Environmental Impact Bonds Change the Funding Game for Green Infrastructure
David Pendered reports that the city of Atlanta is throwing its hat into the ring for Environmental Impact Bond funding underwritten by the Rockefeller Foundation.
Atlanta is one of a dozen cities seeking funding from the EIB Challenge, which will eventually fund a total of $342,000 to underwrite Environmental Impact Bonds in two cities. "EIBs are part of the emerging green-bond industry that doubled to $95 billion in 2016, according to a report by bloomberg.com," explains Pendered. "The innovative element in EIBs is the notion that it reduces the financial risk to the government of installing green infrastructure."
The city of Atlanta's application for the EIB Challenge funding would improve the polluted Proctor Creek watershed, which drains much of the rain that falls on Downtown Atlanta.