Deutsche Bank Americas Foundation was recognized by Mayor Michael R. Bloomberg in his announcement of more than $100 million in financing and other new resources to help New York City buildings convert to cleaner heating fuels.
Gary Hattem, President of the Deutsche Bank Americas Foundation and Managing Director of the Community Development Finance Group (CDFG), joined the Mayor in announcing Deutsche Bank’s commitment to cleaner energy through the establishment of a $30 million Community Clean Heat Fund and philanthropic support for the New York City Energy Efficiency Corporation (NYCEEC).
The new financing is a result of the NYC Clean Heat program the Mayor launched last year to help lower building emissions. In 2011, the City set new regulations to ban the dirtiest heating oils – No. 4 and No. 6 – that are still used in approximately 10,000 buildings and significantly contribute to air pollution. Eliminating those fuels will help meet Mayor Bloomberg’s new PlaNYC goal to reduce soot pollution by 50 percent by 2013. Overall, reducing building emissions levels will improve air quality, save lives and reduce hospital visits.
“By phasing out heavy heating oils, we are closer to achieving our PlaNYC goal for the cleanest air of any major U.S. city,” said Mayor Bloomberg. “I want to thank the banks, energy providers and non-profits who have entered into groundbreaking partnerships with us and whose commitment will save lives and improve the quality of life in New York City.”
As part of the Mayor’s initiatives, Deutsche Bank has provided thought leadership, philanthropic support, and financing to achieve the City’s goals, and helped to establish NYCEEC in 2011 as a nonprofit intermediary to assist in the financing of energy retrofits. In addition to its planning efforts, the Foundation has made a $250,000 philanthropic grant to NYCEEC to enable the organization to facilitate clean heat conversions.
Deutsche Bank CDFG is also establishing the Community Clean Heat Fund, a $30 million dollar financing pool that will provide building owners in low-income neighborhoods with access to the financing needed to upgrade their heating plants.
“We applaud the Mayor’s leadership in advancing NYC Clean Heat as part of the City’s PlaNYC initiative,” said Hattem. “As a committed green corporate citizen of New York City, Deutsche Bank is proud to use its financial capabilities to work in partnership with government and the nonprofit sector and increase health outcomes in the city’s low-income communities.”