Our History
Aligning public purpose with private capital to finance clean energy and infrastructure projects at scale.
The Origin Story of the National Green Bank
The concept of a national green bank was conceived by Reed Hundt and Ken Berlin during their work on the Obama-Biden Transition Team. At the time, the clean energy sector was still emerging, the private sector viewed smaller-scale projects as too risky, and public institutions lacked the capacity to fund them at scale.
Drawing on Reed’s experience leading the digital revolution as Federal Communications Commissions Chairman, he recognized a transformative opportunity with clean energy. Amid the Great Recession, he developed a theory of change to spur economic recovery while reducing emissions through large-scale investment. With Ken Berlin, he then crafted a market-based approach rooted in public-private partnerships to expand market access, finance clean energy, create jobs, and accelerate the nation’s shift to a low-carbon economy.
This vision materialized legislatively in 2009, when Hundt and Berlin helped craft the Green Bank Act, introduced by then Representative Chris Van Hollen of Maryland and included in the American Clean Energy and Security Act (ACES). The bill sought to establish a national green bank and was one of the few elements of President Obama’s climate agenda to earn bipartisan support.
When ACES stalled in the Senate, preventing the creation of a federal green bank, Hundt and Berlin pivoted their strategy, leading to the founding of CGC. This pivot would prove the model’s success through establishing and supporting state and local green banks, paving the way for a future national green bank.
Born from Demand: Building the Movement
When federal efforts to establish a national green bank fell short, Reed Hundt and Ken Berlin shifted their focus to supporting the creation of state and local green banks across the country. Over the next three years, five new institutions launched in Connecticut, Michigan, Florida, and New York, each funded with public capital. Demonstrating the model’s effectiveness and its ability to attract private investment, Hundt and Berlin formally established CGC as a nonprofit in 2012 to expand this movement nationwide.
Proving the Power of the Green Bank Model
Over the next decade, CGC guided the green bank movement by helping launch or supporting over 40 institutions across the U.S. Between 2011-2023, these green banks mobilized more than $25 billion—proving that public-private partnerships can transform markets, accelerate clean energy, and deliver investment to the communities that need it most.
Building on these examples, CGC provided technical assistance, policy guidance, and strategic support to help new green banks launch and grow across the country. By 2019, half of all U.S. states either had an operating green bank, were developing one, or had taken concrete steps toward creating one.
Building a National Network to Scale Clean Investment
To build statewide demand for a national green bank, CGC created the American Green Bank Consortium—
a collaboration of green banks, CDFIs, credit unions, community banks, and private investors working together
to share expertise, coordinate investment, and expand the capital and technical capacity needed to scale
clean energy deployment nationwide.
CGC’s success in creating green banks across the country-built momentum among state leaders and inspired Congress to reintroduce national green bank legislation multiple times. Although early efforts did not advance, champions including then-Congressmen Chris Van Hollen and Ed Markey—joined over time by Congresswoman Debbie Dingell, Congressman Don Young, Congressman Brian Fitzpatrick, and others—continued to push the idea forward. Their persistence ultimately culminated in the Inflation Reduction Act of 2022, which created the $27 billion Greenhouse Gas Reduction Fund (GGRF) to be administered by the U.S. Environmental Protection Agency (EPA).
By 2023, CGC had built a robust network of nearly 40 financing and community organizations, making CGC well-positioned to compete for the funding.
Capitalizing the National Green Bank
Although EPA structured the GGRF as three separate grant competitions, it offered an opportunity to secure seed funding for a national green bank. Building on more than a decade of groundwork, CGC submitted four applications on October 12, 2023, seeking $11.9 billion to establish the first national green bank in the U.S. and build a national green bank network.
After a rigorous multi-year process, EPA announced its GGRF awardees in April 2024. CGC was named one of three NCIF awardees and one of 60 Solar for All awardees. While not selected for CCIA funding, CGC received $5.1 billion in total—$5 billion from NCIF to capitalize a national green bank and build a nationwide network of lenders, and $125 million from Solar for All to expand solar access in North and South Dakota.
Inside CGC’s GGRF application
$10 billion from National Clean Investment Fund (NCIF): To capitalize a national green bank and coordinate public-private clean energy investment nationwide.
$1.7 billion from Clean Communities Investment Accelerator (CCIA):To build a national network of 150 self-sustaining Targeted Community Lenders serving underserved communities.
$125 million from Solar for All (SFA): To establish green banks in North Dakota and South Dakota and expand access to affordable solar.
The Next Five Years
CGC now enters a new chapter—building on its legacy of responsibly stewarding public funds to unlock billions in private capital to meet America’s growing demand for energy and infrastructure.
We have built the infrastructure to invest in clean energy, water, and resilient infrastructure projects nationwide. Through our national investment portfolio, collaboration with the private sector, and a network of state and local partners, we combine the power of scale with local expertise to deliver impact by, for, and with communities.
Over the next five years, our strategy will attract large-scale private investment, expand access in underserved markets, and finance billions in affordable clean energy, water, and infrastructure projects that strengthen communities, protect the environment, and power the next economy.
