Connecticut Green Bank 2018

The Connecticut Green Bank (CGB) experienced significant changes between 2017 and 2018. In 2017, the state-sponsored organization received the prestigious Ash Prize from the Harvard Kennedy School for its innovative policy work and its role in promoting the green bank movement. However, by 2018, the Connecticut legislature redirected a substantial portion of CGB’s revenue to the state’s general fund, jeopardizing the bank’s financial stability. Despite this setback, CGB managed to secure enough funds to continue its operations but recognized the need for new strategies to sustain its mission.

In this new era of constrained resources, CGB aimed to leverage private capital through various financial techniques to support clean energy projects. CGB restructured its operations to focus on self-sufficiency, requiring a minimum return on investments and creating a not-for-profit subsidiary, Inclusive Prosperity Capital (IPC), to manage programs with lower returns. This reorganization aimed to ensure the continuity of CGB’s mission while allowing IPC to scale its programs independently. Both CGB and IPC faced the challenge of developing new strategies to meet their respective financial and operational goals, ensuring the sustainability and expansion of their clean energy initiatives.

2019 Aspen Institute Business & Society Competition Case Study