If you are unsure what a “green bank” is, you are not alone.
But in a nutshell, green banks are financial entities designed specifically to facilitate private investment in green initiatives and infrastructure. Green banks can be publicly funded, public-private partnerships, or even non-profits.
“Green banks are part of a long tradition of using public or collective dollars to sway private investment into serving markets that it hasn’t served, or providing products it hasn’t provided before. Neither they nor the private sector can fund everything that’s needed to address climate change, but green banks exist to bring the private sector’s attention and resources to the issue in ways that it isn’t or can’t otherwise.”
“It’s worked before. Before federal intervention in the housing market started during the Great Depression, most people couldn’t get a home mortgage, and if they did get one, they typically had huge down payments, often 50 percent or higher, and had to pay off the loan in five or ten years at double-digit interest rates. Most borrowers just took out another mortgage to pay off the previous one.
Federal mortgage insurance and the creation of Fannie Mae turned the 30-year, affordable fixed-rate mortgage into a staple of the housing market in the U.S.”
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