions. The announcement occurred during Climate Week NYC, highlighting green banks’ critical role in advancing clean energy and addressing the climate crisis.

Green banks are banking institutions that use public and private funding to incentivize the transition to clean energy. The banks are initially funded with public dollars and then use the proceeds from their investments or other private dollars to fund more environmental-related projects. For example, a green bank might loan money to a company that's installing solar rooftops or to a homeowner that wants to buy a heat pump. Green banks are either government-owned or semi-public.