CALED California Association for Local Economic : GO-Biz and IBank to Deliver on Governor’s Bold Target of 5 Mil Zero Emission Vehicles

Last week, the Governor gave his final State of the State Address and announced new climate investments in the state. Together, they offer important steps to achieving climate action goals and I wanted to share with you what they mean for IBank.

Simply put, the Governor's remarks on creating a cleaner environment, not just in California, but globally, provide an opportunity for California to lead the world by continuing to meet the demand for low-cost financing for clean energy and climate resiliency projects. We can do it because we've done it. California is the innovation capital of the world and the Governor kept setting new milestones for us to reach. In fact, he called for 5 million zero emission vehicles on the road by 2030. That goal will necessitate infrastructure throughout the state to support those 5 million zero emission vehicles. As the States only multipurpose infrastructure, economic development and green bank in the State, IBank's new California Climate Resilience Program (CCRP) under our California Lending for Energy and Environmental Needs (CLEEN) Center is uniquely poised to meet that goal by providing low-cost financing to municipalities, universities, schools and hospitals for life-cycle clean energy infrastructure projects statewide. IBank's CLEEN Center project financings under the CCRP are essential to reducing greenhouse gas emissions (GHG), improving climate resiliency and deploying and leveraging capital at the speed and scale necessary to meet the State's climate challenges and reach our 2030 GHG reductions goals. As the State continues its efforts to meet its GHG reduction goals, IBank's California Climate Resilience Program will continue to gain momentum, creating an ever-growing demand for low-cost financing for clean energy and climate resiliency projects and serve as a leader for the world in the financing of low-cost clean energy and climate resiliency projects.

As the Governor said, 'California was built on dreams and perseverance.' I'm excited about the year ahead and working with you to make this, Governor Brown's last year in office, the most productive one yet for the benefit of California and the world. (See Press Release below.)

Teveia Barnes
Executive Director
California Infrastructure and Economic Development Bank

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Statement from GO-Biz Regarding Governor Brown's Announcements to Increase Zero Emission Vehicles and Fund New Climate Investments

Statement from GO-Biz Deputy Director for Zero-Emission Vehicle Infrastructure Tyson Eckerle

'The Governor's action today is a bold and necessary step to build a self-sustaining zero-emission vehicle economy in California. With today's announcement, California will continue to set the pace for climate resilience through public private partnerships for years to come.

'California is capable and on track to make this transition: zero-emission vehicle sales in California increased 1300% from 2011 to 2016. But for drivers to be confident that they can transition to a new fuel, they need to know that plug-in charging and hydrogen fueling infrastructure will be there to support their everyday needs. This $2.5 billion investment plan is a crucial step towards reaching the tipping point for market driven, widespread zero-emission vehicle adoption.'

For Background: The Governor's executive order directs GO-Biz to assist local and regional governments in streamlining infrastructure permitting, publishing a Plug-in Charging Station Development Guidebook and updating the 2015 Hydrogen Station Permitting Guidebook. As the lead agency on implementation of the Governor's 2016 Zero-Emission Vehicle Action Plan, we are eager to continue to assist the Governor in achieving his ambitious goals to reduce greenhouse gas emissions, end our dependence on fossil fuels, and clean the air for all Californians.

Statement from IBank Executive Director Teveia Barnes

'As the State continues efforts to meet its greenhouse gas emissions reduction goals, the new California Climate Resilience Program will play a vital role in financing our clean energy revolution. By providing low-cost financing opportunities that will attract further investments, the program will be a core mechanism allowing state and local governments to launch innovative new greenhouse gas reduction and climate resiliency projects.'

For Background: The Governor's Office of Business and Economic Development, California Infrastructure and Economic Development Bank (IBank) will receive $20 million in Greenhouse Gas Reduction Funds to provide seed funding for low-cost financing of infrastructure projects that reduce greenhouse gas emissions and improve climate resilience. These new California Climate Resilience Program funds will help IBank grow and expand its financial assistance programs and ensure the sustainability of the California Lending for Energy and Environmental Needs (CLEEN) Center within IBank for the benefit of the State.

Governor's Press Release on the Executive Order can be found at: https://www.gov.ca.gov/news.php?id=20151