A new investment fund sponsored, among others, by a group founded by erstwhile green czar Van Jones’, will be launched today, giving corporate investors a chance to invest in the coming “green economy,” reported the NYT.
The Energy Efficiency Opportunity Fund will launch at the Clinton Global Initiative conference. It will finance projects such as weatherizing buildings, and other energy schemes, and will create upto 1,400 green-collar jobs for low-income workers.
The fund is sponsored by Living Cities, a group that invests in low-income communities, and Van Jones’ advocacy group, Green For All.
The returns will not be great at just 2 to 3 per cent of the principle investment. But for the good-samaritan corporate types who are required to give back to low-income communities under the Community Reinvestment Act, any return is good news.
The fund has already raised $20 million from foundations and financial institutions. It will run for 10 years and hopes to grow to $100 million.
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