BETHESDA, MD, Oct. 12, 2023—Climate United, a collaboration to accelerate an equitable clean energy transition, today announced the submission of its proposal to the U.S. Environmental Protection Agency’s National Clean Investment Fund award competition, part of the Greenhouse Gas Reduction Fund. The proposal emphasizes the deep experience of the partners, their broad coalition of support, and their unique approach to drive decarbonization at scale to benefit Justice40 communities.
The three partner organizations composing Climate United – Calvert Impact, The Community Preservation Corporation (CPC) and Self Help – have a combined 110 years experience deploying and managing more than $30 billion in capital across 50 states, with a focus on creating economic opportunity, sustainable development, and climate solutions in Justice40 communities.
“Our organizations have been investing at the intersection of climate and communities for decades—it’s what we do best,” said Beth Bafford, Vice President of Strategy at Calvert Impact and CEO of Climate United. “This unique federal program represents a once-in-a-lifetime opportunity for all communities - but particularly those most impacted by climate change - to participate in the climate revolution and to show exactly how transformational low-carbon solutions can be. It is imperative that we, as a nation, get this right if we are going to meet our goal to reach net-zero emissions no later than 2050. Climate United has the proven financial, technological, and risk management infrastructure—along with the relationships and experience leveraging public funds with private capital —to catalyze real change that moves markets and demonstrates the true power of the clean energy transition. This means quality jobs, lower energy bills, and cleaner air across America.”
“Climate United is a partnership built on a shared mission and decades of work leveraging our expertise and resources to create more affordable, equitable and sustainable communities across America,” said Sadie McKeown, President, the Community Preservation Corporation. “We see enormous potential to leverage this program to transform the multifamily mortgage markets to decarbonize the existing and to-be-built housing stock, especially in small buildings and affordable housing in low-income and underserved communities. This unprecedented level of federal support provides us with a generational opportunity to deliver resources and solutions that can make significant strides in reducing the impacts of climate change – and we are ready to get to work.”
Climate United has more than 350 implementation, deployment, and community partners - many of whom they have worked closely with in the past on green community solutions - to bolster its ability to drive lasting structural changes in Justice 40 communities across the U.S. and to make inclusion and access central to its work. Partners include local and state-based green banks, credit unions, Minority Depository Institutions (MDIs), Community Development Financial Institutions (CDFIs), environmental justice organizations, labor and workforce organizations, and private capital providers, among others, who will each play a critical role in ensuring that the program meets its three ambitious objectives: reduced greenhouse gas emissions, direct benefits for American families, and market transformation.
"Deep partnerships and experience matter” said Jennifer Pryce, CEO of Calvert Impact. "We can meet the enormous needs of communities because we know how to execute and deliver with a broad network of collaborators who know their communities. That's how we've served 144 million individual clients, created or retained 750,000 jobs, and created or preserved more than 30,000 homes in a single year. All of those numbers add up to lives transformed. And as we are clearly in desperate need of solutions that can scale, Climate United partners have built the foundation upon which we can grow and make a difference."
The $14 billion National Clean Investment Fund, a component of the Greenhouse Gas Reduction Fund (GGRF) passed by Congress in the Inflation Reduction Act (IRA), is being administered by the EPA, and is expected to make two to three awards in March.
“Our role is to design affordable, accessible products that help bring the benefits of clean technologies to communities that have been disproportionately harmed by climate change and pollution,” said Crystal German, President of the Center for Community Self-Help. “We do this by listening, testing, evaluating, and refining in partnership with families and communities often underserved by the financial marketplace, and alongside a national network of trusted community lenders. Economic change has a habit of increasing disparity; the NCIF and IRA more broadly give us the opportunity to turn this dynamic on its head and ensure our transition to a green economy builds equity and opportunity for all. We won’t let that chance pass us by.”
