Six green banks and two nonprofit groups today announced they are establishing a Green Bank Network to bring billions of dollars in new investments to support renewable energy and energy efficiency - creating jobs and helping to limit climate change.

Green banks are public entities created to partner with the private sector to increase investment in clean energy and eventually make it mainstream, no longer needing public assistance. They are a relatively new phenomenon that has been successful in the United Kingdom, Australia, Japan, Malaysia and several USA states.

The founding partners include the UK Green Investment Bank (GIB), the Connecticut Green Bank, NY Green Bank, the Green Fund (Japan), Malaysian Green Technology Corp and Clean Energy Finance Corp (CEFC) of Australia. "Here in New York, we have made great progress with the NY Green Bank, and we are joining with other leaders to continue spurring the growth of a global clean energy economy". "We're delighted to see this network become formally established as it will allow us to work together more collaboratively and to expedite both the development of our solutions around the world". The network will increase the global impact of green banks by enabling them to collaborate more effectively, share and leverage individual bank experiences, publicize achievements and grow the ranks of green banks worldwide.

GreenTech Malaysia CEO Ir. Ahmad Hadri Haris said, “GreenTech Malaysia is proud to be one of the founding partners of the world’s very first global Green Bank Network. Together with leading green banks, this network will open up access to a pool of financial resources, cross-country expertise and developmental opportunities to green establishments and entrepreneurs across the world to deliver on the aspirations of COP21.”

ClimateWorks Foundation, a U.S.-based, seven-year-old joint project of the Hewlett, Packard, and McKnight foundations, has agreed to provide seed funding. That's where green banks come in. The event served as the Second International Green Bank Congress, an annual Green Bank event, hosted by NY Green Bank in partnership with the Natural Resources Defense Ccouncil, the Environmental Defense Fund and Bloomberg Philanthropies.

The banks have appointed the Natural Resources Defense Council (NRDC) and the Coalition for Green Capital (CGC), which are experienced in the development of green banks, to spearhead the creation of the network. Enter the Green Bank Network.

"Meeting commitments coming out of Paris will require a profound transformation in global energy investment", comments Shelley Poticha, director of urban solutions at NRDC. "The founding members of the Green Bank Network have impressive track records in drawing private capital to low-carbon infrastructure, but by building the first collaborative global clean energy finance platform we are sending out a signal that more can be achieved by working together", said GIB CEO Shaun Kingsbury.

"That means encouraging as much collaboration between the public and private-sector participants as possible to make sure that we get as much investment as possible", he said.

Green banks help to lower these risks and bring in significantly more private money.

Green banks explore, with private investors, the barriers to private investment in new clean energy projects such as financing for solar leasing or financing for energy efficiency upgrades in commercial buildings. REV is transforming New York's energy policy with new state-wide initiatives and regulatory reforms.