Center for
Environmental Finance
Newsletter
U.S. Environmental Protection Agency
Office of the Chief Financial Officer
About the CEF
Welcome to the inaugural issue of the Center for Environ-
mental Finance (CEF) Quarterly Newsletter. Through this
communication, we will share news and information cover-
ing the projects and activities of the Office of the Chief Fi-
nancial Officer's (OCFO) Environmental Finance Program.
The CEF is responsible for managing the Environmental
Financial Advisory Board (EFAB), an independently and
federally chartered advisory committee, and the Environ-
mental Finance Center Network (EFCN), a grant program.
Both the EFAB and the EFCN provide unique services to
the nation in terms of helping communities find ways to
pay for environmental programs and creating incentives
that promote environmental stewardship. Together, within
the Environmental Finance Program, these entities seek to
lower costs, increase investment, and build capacity by cre-
ating partnerships with state and local governments and the
private sector to fund environmental needs.
EFAB was established in 1989 to advise EPA on environ-
mental financing challenges facing the nation. The Board
is composed of approximately 30 members appointed by
the Deputy Administrator, representing state and local gov-
ernments; the banking, finance, and legal communities;
business and industry, academia, and nonprofit environ-
mental organizations.
The EFCN, composed often centers located throughout the
nation, is the only university-based organization in the
country that provides innovative solutions to communities
to help manage the cost of environmental protection. The
network works with both the public and private sectors to
promote a sustainable environment by addressing the diffi-
cult issue of how to pay. The Centers are located at the fol-
lowing universities:
• University of Southern Maine
• Syracuse University
• University of Maryland
• University of North Carolina at Chapel Hill
• University of Louisville
March 2010
Volume 1, Issue 1
• Cleveland State University
• New Mexico Institute of Mining and Technology
• Wichita State University
• Dominican University of California
• Boise State University
This first issue includes two articles, one about an EFAB
report to the Agency on an innovative financing mecha-
nism called Voluntary Environmental Improvement
Bonds (VEIBs), and the other about a new green build-
ing into which the Syracuse University Environmental
Finance Center recently moved. We hope you enjoy
this and future issues and your comments are welcome.
Please visit us at http://www.epa.gov/efinpage.
Syracuse EFC Moves into New Green
Building
In January, the Environmental Finance Center
(EFC) at Syracuse University moved into the Syra-
cuse Center of Excellence (Syracuse CoE) Head-
quarters Building, a state-of-the-art green office
building in Syracuse, New York. The Leadership
in Energy and Environmental Design (LEED) rat-
ing for this 5 story building is expected to be plati-
num. In addition to providing space for the EFC,
this building provides offices, classrooms, public
spaces, and research labs for Syracuse CoE and its
academic and industry partners. The building has
many features that help reduce its environmental
impact and create an indoor environment that is
good for the health of its occupants. Environ-
mental contamination associated with previous in-
dustrial uses of the three-acre construction site,
which was designated as a "brownfield," was reme-
diated before construction began.
(continued on page 2)
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Green Building (continued from page 1)
The green features of the building include photovoltaic panels that
enable it to generate its own electricity and extensive window panels
providing natural light to occupants in most of the indoor spaces. In
addition, ventilation below the foundation prevents underground va-
pors from entering the building, eliminating a potential source of
contaminants in indoor air. The building provides a good example
of how other similar buildings could be constructed for the benefit of
the environment and public health. A ribbon cutting ceremony will
take place in March 2010. The EFC is online at
http://efc.syracusecoe.org/.
VEIB Reports Well Received
by the Agency
The Environmental Financial Advisory Board (EFAB) was
pleased to receive positive feedback from the EPA on two re-
ports recently released to the Agency examining an innovative
environmental finance concept called Voluntary Environmental
Improvement Bonds (VEIBs). These reports present a concept
and implementation plan for a VEIB program that can be used
by homeowners to finance the installation of solar panels and
other property improvements. This program has the potential
to recruit thousands of citizens to the cause of reducing green-
house gas emissions; and it supports Administrator Jackson's
priorities of taking action on climate change and improving air
quality.
\
The new green building that houses the
Syracuse Environmental Finance Center
"This program has the potential to recruit
thousands of citizens to the cause of reduc-
ing greenhouse gas emissions"
Upcoming Events:
Council of Infrastructure Financing Authorities
(CIFA) Federal Policy Conference, April 26-27,
Washington, DC, see
http://www.cifanet.org/conferences.html
In addition to solar panels, other installations that VEIBs can be
used to finance include: insulation, energy efficient water heat-
ers, and wood stoves certified by EPA as having reduced par-
ticulate emissions. In the reports, EFAB highly commended
the VEIB concept to EPA and made specific recommendations
for the Agency to encourage states and local governments to
adopt VEIB programs. In response to these recommendations,
the EPA Office of Air and Radiation (OAR) has committed to
exploring the potential of VEIBs to finance a variety of envi-
ronmental programs, including the replacement of wood stoves
with EPA-certified devices. The reports are available online at
http://www.epa.gov/efinpage/publications/VoluntaryEnviroImp
rovementBondsReports .pdf.
Newsletter Staff: Susan Emerson, Vanessa Bowie
Contributor: SaraPesek
Page 2
Environmental Finance Center Seminar Series at
EPA in Washington, DC, featuring:
Boise State University EFC (April 28)
University of North Carolina EFC (May 12)
Syracuse Environmental Finance Center Event,
Smart Management for Small Communities,
April 20-22, Blue Mountain Lake, NY, see
http ://efc .syracusecoe .org/.
Center for Environmental Finance Newsletter
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