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Learn about Connecticut Green Bank, including Featured News, The Team, and Green Liberty Bond Inspiration.
The Connecticut Green Bank is the nation’s first green bank.* Established by the Connecticut General Assembly on July 1, 2011 as a part of Public Act 11-80, Connecticut Green Bank supports the Governor’s and Legislature’s energy strategy to achieve cleaner, affordable, and reliable sources of energy while creating jobs and supporting local economic development. The Connecticut Green Bank evolved from the Connecticut Clean Energy Fund (CCEF) and the Clean Energy Finance and Investment Authority (CEFIA), which was given a broader mandate in 2011 to become the Connecticut Green Bank.
Our mission is to confront climate change and provide all of society a healthier and more prosperous future by increasing and accelerating the flow of private capital into markets that energize the green economy.
Our green bank model upended the government subsidy-driven approach to clean energy by working with private-sector investors to create low-cost, long-term sustainable financing to maximize the use of public funds. We continue to innovate, educate and activate to accelerate the growth of green energy measures in the residential (single and multifamily), commercial, industrial, institutional and infrastructure sectors.
The model works. We are deploying more clean energy more quickly and efficiently than ever. Since its inception, the Connecticut Green Bank and its private investment partners have deployed over a $1.6 billion in capital for clean energy projects across the state. Projects recorded through FY 2019 show that for every $1 of public funds committed by the Green Bank that an additional $6 in private investment occurred in the economy.
Green Bank employees are not investment professionals and are strictly prohibited under Federal law and rules and regulations of the Securities and Exchange Commission from engaging in or advising on any purchases of securities, including Green Liberty Bonds. Any calls to the Green Bank for assistance with purchasing Green Liberty Bonds will be directed to our lead underwriters.
Successfully proving the impact of the Green Bank model for a decade, recent scope expansion led by Governor Lamont approved through bipartisan legislative action
Hartford, CT (July 7, 2021) – The Connecticut Green Bank is marking ten years of its model successfully enabling progress towards its goal of confronting climate change by mobilizing private investment into the state’s green economy. The Green Bank’s model demonstrates how the smart investment of public funds can mobilize more private investment in the state’s economy. Over the last decade, the Green Bank and its partners have deployed nearly $2.3 billion in capital for clean energy projects across the state. Projects recorded through FY 2020 show that for every $1 of public funds committed by the Green Bank that nearly an additional $8 in private investment occurred in the economy. As a result, Green Bank supported projects have created thousands of jobs in our communities, reduced the energy burden on thousands of families and businesses, avoided millions of tons of greenhouse gas emissions, and facilitated rapid growth in the deployment of clean energy.
Established on July 1, 2011, by Governor Dannel Malloy and the General Assembly, the Connecticut Green Bank was the first of its kind in the United States. While the landscape of the green economy has changed significantly, Connecticut continues to serve as the model for other green banks, as well as proposals on the national level.
“As we mark our 10th anniversary, we are motivated by the leadership and commitment from Governor Lamont and the continued support of the Legislature, demonstrated by the recent expansion of our mission,” said Bryan Garcia, President and CEO of the Connecticut Green Bank. “This is an endorsement of the green bank model, which has successfully invested public resources to mobilize multiples of private capital investment into our green economy over the last decade. Since a similar need exists regarding private investment into modernizing Connecticut’s environmental infrastructure, we look forward to taking on this new role.”
Some recent Connecticut Green Bank program highlights include:
For more information on Connecticut Green Bank’s programs visit website at www.ctgreenbank.com.
The Connecticut Green Bank proudly announces the July webinars in their 2021 “Promoting the Renewable Energy of Community” webinar series.
On Thursday, July 8, at 12 pm, the session will be “Energy Affordability: Obstacles & Solutions.” Energy affordability is a pressing issue, consistently affecting household budgets in Connecticut and the region. Join experts in breaking down programs and resources addressing high residential energy costs, obstacles that customers face in accessing solutions, and efforts to improve outcomes in Connecticut, including through empowerment initiatives in disadvantaged communities.
On Thursday, July 22, at 12 pm, join the Green Bank and special guests for a webinar titled “History of Environmental Justice in America and the Frontlines of Climate Justice Today in Connecticut.” Keynote remarks will be presented by Deeohn Ferris, President of the Institute for Sustainable Communities, on the history of Executive Order 12898 “Federal Actions to Address Environmental Justice in Minority Populations and Low-Income Populations” signed by President Clinton on February 11, 1994.
To register for these sessions or access recordings of previous sessions visit https://www.ctgreenbank.com/2021webinarseries/.
