The built environment is responsible for around 40 percent of global carbon emissions, and is therefore a major contributor to climate change. Financing the solutions for emissions reduction, such as energy efficiency in heating and cooling, can be challenging, particularly for public housing, schools, and other publicly-owned buildings. Green banks can provide the answer.
This report is a case study of the New York City Energy Efficiency Corporation (NYCEEC), New York’s green bank. NYCEEC was established in 2010 using funding from the American Recovery and Reinvestment Act, which was launched as an economic stimulus package after the financial crisis. Ten years on we are facing a new crisis, the global pandemic, which requires a sensible response both economically and environmentally. This report, written by researchers from Columbia University for HSBC Centre of Sustainable Finance, provides some timely insights into the practicalities of mobilising public and private finance to support social and climate goals.