The recent government meeting in San Francisco focused on the development of a Green Bank financing study, aimed at establishing a municipal finance corporation to support climate action initiatives. The discussion highlighted the importance of building on previous work by the Reinvestment Working Group and the Department of the Environment, which recommended the creation of a green bank to facilitate funding for environmental projects.

Key points included plans to explore pilot lending programs and partnerships with local Community Development Financial Institutions (CDFIs) and Community Financial Institutions (CFIs). The meeting emphasized the need for input on the scope of work for this initiative, which aims to secure funding and operationalize the municipal finance corporation.

Additionally, the meeting addressed the recent announcement from the Environmental Protection Agency (EPA) regarding the distribution of $27 billion from the Inflation Reduction Act for greenhouse gas reduction efforts. A significant portion of this funding, $6 billion, is designated for community lenders, including green banks, through a clean communities investment accelerator. The EPA plans to issue grants ranging from $2 million to $10 million, with applications due in September 2025.

The discussion also touched on the potential for collaboration with CDFIs, with stakeholders expressing interest in forming partnerships that would allow for competitive, below-market rates to support community lending efforts. However, officials noted that concrete discussions with CDFIs would be premature until the municipal finance corporation is established and initial funding is secured.

Overall, the meeting underscored San Francisco's commitment to advancing its climate action goals through innovative financing solutions and community partnerships, setting the stage for future developments in the city's environmental initiatives.