This article opens with a startling fact I was unaware of. Thanks to the many trees and nature restoration projects in higher income areas, there can be a 22-degree temperature difference between high income and low income parts of the city. The Philadelphia Green Capital Corp. (PGCC) is an affiliate of the Philadelphia Energy Authority that is set to launch a Green Bank, defined in the article as nonprofits that focus specifically on clean energy financing. They get banks in contact with clean energy projects. The PGCC has a goal of creating $250 million in investments for clean energy projects in the city. Major Jim Kenny's goal for Philadelphia is to be carbon neutral by 2050. The PGCC will be meeting with community organizations to help residents understand its mission as well as advocate for ASolarize philly. PGCC offers pre-development loans for the design of energy projects at multifamily and nonprofit properties and it also offers term loans for energy improvements to affordable housing buildings and nonprofits. I do not believe these are PACE loans, but more research needs to be done on this organization.
Michael Butler, 25 October 2021, "Philly’s first ‘green bank’ will connect clean energy projects to capital", contributed by Andrew Rosenthal, The Energy Rights Project, Platform for Experimental Collaborative Ethnography, last modified 31 May 2022, accessed 19 April 2024. https://energyrights.info/content/philly’s-first-‘green-bank’-will-connect-clean-energy-projects-capital-0
Critical Commentary
This article opens with a startling fact I was unaware of. Thanks to the many trees and nature restoration projects in higher income areas, there can be a 22-degree temperature difference between high income and low income parts of the city. The Philadelphia Green Capital Corp. (PGCC) is an affiliate of the Philadelphia Energy Authority that is set to launch a Green Bank, defined in the article as nonprofits that focus specifically on clean energy financing. They get banks in contact with clean energy projects. The PGCC has a goal of creating $250 million in investments for clean energy projects in the city. Major Jim Kenny's goal for Philadelphia is to be carbon neutral by 2050. The PGCC will be meeting with community organizations to help residents understand its mission as well as advocate for ASolarize philly. PGCC offers pre-development loans for the design of energy projects at multifamily and nonprofit properties and it also offers term loans for energy improvements to affordable housing buildings and nonprofits. I do not believe these are PACE loans, but more research needs to be done on this organization.