Washington, DC – Thursday, April 4, 2024 – Leading Federal grants consulting firm, McAllister & Quinn is excited to publicly announce their work with The Coalition for Green Capital (CGC), doing business as the American Green Bank Consortium (AGBC), who garnered a $5 billion Environmental Protection Agency (EPA) award to establish a National Green Bank. CGC is a 501(c)(3) chartered specifically to reduce greenhouse gas emissions and other forms of air pollution and redress climate and energy-related environmental injustice.
Today, CGC announced that the EPA has selected them as an awardee pursuant to a competition conducted under the EPA’s Greenhouse Gas Reduction Fund. McAllister & Quinn partnered with CGC to develop a competitive application for the EPA, deploying writers, reviewers, and subject matter experts to help capture CGC’s vision.
“CGC was delighted to have the help of McAllister & Quinn.” said Reed Hundt, Coalition for Green Capital Chief Executive Officer and Co-Founder, “The firm was with us every step of the long way from the IRA enactment to now -- 20 months of competitive bidding. To produce a result of $5b in grant shows not only the value of the firm but also its commitment to our cause.”
CGC congratulated the EPA on awarding $20 billion under the Greenhouse Gas Reduction Fund. CGC says they are looking forward to working with the agency and other award winners to move as rapidly as possible to deploy this record amount of public-private investment capital. CGC already has more than $30 billion of demand for its award funds and believes that private-sector investors are prepared to add more than twice that to the projects jumpstarted by public capital.
“Our firm is thrilled about this historic investment.” says Angie Buckingham Melton, Esq., Vice President of McAllister & Quinn, “Climate change is no longer a distant threat, but an accelerating reality. To reach net zero by 2050 and cut greenhouse gas emissions in half by 2030, the US could need an estimated $27 trillion in climate investments. CGC is ready to address the climate crisis by unlocking the full potential of public-private partnerships.”
Reed Hundt, Coalition for Green Capital Chief Executive Officer and Co-Founder said, “In January 2009, then Congressmen Chris Van Hollen and Ed Markey championed the capitalization of a national green bank with public capital. Never abandoning their commitment to this goal through multiple Congresses and in various legislative forms, these two leaders and Congresswoman Debbie Dingell crafted the provisions in the Inflation Reduction Act of August 2022 that created the Greenhouse Gas Reduction Fund. The EPA’s awards of $20 billion compose the largest single capitalization of green banks in any country in the world. The United States now can lead all nations in showing how public-private investment can deliver cheap clean power faster than anyone has predicted – and can focus this new investment primarily on transforming the power platform in every low-income and disadvantaged community. With our pipeline of more than $30 billion in demand for public capital, we at CGC look forward to partnering with the agency, with other award winners, and with all other community lenders that either did not apply for funds or were not selected. Five billion dollars in capitalization is a really good start.”
Eli Hopson, Coalition for Green Capital’s Executive Director and Chief Operating Officer said, “I’m thrilled we’ve reached this milestone and we’re ready. CGC has the people, projects, and plans to turn this award into a major step toward accomplishing the transformation of the clean energy investing sector sought by the EPA and the Biden Administration. Our next step is to seek a prompt and practical conclusion of the contracting process with the EPA, enabling us to jumpstart investing this year. We plan to collaborate with other award winners and hundreds of community benefit and commercial partners. I’ve been working toward this goal for the last decade of my life, whether it was as a lawyer working pro bono for the Coalition for Green Capital or in my role as former CEO of the DC Green Bank, and we are ready to leverage these EPA funds to deliver benefits to every community and especially to low-income and disadvantaged communities.”
About Coalition for Green Capital: The Coalition for Green Capital (CGC), doing business as the American Green Bank Consortium, is a 501(c)(3) chartered specifically to reduce greenhouse gas emissions and other forms of air pollution and redress climate and energy-related environmental injustice. Green banks are a proven finance model that uses public and philanthropic funds to mobilize private investment in renewable energy, energy efficiency, and other decarbonization technologies. For over a decade, the Coalition for Green Capital has led the Green Bank movement, working at the federal, state, and local levels in the U.S. and countries around the world. For more information, visit: https://coalitionforgreencapital.com.
About McAllister & Quinn: McAllister & Quinn is a premier federal grant consulting and government relations firm. Based in Washington, DC, McAllister & Quinn’s unique approach has helped clients secure nearly $9 billion in federal grants. For more information, visit: https://jm-aq.com/contact/
Media Contact: Michelle Fellows, Managing Director of Business Development, McAllister & Quinn
Tel: (202) 216-4488
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