The Rockefeller Foundations EIB Challenge is putting a spotlight on an innovative new funding mechanism.
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.
FULL STORY: Atlanta may be among world’s first cities to use new financing tool for green infrastructure
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Without reform, restrictive zoning codes will limit the impact of the city’s planned transit expansion and could exclude some of the residents who depend on transit the most.
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