D.C. Mayor Muriel Bowser signed the District of Columbia Green Finance Authority Establishment Act of 2018 into law this week, officially making the city the first in the country to establish the innovative “green bank” policy.
The police seeks to expand renewable energy, lower energy costs, reduce greenhouse gas emissions and create green jobs.
Green banks are capitalized with public funds which are then used to offer loans, leases, credit enhancements and other financing services to close funding gaps for clean energy projects, according to the mayor’s office.
By creating a green bank, DC will be able to accelerate the deployment of clean energy technology by removing upfront costs, leveraging private investment, and increasing the efficiency of public dollars, the office said in a statement Tuesday as Bowser signed the legislation.