Connecticut Green Bank’s lower-dollar denomination bond received strong support from individual buyers in Connecticut and across the country as well as from institutional buyers
Hartford, CT (April 23, 2021) – In celebration of the 51st Earth Day, the Connecticut Green Bank issued its second Green Liberty Bonds to retail and institutional investors, and sold out of nearly $25 million in bonds over two days. This builds upon a successful, award-winning 2020 issuance which sold nearly $17 million of bonds last July. With nearly $100 million in orders, demand this year was again greater than the supply of bonds could satisfy, showing the high-level of interest in supporting investment to confront climate change in Connecticut.
Retail investors were given priority during a one-day retail order period on Wednesday, April 21. Total retail orders received during this order period surpassed $20 million. With first priority given to Connecticut citizen investors, their orders for nearly $12 million of bonds were filled before approximately $9 million from national orders. Institutional orders topped $77 million.
“The demand for the Earth Day 2021 issuance of the Green Liberty Bonds was so strong, that we had nearly four times as much demand as we had available. We saw incredible demand from retail investors in Connecticut and across the country, and enthusiastic institutional investors seeking to invest in confronting climate change in Connecticut,” said Bryan Garcia, President and CEO of the Green Bank.
Individuals accounted for 57% of the retail orders with the balance from professionally managed retail accounts such as private wealth managers and bank trusts.
Institutional investors were able to place orders on April 22, and there was strong interest from a variety of traditional municipal investors and Environmental, Social, and Governance (ESG) investors attracted by the issuance’s strong climate bonds certification standards. The overall interest cost dropped to 2.42% from the 2.61% achieved for the inaugural bonds issued last July, notwithstanding a significant rise in longer term interest rates.
“In two years, the Green Bank has issued more than $80 million in verified climate bonds to support residential solar PV and energy efficiency in Connecticut. The overwhelming response by investors to our latest bond offering as well as the pricing achieved signifies broad acceptance of the Connecticut Green Bank as an issuer,” noted Bert Hunter, the Green Bank’s Chief Investment Officer.
The use of proceeds from this issuance supports incentives for nearly 7,000 households and 60 megawatts of residential solar photovoltaic systems, totaling nearly $220 million of investment in projects in 165 cities and towns across the state, which created over 2,100 jobs.
The Green Liberty Bonds were created in honor of the 50th anniversary of Earth Day – a type of green bond whose proceeds are used to invest in projects that confront climate change in Connecticut. Modelled after the Series-E War Bonds of the 1940s, the bonds must be able to be purchased by everyday citizens through lower-dollar denominations (no more than $1,000), enabling them to invest in green projects in their community and to save for the planet.
To offer the Green Liberty Bonds, the Green Bank worked with Stifel, Nicolaus & Company, Inc. as lead underwriter, Ramirez & Co., Inc. as co-underwriter, Shipman & Goodwin LLP as bond counsel, Lamont Financial Services Corporation as financial advisor, and Bank of New York Mellon Trust Company, N.A. as trustee. The Green Liberty Bonds, state supported using a special capital reserve fund, received an A rating from Standard and Poor’s. They were labeled as “Certified Climate Bonds” by the Climate Bonds Initiative, and compliance of the bond’s issuance with the Climate Bonds Standards was verified by Kestrel Verifiers. Support from the staffs of the Office of the State Treasurer and of the Office of Policy and Management was also instrumental.
“The Green Liberty Bonds were a huge success with the investor community. Investors liked the credit and were also attracted by the opportunity to invest in Certified Climate Bonds,” said Eric McKean, Managing Director of Stifel.
Encouraged by these first two issuances, the Green Bank anticipates offering Green Liberty Bonds annually around Earth Day. To stay informed about future issuances, please sign up for notifications at www.greenlibertybonds.com.
About the Connecticut Green Bank
The Connecticut Green Bank was established by the Connecticut General Assembly in 2011 as the nation’s first green bank. The Green Bank’s mission is to confront climate change and provide all of society a healthier, more prosperous future by increasing and accelerating the flow of private capital into markets that energize the green economy. This is accomplished by leveraging limited public resources to scale-up and mobilize private capital investment into Connecticut. In 2017, the Connecticut Green Bank received the Innovations in American Government Award from the Harvard Kennedy School Ash Center for Democratic Governance and innovation for their “Sparking the Green Bank Movement” entry. For more information about the Connecticut Green Bank, please visit www.ctgreenbank.com
This press release does not constitute a recommendation or an offer or solicitation for the purchase or sale of any security or other financial instrument, including Green Liberty Bonds, or to adopt any investment strategy. Any offer or solicitation with respect to Green Liberty Bonds will be made solely by means of the Preliminary Official Statement and Official Statement, which will describe the actual terms and conditions of the Green Liberty Bonds. The information provided is subject in all respects to the information presented in the complete Preliminary Official Statement prepared in connection with Green Liberty Bonds. Any investment decisions regarding any of the Green Liberty Bonds should only be made after a careful review of the complete Preliminary Official Statement.
