Grant Fund and Technical Assistance Provided by Coalition for Green Capital, PRE Collective, and Quantified Ventures via Robert Wood Johnson Foundation Investment in Equitable Water Infrastructure
TUCSON, AZ – April 16, 2024 – Groundswell Capital, an emergent leader in sustainable and equitable community development, announces its award of significant funding and technical assistance as part of a transformative Equitable Water Infrastructure program, an initiative designed to advance clean water infrastructure projects across the country.
This funding opportunity is made possible through a collaborative investment by the Coalition for Green Capital (CGC), PRE Collective, and Quantified Ventures, supported by the Robert Wood Johnson Foundation (RWJF), highlighting a nation-wide commitment to innovative solutions that tackle Arizona’s urgent water issues, worsened by a 22-year 'megadrought'.
Groundswell Capital’s plans include the expansion of existing projects within the City of Tucson’s Climate Action and Adaptation plan, Tucson Resilient Together, which encompass the award-winning Tree Equity Program and Storm to Shade projects, as well as new nature-based solutions that reduce carbon and air quality pollution in low-income neighborhoods.
Within the Equitable Water Infrastructure initiative, Groundswell Capital is developing financial tools and water conservation projects designed to boost the state’s long-term water resilience. These efforts are set to ensure a sustainable water supply for both Tucson and the wider Arizona region, supporting climate resilience and community wellbeing.
Groundswell Capital plans to launch programs that support green developments, increasing the number of green spaces and promoting sustainable building practices across the state, thereby reducing construction costs. Further, the initiative seeks to integrate state-of-the-art water conservation techniques within affordable housing frameworks, delivering tangible, cost-effective benefits to those most in need. By prioritizing underserved populations, these efforts align with Groundswell Capital’s broader goal of forging a path toward a more sustainable, equitable, and resilient Arizona.
The Coalition for Green Capital's recent acknowledgment by the U.S. Environmental Protection Agency, which includes a substantial $5 billion award from the Greenhouse Gas Reduction Fund, further highlights the critical role of green banks in driving forward national climate mitigation and resilience efforts.
As a participant in the CGC, Groundswell Capital is one of six national green banks chosen to lead this essential effort, sharing $1.3 million in grants and specialized technical assistance with the following esteemed green banks across the nation: The Connecticut Green Bank, The DC Green Bank, Hawaiʻi Green Infrastructure Authority, Missouri Green Banc, and SELF (Solar Energy Loan Fund).
"Groundswell Capital's inclusion in the first-ever Equitable Clean Water Project cohort marks a historic moment for Arizona. With additional support from the Coalition for Green Capital, Quantified Ventures, and the Robert Wood Johnson Foundation, we are poised to build sustainable, equitable, and thriving economies across the state. This initiative is expected to channel substantial public and private investments that not only conserve and protect our most critical resource - water - but also support Arizona's most vulnerable communities, aligning with our mission for sustainable and equitable growth," said Dre Thompson, CEO and President of Groundswell Capital.
As Groundswell Capital embarks on this ambitious equitable water conservation journey, it invites community members, stakeholders, and potential partners to join in shaping a future where clean, sustainable water resources are accessible to all, ensuring Arizona's prosperity and resilience in the face of ongoing environmental challenges.
About Groundswell Capital
Groundswell Capital's mission is to empower communities through innovative financial solutions that advance equity, sustainability, and innovation. We remove barriers for underrepresented communities, promote sustainability, and drive investments in workforce development and technology. As an Arizona-based nonprofit affiliate of the Tucson Industrial Development Authority and Arizona’s first green bank, we provide patient capital, leveraging innovation to catalyze positive change and build thriving communities.
Learn more about Groundswell Capital at https://www.groundswellcapital.org or email nic@tucsonida.org
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