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Financial institutions commit $8B to fund clean energy solutions

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Financial institutions commit $8B to fund clean energy solutions

Aconsortium of financial institutions and investors announced a partnershipunder the Catalytic FinanceInitiative to direct $8 billion in total commitments towardhigh-impact, sustainable investments, according to an April 6 news release.

Partnersjoining the initiative include AllianceBernstein Holding LP, unit BabsonCapital Management LLC, Crédit Agricole CIB, , HSBC Group,World Bank Groupmember International FinanceCorp. and Mirova, a subsidiary of Natixis Group, all of which havepledged capital and expertise to develop and advance innovative financingstructures for investments in clean energy and other sustainability focusedprojects.

Additionally,Aligned Intermediary, representing a group of long-term institutionalinvestors, will collaborate on specific investment opportunities with membersof the partnership.

Theinitiative was originally launched by Bank of America Corp. in 2014 with a $1 billioncommitment and a goal to stimulate at least $10 billion in new investment intohigh-impact clean energy projects through additional partnerships.