Finance and Innovation Goal 1: Fund climate action
FI-1.1: Develop innovative financing solutions to support local climate initiatives/green bank
A variety of funding mechanisms are being explored around the country to support resilience initiatives. For example, voluntary carbon offset programs can provide the funds necessary to support other local climate initiatives and financing opportunities to help mitigate the impact of those emissions on the local environment.
Community funding districts, such as transportation development districts (TDDs) or community improvement districts (CIDs), can be set up to fund specific projects within areas to improve access for alternative transportation, provide green infrastructure and make other improvements that can impact greenhouse gas emissions.
Increasing access to equity can also be achieved through green banks like the Regional Building Energy Exchange as outlined in the energy efficiency section of this plan.
Particular consideration should be given to increasing financial equity to communities with higher energy burdens and lower existing investment.
FI-1.2: Actively conduct business development and marketing to utilize existing
financial tools and incentives
Specific, investible ideas to address impacts of climate change are key elements of this plan. The success of business development efforts relies not only on sufficiently marketing the existing tools and incentives but also creatively identifying new opportunities to leverage investments.
Mechanisms such as project pipelines can help increase awareness of available opportunities. Connecting these projects with tools and incentives could play a pivotal role in accelerating investment in priority resilience strategies.
Taking advantage of existing financial incentives, such as rebates, requires a level of initial capital that can be difficult to come by.