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50 Cities are Finding Creative Ways to Fund Decarbonization - and Using C-PACE is a Key Strategy

Solar panels and a city skyline

A recent Brookings Institution Report, “How U.S. Cities are Finding Creative Ways to Fund Climate Progress” highlights decarbonization efforts by 50 of the largest cities in the U.S.1 The report explains that there is progress to be made, but there is encouraging forward momentum – and C-PACE is an important part of that.

Not only is C-PACE seen as a popular tool, it is also considered a solution to the above mentioned issues. Nuveen Green Capital has been proud to provide C-PACE financing for many CRE projects in cities that have clean energy mandates, including parent company and TIAA Financial Services' headquarters, 730 Third Avenue, New York, enabling the project to comply with New York’s Local Law 97, as well as a cold storage project, FreezPak Logistics in Philadelphia, which complied with -and exceeded- energy efficiency requirements mandated by Philadelphia Energy Code ASHRAE 90.1-2016.

C-PACE not only impacts the ability of CRE owners, developers, and lenders to move forward with cost effective financing, while addressing decarbonization mandates – it also has a measured impact on the environment and local economies. Since its founding, Nuveen Green Capital has enabled hundreds of projects that employ sustainability measures to be complete, resulting in a projected $1.62B in energy savings for property owners, the creation of 25,917 energy jobs, as well as 2,640,527 MWh lifetime energy generated/saved. 

The report highlights that the use of C-PACE, in addition to other creative financing strategies, such as the creation of local financing authorities, funding partnerships, and one-time investments, is showing that significant efforts are effectively being implemented to decarbonize cities. 

Nuveen Green Capital was established by some of the C-PACE industry’s state program founders and standard-setters,2 Nuveen Green Capital’s mission is to show that ‘Saving Energy is Smart Business.’ To learn more, visit:

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Darien, CT
19 Old Kings Highway South, Suite 210, Darien, CT 06820

1 Published February 22, 2023. The Brookings Institution is a nonprofit organization whose mission is to conduct in-depth, nonpartisan research to improve policy and governance at local, national, and global levels.

2 The United States Department of Energy: 2016 C-PACE Report, lists the Connecticut C-PACE program as the first statewide C-PACE program in the U.S.
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