World War II and the War Bonds
The history of War Bonds in the United States and Connecticut is incredible! From May 1, 1941, when President Franklin D. Roosevelt purchased the first one through 1945, over $185 billion was raised through the sale of War Bonds – the equivalent of $2.7 trillion today. More than 85 million Americans, over half of the country’s population, purchased $20 billion of Series-E War Bonds at denominations as low as $25 and high as $1,000 – or between $435 to $17,500 today, respectively. Even more, Americans promoted the purchase of War Bonds to defend our country and support Democracy around the world. This was an inclusive, all-hands-on-deck effort across every race, every sex, and every age.
Connecticut was among the leading states with the greatest amount of War Bond sales during this period, and First Lady Eleanor Roosevelt made a special visit on March 22, 1943, to promote sales alongside the Girl Scouts in Hartford, Connecticut at the Bushnell Theater.
Funding Another Noble Cause
On April 17, 2009, in New Haven, Connecticut, James Cameron addressed a crowded auditorium of students and faculty at the Yale Center for Business and the Environment. There, the former Chairman of Climate Change Capital introduced the concept of an environment bond inspired by the War Bonds of the 1940s. As War Bonds provided Americans with a means of defending liberty, patriotism, and democracy in World War II, Cameron felt environment bonds had the potential for capitalism to unlock idealism to confront climate change. “There is something powerful in the idea that, ‘My money built that and it works and I use it.’ Building things for a purpose that binds investors, worker, user – and society – is a noble cause.” 
Connecticut’s Leadership in Democracy and Innovation
Connecticut has a rich history when it comes to Democracy, clean energy, and climate change. Known as the “Constitution State,” it was the Fundamental Orders of 1639 from Windsor, Wethersfield and Hartford that was the world’s first written constitution for a self-governing people and seen as the prototype of our U.S. Constitution which was adopted over 150 years later. Entrepreneurs were active with innovative technologies. Daniel Halladay created and manufactured wind turbines in the 1850s and Colonel Albert Pope was working on electric vehicle technologies in the 1900s. The first Presidential motorcade and certainly the first (and quite possibly the only) in an electric vehicle, happened with Theodore Roosevelt in downtown Hartford on August 22, 1902. It was in Westbrook, Connecticut on August 27, 2001, where Resolution 26-4 “Resolution Concerning Energy and Environment” was signed by the New England Governors and Eastern Canadian Premiers establishing the first regional climate change action plan in the United States, in collaboration with Canada. Alexis de Tocqueville recognized the importance of civic engagement in American democracy and the role of states like Connecticut.
“The civilization of New England has been like a beacon lit upon a hill, which, after it has diffused its warmth around, tinges the distant horizon with its glow.”
As the nation’s first “Green Bank,” the Connecticut Green Bank was created by a bipartisan act of legislation in July of 2011. With the mission to “confront climate change and provide all of society a healthier and more prosperous future by increasing and accelerating the flow of private capital into markets that energize the green economy,” the Connecticut Green Bank was awarded the prestigious Innovations in American Government Awards from the Ash Center at the Kennedy School of Government at Harvard University in 2017 for “Sparking the Green Bank Movement”. There are green banks now at the city, county, and state levels across the country, national policy proposals for a U.S. Green Bank  and U.S. Climate Bank,  and green banks being created in developed and developing countries around the world.
Vision to Confront an Another Existential Crisis
James Cameron had a vision of environment bonds over a decade ago – whereby “Governments would collect money from investors who would benefit from guaranteed – but modest – rates of return…the bonds could tap a vein of renewed idealism among investors who are seeking to use the financial system for good causes.” In 2018, the “Green Bond” market saw $170 billion issued with 40% of the proceeds being invested in clean energy projects, and as noted by Forbes, are seen as an important mechanism to solve climate change.  What if, like Series-E War Bonds, governments across this country – municipal, state, and federal governments – were to issue third-party climate-certified  Green Bonds that individuals and families could invest in to confront climate change?
It is only befitting, that as we approach the 50th anniversary of Earth Day – April 22, 2020 – that having been inspired by history, recognizing that environmentalism and humanitarianism are better together, that the Connecticut Green Bank gives rise to the first Green Liberty Bonds available to families in Connecticut and Americans across our great nation.
 “From War Bonds to Environment Bonds” by James Kanter in the Green: Energy, the Environment and the Bottom Line of the New York Times (April 20, 2009).
 S. 1528 and H.R. 3423 proposed by Senators Murphy and Blumenthal and Representative Himes of Connecticut
 S. 2057 and H.R. 5416 proposed by Senator Markey of Massachusetts and Representative Dingell of Michigan
 “Green Bonds Can Solve Our Climate Crisis” by Miriam Tuerk in Forbes (August 28, 2019)
 For example, Climate Bond Initiative, Green Bond Principles, etc.