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New Opportunities, Bigger Projects.
Thanks to the sustainability scholars and key members of the sustainability steering committee Siena has started one its largest sustainability projects to date—the establishment of a Green Revolving Fund!
What is a Green Revolving Fund?
A green revolving fund (GRF) provides capital for energy efficiency, renewable energy, and/or sustainability projects that generate cost savings. The majority of the funds are invested in high return on investment (ROI) projects; the savings are calculated and added back to the fund so it grows over time.
Why have one?
Before 2021 there was no set source of funding for sustainability projects at Siena. The Siena GRF will be a self-sustaining and growing source of funds for both small and large projects, allowing us to do far more than ever before!
How does it work?
The GRF "loans" funds to underwrite sustainable projects on campus that reduce resource use and save the College money. These loans are paid back by quantifying the savings achieved through the project(s) each year and returning those savings back into the fund. 90% of the fund is dedicated to non-competitive projects that focus on larger utility savings, and 10% of the fund is dedicated to competitive community projects that may not have a high return on investment but align with Siena’s Sustainability Goals.
The Siena Green Revolving Fund is being run by the GRF Board, a subcommittee of the Siena Sustainability Steering Committee. This committee is composed of students and faculty from various departments who work together to support and advance sustainable initiatives on the Siena campus.
Go Green Live Gold Fundraiser 2021
In September, Siena held a fundraiser for establishing the Green Revolving Fund. For every $100, donators received 3 $25 gift cards to local and alumni owned restaurants, and 2 half bottles of wine. Besides from students, family, and staff who participated, over 25 presenting sponsors invested including CDPHP, Nigro Companies, and Stewart's Shops.
In the end we raised $40,000 as the starting seed money for the Green Revolving Fund. An additional $25,000 has been committed from the general fund for a starting total of $65,000!
The Billion Dollar Challenge
Established in 2011 by the Sustainable Endowments Institute, The Billion Dollar Challenge was established to encourage colleges, universities, and other nonprofit institutions to invest a combined total of one billion dollars in self-managed revolving funds that finance energy improvements (GRFs). 58 institutions have officially joined the challenge including Harvard University, SUNY ESF, ASU, Dartmouth, and Princeton.
In December the core Green Revolving Fund team met with President Gibson to sign the Billion Dollar Challenge pledge. As part of the Billion Dollar Challenge, Siena gains national sustainability recognition and commits itself to real sustainable changes.
See Siena's commitment on the Billion Dollar website here
Further information
Information presented as part of the CURCA 2021 Research Symposium
GRF poster.pptxFor information on how to get involved, contact sustainability@siena.edu
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