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Lansing, Mich. — Michigan Saves, the nation’s first nonprofit green bank, today announced that on October 12, 2023, it was officially named a subgrantee in the Coalition for Green Capital’s application to the Environmental Protection Agency’s Greenhouse Gas Reduction Fund, a national-scale grant program to combat climate change and support disadvantaged communities. Michigan Saves plans to leverage awarded funds to create new financing products and accelerate adoption of clean energy solutions.
“This funding presents Michigan Saves with the opportunity to amplify our efforts toward creating a sustainable future and offering green energy to every community in the state,” said Todd Parker, vice president of Michigan Saves. “We commend CGC for their initiatives in addressing climate change, promoting clean energy and innovating to reduce greenhouse gas emissions. We’re honored to collaborate with them toward this shared vision.”
CGC is specifically chartered to reduce greenhouse gas emissions. Under the GGRF’s National Clean Investment Fund and Clean Communities Investment Accelerator, it sought $11.7 billion for a coalition of 18 subgrantees, including 16 green banks and two national nonprofit investors. CGC has committed to investing the funds in Michigan and all the other states and territories.
Upon filing, CGC saw tremendous support and interest in collaboration toward achieving its goals. The organization received a total of 668 letters of support from community benefit organizations, commercial lenders, developers, financial entities and government leaders, including Michigan Lieutenant Governor Garlin Gilchrist.
“We appreciate the State of Michigan’s support for investments in communities that are disproportionately impacted by climate change. This support emphasizes the importance of collaboration in transforming the market,” said Parker.
CGC’s application is one of several on which Michigan Saves is named a subgrantee. Final award amounts are expected to be announced in March 2024. For more information about Michigan Saves, visit MichiganSaves.org.
About Michigan Saves
Michigan Saves, the nation’s first nonprofit green bank, is dedicated to making clean energy improvements easier for all Michigan consumers. Through affordable financing and other incentives, Michigan Saves connects borrowers to a network of skilled contractors for energy-efficiency, geothermal and solar installation projects. Michigan Saves believes an equitable transition to a carbon-free Michigan where everyone has access to the benefits of clean energy and climate-resilient solutions is possible. Through consistent outreach, quality workmanship and affordable funding, Michigan Saves promotes accessible, equitable, and just investments in energy efficiency and clean energy to support healthy and thriving communities. For more information, visit www.MichiganSaves.org and follow us on Facebook @michigansaves, Twitter @MichiganSaves and LinkedIn @michigan-saves.