Inclusive Financing Wins Top Award in Search for Breakthrough Climate Strategies
The Climate Strategies Accelerator recognized Dr. Holmes Hummel, founder of Clean Energy Works, with a top award for advancing an innovative utility financing concept to accelerate electrification of the transportation sector. Dr. Hummel was among eight fellows initially selected for the Accelerator from a pool of more than 500 hailing from 89 countries.
To make the case, Dr. Hummel drew on a body of work on utility tariffed investments in better buildings, upgrading their energy performance. A similar approach can catalyze rapid electrification in the transportation sector, starting with vehicles that tend to have the best business case – transit buses.
How does it work? By offering to make a site-specific investment and recover its cost on the monthly bill for that site, utilities can cut the upfront cost of batteries and charging stations. The result is more value delivered to the customer, more electricity sales, and lower emissions for transportation as the grid continues to grow cleaner every year.
The Accelerator’s two-year award made through the Silicon Valley Community Foundation will assist Clean Energy Works with strategy development and stakeholder engagement.
Mainstage Presentation at VERGE 17
At VERGE 17, Dr. Hummel addressed GreenBiz’s premier sustainability conference to make the case for harnessing the power sector to accelerate transformation in the transportation sector. In front of 2,000 leaders from government, nonprofits, and the corporate and tech sectors, Dr. Hummel laid out the opportunity to capture market share in transportation fuels by addressing the upfront cost barrier for electric vehicles, starting with transit.
Dr. Hummel’s talk, “Inclusive Financing for Clean Energy — Paving the Way with EVs,” laid out a vision to drive oil out of the transportation sector and surging investment in EVs. Widespread adoption of inclusive financing tools, such as a utility tariff, can accelerate this transition and help cities and transit agencies achieve their commitments to sustainability.
What’s Next for Clean Energy Works?
In 2018, Clean Energy Works will expand its field of activity to collaborate with allies and key stakeholders, including utilities, transit agencies, manufacturers, policy-makers, and NGOs. Harnessing the strength of aligned interests, Clean Energy Works will focus on creating conditions for broader use of inclusive financing. This model has proved effective in energy efficiency building upgrades, and plummeting costs for batteries and other distributed energy solutions are opening the door for EVs and more.
We will continue to provide advisory services and technical support to those interested in adopting inclusive financing. For example, the Southeast Energy Efficiency Alliance (SEEA) sponsored a series of open-access briefings and webinars to dozens of champions for public interest in SEEA’s Inclusive Financing Learning Circle. This group is made up of practitioners who are exploring a specific application of inclusive financing, and they receive technical assistance on designing and implementing utility tariffs.
As we continue to build on the momentum of the Climate Strategies Accelerator award, we will continue to seek ways to go to scale faster, both inside the U.S. and beyond. If you have an interest in exploring your potential, please be in touch: firstname.lastname@example.org.