Three ways creative invesments can beat the summertime blues
V.2, N.25
Remember way back when — before COVID — when summers were all about beaches, boardwalks, and outdoor concerts? Now it’s wildfires choking millions of residents in the Northeast, water shortages in Arizona canceling economic development projects, and heat waves worldwide killing off vulnerable populations without air conditioning. Welcome to the summertime blues of climate disruption.
The news is not all bad. We found at least three ways to beat the blues. Our first article, from Impact Alpha explains what the Environmental Protection Agency (EPA) is now doing, thanks to the Inflation Reduction Act (IRA). The EPA received $27 billion for a Greenhouse Gas Reduction Fund and another $22 billion for state-led climate action. While these sums are a tiny fraction of what’s needed, they leverage significantly more private investment in local climate resilience. Much of this funding is being targeted by the feds at nonprofits serving low-income communities.
Our second article, from the Brookings Institution, shows how local policymakers can mobilize around these new federal pots of money. The report summarizes interviews from 17 cities and counties on how they engaged community stakeholders around the American Rescue Plan. Communities seeking to access funding from the IRA can learn some helpful lessons.
Our third piece is by Elias Crim, a ubiquitous blogger on civic entrepreneurship, who describes the growing role of investment crowfunding in meeting climate investment needs. He is particularly impressed with a portal called Raise Green: “Launched in 2018 by Obama administration veteran Franz Hochstresser and former Goldman Sachs banker Jackie Logan, Raise Green has done 24 securities offerings to date and has a pipeline of $75 million in the works.”
Significant federal money, plus community organizing, plus targeted crowdfunding around renewables—maybe we can beat the heat after all.
NEWS
Community-Based Climate Partnerships Poised To Gain From New “Green Bank” Funding, ImpactAlpha (June 12)
From Recovery To Revitalisation: How Local Leaders Are Unlocking The Potential Of The American Rescue Plan, Brookings (June 12)
Clean Energy Investing, Mosaic Vision Publications (June 3)
PARTNER VOICES
Cross-Disability Design Makes Housing Better For Everyone, ShelterForce (June 13)
Winding Down A Cooperative With Care, Ownership Matters (June 13)
Reflections On ‘Social Housing Deserves Good Design’ Melbourne Design Week Event, Village Well (June 1)
EVENTS
Economy Ecology: Businesses for Conservation and Climate Action - Virtual Event. June 21, 2023. Learn what role should capitalism play in the conservation movement. Register here.
Remaking the Economy: Tenant Organizing in Unexpected Places - Virtual Event. July 12, 2023. Learn how nonprofits and movement activists are advancing strategies to address the economic and social inequalities of our time. Register here.
Neighborhood Economics - In-Person Event. February 26-28, 2024. Event facilitating ongoing conversations across geographies that help people build economic architecture so everyone will thrive. Use code ATTENDEE to get a discounted rate of $325 (refundable through February 1, 2024), for only the next ten days. Register here.
ICYMI
CDFI’s Shouldn’t Act Like Banks, But Too Often Do, ShelterForce (May 26)
Prospera Partners and New Mexico Thrives Partner To Support New Mexico Nonprofits, Prospera Partners (May 18)
ough Funding BIPOC-Owned Businesses, The Kassan Group (May 16)
Tax Increment Financing: Revitalisation Tool, Developer Handout…Or Both?, ShelterForce (June 1)
JOBS BOARD
Vermont Community Loan Fund is hiring a Director of Lending for Housing and Community Facilities
Project Equity is hiring a Business Engagement and Partnerships - Outbound Manager, a Regional Engagement Program Manager - California, and a Financial Analyst
Mission Driven Finance is hiring for multiple positions
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About The Main Street Journal
The Main Street Journal aims to catalyze the movement of $50 trillion from Wall Street to Main Street to facilitate economic development and economic justice. It’s sponsored by the National Coalition for Community Capital, with a grant from the Heron Foundation. We welcome feedback about everything, from our design to content. And we welcome suggestions of other groups to involve as partners, and other information to include. Please send ideas to Melea Huon-Dumentat at melea@main-street-journal.com.
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