The Green Bank, which the DC Council voted to establish in July, will provide public money in the form of loans, leases and other mechanisms to help fund green projects that expand renewable energy, reduce energy costs and GHG emissions, and create green jobs. The Green Bank will initially be funded at $7 million a year for five years, with that money generated from the city’s renewable energy development fund, which was created for utilities and energy suppliers to pay into in the form of alternative compliance payments if they do not meet carbon emissions goals in DC. It is the latest in a series of green initiatives for DC under its Green Energy Plan as it looks to reduce energy consumption by 50%, increase renewable energy to make up 50% of its energy supply and decrease carbon emissions by 50%.
