On Earth Day (and Every Day) We Go Boldly Together
By Lucian Chown and Laura Drescher
On April 22nd fifty years ago, 20 million people, nearly 10 percent of the US population at the time, marched together in solidarity. Why? To acknowledge our deep connection to the earth, and to unite around the notion that humans must assume responsibility for the damage we as a species have caused to our home planet. Their actions sparked a wave of environmental regulations and led then President Nixon to establish the Environmental Protection Agency — igniting hope for swift action and more persistent stewardship of our precious natural resources.
Today’s Earth Day reminds us of what is possible when we work together, and also how much is at stake if we fail. That is why, on the 50th anniversary of Earth Day, we renew our dedication to collaborating on bold initiatives and innovative financing for climate action. With clients and partners from multiple sectors, Quantified Ventures seeks to address the damage of inaction and blaze new trails to advance mitigation, resilience, and adaptation efforts for the future. Our projects are increasing in diversity and expanding in scale. Recent press has highlighted our work in regenerative agriculture and carbon credits, as well as the need for investment in more resilient infrastructure.
We want to celebrate hard work and innovation this Earth Day by highlighting three ongoing initiatives to promote climate action in the face of intense global challenges.
1. Like many cities facing increased flood risk due to rising seas and more frequent and intense storms, Hampton, VA, is turning to urban green infrastructure projects to control neighborhood flooding. Green infrastructure is a cost-effective, resilient approach to managing excess rainwater, and can be flexibly implemented as rain gardens, underground storage bins, trees, and permeable pavement. Hampton has partnered with Quantified Ventures and the Chesapeake Bay Foundation to finance three green infrastructure solutions through an Environmental Impact Bond (EIB), as part of the City’s Resilient Hampton Initiative. Earlier this year, Hampton unveiled a comprehensive Water Plan which includes these EIB-funded projects—one of which will retrofit drainage channels with green infrastructure while providing a recreational path and native plants so residents can further enjoy their city. “We're proud to support Hampton's creative, collaborative, and results-driven approach to managing stormwater and coastal flooding,'' says Jason Lee, Associate Director at Quantified Ventures. By converting impervious surfaces and creating green infrastructure to store excess rainfall, the city will be better prepared for future and more extreme weather conditions exacerbated by climate change. Other U.S. cities are mobilizing to act as well. Quantified Ventures recently announced partnerships with Memphis, New Orleans and Buffalo to structure EIBs for flooding resilience.
2. Flood mitigation isn’t the only benefit cities stand to gain from green infrastructure. Quantified Ventures is working with Greenprint Partners to quantify the positive human health impacts of urban green infrastructure projects in Philadelphia. Stormwater mitigation diminishes flood-related health hazards and tree canopies reduce heat-related illnesses. "Philadelphia’s efforts to manage stormwater through green infrastructure have positively impacted the overall health of Philadelphians,” says Bani Singh, Senior Associate at Quantified Ventures. “We’re excited to make the case more explicit to the health sector regarding the advantages to the city’s growing mosaic of green space.”
The project reflects a partnership between leaders in green infrastructure and outcomes-based financing, leveraging their substantive problem solving and collaborative expertise to build climate resilience in urban communities. The goal is to build new coalitions for financing natural infrastructure in cities. By linking specific green infrastructure practices to population health outcomes of importance to Philadelphia communities, we hope to expand the number and type of funding sources available to support new green infrastructure projects in the city.
3. Rural communities have been deeply affected by climate change. In Southwest Colorado, Quantified Ventures is working with local partners Mountain Studies Institute and former state senator Ellen Roberts to build community resilience in the face of the increasing wildfire threats. Wildfire risk has recently escalated due to increased drought conditions, bark beetle infestations that kill trees, and unchecked brush and tree growth from decades of fire suppression policies. Forest health treatments can remove this excess wildfire fuel, but building resilience requires resources. To address this need, Quantified Ventures is working with partners to create the SW Colorado Wildfire Mitigation Environmental Impact Fund (EIF). "The Southwest Colorado Region has a vision of forest health and a wood products industry that supports our communities' social, ecological, and economic needs,” notes Aaron Kimple, Forest Health Program Director at Mountain Studies Institute. “By leveraging local, state, federal, and philanthropic resources with private capital, the EIF will enable us to achieve that vision and increase the resilience of our communities."
The EIF will use proceeds from a state-issued bond, as well as grants and appropriations, to issue annual revolving loans for treatment of these forested lands near at-risk communities. A partnership of local governments, water and power utilities, and tribes will repay the loans based on their reduced risk of wildfire. This approach provides a collaborative model that other rural communities can use to take action on shared risks associated with climate change.
The COVID-19 crisis highlights our shared humanity, and our collective reliance on nature to survive and thrive. Even before the pandemic, our priority at Quantified Ventures has been to rethink business as usual and develop new models of financing and partnership to navigate tough challenges. Through structuring EIBs for flood resilience, connecting green infrastructure to human health, and building a coalition to finance adaptation to wildfire through an EIF, we continue to partner with diverse stakeholders to mitigate the impacts of a drastically changing climate. This Earth Day, we are inspired by our clients, partners, and colleagues to press on, to think even more creatively, and to recenter on the power of human connection and partnership to create change.