To ensure ongoing and continued engagement with core partners, Climate United has formed an Advisory Council that will inform strategy, provide direct feedback on program and product design, and ensure accountability to mission. The initial members of the Advisory Council include:
Byron Auguste, Founder and CEO, Opportunity@Work
James Bason, CEO, TruFund Financial Services
John Doherty, Senior Advisory to the General President, International Union of Painters and Allied Trades
Skya Ducheneaux, Executive Director, Akiptan
Albert Gore, Executive Director, Zero Emission Transportation Association
Debra Gore-Mann, CEO, The Greenlining Institute
Rev. Susan Hendershot, President, Interfaith Power & Light
Janet Joseph, CEO, JLJ Sustainability Solutions
Jack Lawson, President & CEO, Clearwater Credit Union
Mark Magana, Founding President & CEO, GreenLatinos
Whitney Mann, Manager, RMI
Terri Mickelsen, CEO, Clean Energy Credit Union
Maggie Monast, Senior Director, Environmental Defense Fund
Joe Morris, Lead Organizer-Clean Energy Initiative, Industrial Areas Foundation
Ruth Ann Norton, CEO, Green and Healthy Homes Initiative
Caroline Nowery, Chief External Affairs, Virginia Community Capital
Tia Boatman Patterson, CEO, California Reinvestment Corporation
Robin Romano, CEO, Marisol Credit Union
Cheri Smith, CEO, Alliance for Tribal Clean Energy
Thomas Stanchak, Director, Stoneweg
Phil Thompson, Professor, MIT Department of Urban Studies and Planning
Climate United will take a cross-sector, national approach to deployment of funds into qualifying projects with transaction partners active in all 50 states, DC, Puerto Rico, and on Tribal lands. The coalition will support partners with effective and affordable financial products and technical support to catalyze market transformation across the mortgage, public finance, and green project finance markets, driving decarbonization into existing practices to meet the urgency and scale of the climate crisis.
Climate United is a partnership of three non-profits—Calvert Impact, the Community Preservation Corporation (CPC) and Self-Help—that are complementary in their expertise and like-minded about the imperative to make sure that all Americans, particularly those bearing the greatest burden from the climate crisis, participate in and benefit from the movement to reduce carbon emissions. Between them, the organizations have 110 years experience directly deploying more than $30 billion addressing climate change or assisting communities that are disproportionately affected by climate change. The core partners will be joined by multiple deployment and implementation partners to assist with management and mobilization of the $14 billion National Clean Investment Fund established by the federal government as part of the Inflation Reduction Act. For more information, please visit www.climateunitedfund.org.
Calvert Impact is a global nonprofit investment firm that helps investors and financial professionals invest in solutions that people and the planet need. During its 28-year history, Calvert Impact has mobilized approximately $5 billion to build and grow local community and green finance organizations through its flagship Community Investment Note™ and other products and services. Calvert Impact recently launched the Cut Carbon Note, a product that aims to reduce carbon emissions and transform the way we build. Calvert Impact uses its unique position to bring the capital markets and communities closer together. More at calvertimpact.org.
About The Community Preservation Corporation (CPC)
CPC is a nonprofit multifamily finance company that was founded in 1974 to provide financial and technical resources to stabilize and revitalize underserved communities. Today, CPC uses its unique expertise in housing finance and public policy to expand access to affordable and workforce housing, advance diversity and equity within the development industry, and expand investment in the green economy and lessen the impact of climate change. Since its founding, CPC has invested over $14 billion to finance the creation and preservation of more than 225,000 units of housing. The company provides a suite of construction and permanent products including Freddie Mac, Fannie Mae and FHA mortgages, and is an equity investor with approximately 4,200 affordable units under ownership. CPC is a carbon-neutral company and has been rated AA- by S&P. Visit CPC at communityp.com
Self-Help is a leading national community development financial institution (CDFI) with a mission to create and protect ownership and economic opportunity for all. They help drive economic development by providing responsible financial services, lending to individuals, small businesses and nonprofits, developing real estate, and promoting fair financial practices across the nation. They are part of the Self-Help family of nonprofit organizations whose collective mission is to create and protect ownership and economic opportunity for all. For over 40 years, the national Center for Community Self-Help and affiliates have provided more than $10.9 billion in financing to help more than 160,000 borrowers buy homes, start and grow businesses and strengthen community resources. For more information, please visit www.self-help.org.