In December 2022, the University of South Carolina, in coordination with the South Carolina Energy Office (SCEO), released its report, The Role of a Green Bank in South Carolina: A Market & Feasibility Assessment. The report outlines a pathway forward for a potential green bank in South Carolina and highlights potential economic sectors to which a green bank could focus its financing efforts.
SCEO began to explore the idea of a green bank following a NASEO-hosted roundtable in 2018. During 2020, SCEO convened the SC Energy Efficiency Roadmap Stakeholder Initiative. This process resulted in a recommendation to “Assess the Feasibility, Costs, and Benefits of Establishing a South Carolina Green Bank.” As a first step, the SCEO held a Green Bank 101 Webinar in December 2020. Following the completion of the Energy Efficiency Roadmap, the SCEO assembled a working group of stakeholders interested in exploring this for the state. The SCEO Green Bank Working Group met throughout 2021 and held informational webinars and working group discussions. During this time, it was determined that a market assessment and feasibility report would be the necessary next step in evaluating a green bank for the state.
The market assessment identifies the specific sectors where a green bank should focus its efforts and potential financial products the bank could offer that would lead to immediate impact. The feasibility section suggests the level of capitalization needed for a green bank and potential sources of funding. Throughout the development of the report, the SCEO facilitated market sector contacts for the University, provided feedback on various aspects of the research, and provided supplemental graphics for the report. The link to the final report may be found here. For additional information, please contact Richelle Tolton at rtolton@ors.sc.gov.