Financing Nature-Based Solutions via the Greenhouse Gas Reduction Fund
Abstract
For the past decade, state and local green banks have successfully accelerated private investment in renewable energy, energy efficiency, and environmental infrastructure projects in their specific geographies. While green banks have historically focused primarily on clean energy and renewable projects, there is a growing interest in using nature-based solutions, or environmental infrastructure, to meet the climate and community goals shared by many of these mission-oriented financial institutions. The $27 billion Greenhouse Gas Reduction Fund (GGRF) in the Inflation Reduction Act—particularly the $14 billion National Clean Investment Fund and $6 billion Clean Communities Investment Accelerator—represents a once-in-a-generation opportunity to leverage private capital for investments in environmental infrastructure and nature-based solutions, but the groundwork needs to be laid now. This document summarizes the relevant GGRF funds and their applicability for nature-based solutions.
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Carney, Matthew, Sara Mason, Lydia Olander and Katie Warnell (2023). Financing Nature-Based Solutions via the Greenhouse Gas Reduction Fund. Retrieved from https://hdl.handle.net/10161/31690.
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Scholars@Duke
Sara Mason
Sara Mason joined the Ecosystem Services Program at the Nicholas Institute for Energy, Environment & Sustainability as a policy associate after graduating from Duke with a master’s degree in environmental management. Her work focuses on the interdisciplinary nature of biodiversity conservation and how that can be leveraged to engage the public and policy makers in conservation efforts. Prior to joining the Nicholas Institute, Sara worked in ecological field research and endangered animal rehabilitation.
Lydia Olander
Lydia Olander is a program director at the Nicholas Institute for Energy Environment & Sustainability at Duke University and adjunct professor at the Nicholas School of the Environment. She works on improving evidence-based policy and accelerating implementation of climate resilience, nature-based solutions, natural capital accounting, and environmental markets. She leads the National Ecosystem Services Partnership and sits on Duke’s Climate Commitment action team. She recently spent two years with the Biden administration at the Council on Environmental Quality as Director of Nature based Resilience and before that spent five years on the Environmental Advisory Board for the US Army Corps of Engineers. She is a fellow of the American Association for the Advancement of Science (AAAS) and widely published researcher. Prior to joining the Nicholas Institute, she spent a year as an AAAS Congressional Science and Technology Fellow working with Senator Joseph Lieberman on environmental and energy issues. She was a college scholar at Cornell University and earned her Master of Forest Science from Yale University and Ph.D. from Stanford University.
Katie Warnell
Katie Warnell is a senior policy associate for the Ecosystem Services Program. She is a graduate of Duke University’s Master of Environment Management program with a concentration in ecosystem science and conservation and was awarded a geospatial analysis certificate. She has served as an intern at the Triangle Land Conservancy and as a research tech with the Duke University Superfund Research Center. She has conducted research on South Africa’s bats with the Organization for Tropical Studies and was involved in a DukeEngage project on fish farming in Ecuador.
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