David Davenport
Username
David Davenport
Proposer First Name
David
Proposer Email
david.davenport@greenbank.ny.gov
Proposer Last Name
Davenport
Proposer Phone
(917) 359-8731
Proposer Job Title
Managing Director
Proposer Additional Info
NY Green Bank is a State-sponsored, specialized financial entity working with the private sector to increase investments into New York’s clean energy markets, creating a more efficient, reliable, and sustainable energy system. The largest green bank in the nation, NY Green Bank has invested over $1.7 billion into clean energy and sustainable infrastructure projects across New York State to date.
As a Division of NYSERDA, NY Green Bank is a cost-effective and complementary component of New York State’s portfolio of clean energy programs. NY Green Bank works with clients and counterparties to address and alleviate specific gaps and barriers in current clean energy capital markets through a variety of approaches and transaction structures. Since inception, NY Green Bank has utilized innovative approaches to financing structures to mobilize clean energy activity and private capital in New York State, reducing the need for further ratepayer funding. In 2021, the success of these efforts was demonstrated through NY Green Bank’s private capital raise, the largest by any American green bank to date, of $314 million from Bank of America.
NY Green Bank is a critical component of New York's nation-leading climate and clean energy agenda formalized under the Climate Leadership and Community Protection Act (Climate Act). The Climate Act sets the state on a path to economy-wide carbon neutrality by mandating an 85 percent reduction in greenhouse gas emissions by 2050 and 100 percent clean electric grid by 2040.
Proposed Session Description
As we consider how to decarbonize economies while delivering benefits to the communities most adversely affected by climate change, it is imperative to establish market-based momentum that does not rely on regulations that may change year-to-year. Panelists will discuss the financing tools available to support a market in which decarbonization is business-as-usual. Panelists will showcase a set of solutions and culture shifts enabling them to mobilize investment beyond incentive funding into climate solutions in disadvantaged communities.
Why is this session important?
Traditional capital planning and financing models often don’t make it easy or attractive for building developers and owners – especially those operating with tight margins, e.g., in the affordable housing sector – to choose low-carbon, sustainable options in building design and maintenance. Innovative mission-driven lenders, such as those represented in this session, are providing alternative approaches that unlock those options while also demonstrating to financial markets that investment in high-performance building stock can still be attractive and worthwhile. Panelists will provide examples of how lenders and borrowers can work together and leverage capital differently so that financing works with, rather than against, ambitious decarbonization agendas.
Diversity and Inclusiveness
The panel is made up of leaders in the energy finance and building retrofit community in New York City who are women, African American and MWBEs.
Learning Objectives
Understand State & City goals for, and approaches to, decarbonizing housing and how they can serve as a model for states and cities more broadly / Learn how the City and State is providing climate leadership in building decarbonization and providing financing to help building owners and developers meet climate goals and regulations.
Understand the role that financing providers in NY play as a source of funding for building decarbonization in affordable housing
Learn how to access financing for building decarbonization projects
Learn how leading developers are financing sustainability and building decarbonization in affordable housing development and retrofits in New York City / Understand how industry leaders are approaching local mandates to decarbonize affordable housing in NYC buildings and how they are adopting business models to pay for it.
Has this session been presented before?
No
NYC 2022 Areas of Focus
Session Format
Interview or structured conversation among panelists
Lightning Round (several brief idea pitches followed by discussion)
Strongest Content Connection - NYC 2022
Anything else you'd like to tell us about your session proposal?
The learnings shared during this session will most directly address the finance gap and the equity gap outlined in the description of BuildingEnergy NYC 2022. In considering the theme of this year’s conference, “Bridging the Gap”, NESEA asks the question – what financing options are available to make decarbonization possible and affordable? Where do we need to educate stakeholders in order to take advantage of those resources? This session aims to answer that question – not for all types of buildings, but specifically for those that are closing the equity gap, providing housing for individuals and families who otherwise might not be able to afford it. Panelists will also focus on the applicability of financing solutions to small, minority-owned development and management businesses.
With the NYS Climate Act and NYC Local Law 97 leading the nation in climate policy ambition, New York is a laboratory for deploying aggressive solutions at-scale – which requires significant amounts of capital. New York’s local sustainability financing providers, such as those represented in this session, are facilitating the flow of investment into building decarbonization and serving as a model for how aggressive sustainability progress can be funded in other states and beyond. This is particularly important in affordable housing and projects in disadvantaged communities where sponsors face challenges in developing sustainable business models to pay for building decarbonization. It is important for building owners, developers, contractors, and policy makers and advocates to know how local financing providers and developers are working to achieve sustainability objectives in affordable housing – and how to engage with those financing providers and developers.
Reviewer 1
Cosway, Paul
Reviewer 2
Altavilla Cooper, Jeannine
Curator
McPike, Christina
Proposal #
118
Session #
106
Committee Decision
Accepted