Innovative Fellowship Unites Opportunity Finance Network and Kresge
Opportunity Finance Network and Kresge Foundation Collaboration
Opportunity Finance Network (OFN), recognized as a leader in community development investment, has forged a significant partnership with the Kresge Foundation aimed at innovating climate finance strategies. This collaboration was announced during a notable event, Climate Week NYC, highlighting the importance of tackling climate issues in community developments.
Introducing Joe Evans as Senior Executive Fellow
In this partnership, Joe Evans, who previously served as a Social Investment Officer at the Kresge Foundation, joins OFN as the Senior Executive Fellow for Climate Finance. His rich experience brings valuable insights into climate and social impact, along with deep expertise in philanthropic ventures. Evans' role will be pivotal in shaping and advancing OFN's strategy focused on climate initiatives.
Significance of Climate Finance Strategies
Amber Bell, Executive Vice President and Chief Strategy Officer at OFN, emphasized the necessity of innovative strategies for long-term success. "To meet the ambitious goals of generational investments like the Clean Communities Investment Accelerator (CCIA), we need to reimagine our approach to climate finance," she stated. Evans' background in working with low-income and disadvantaged communities positions him well to help achieve these aims.
A Focus on Justice40 Communities
Evans expressed enthusiasm about joining OFN, stressing the importance of ensuring that Justice40 communities directly benefit from federal investments. His objective will be to implement initiatives that create meaningful changes in the lives of residents in these communities by providing access to essential resources and financial support aimed at mitigating climate change impacts.
Enhancing Community Development Through Fellowship
The fellowship program sheds light on OFN’s commitment to enhancing community development through strategic climate finance. It provides Evans with an advisory role where he will guide OFN in developing effective climate strategies that not only promote sustainability but also foster economic resilience in underserved areas.
Collaboration Emphasizing Opportunity and Equity
Aaron Seybert, Managing Director of the Social Investment Practice at the Kresge Foundation, underscored the essence of this partnership. "Kresge’s commitment to expanding opportunity and equity in cities fuels our involvement in climate justice. Through this fellowship, we aim to help low-income residents reduce energy costs, create jobs, and enhance overall community resilience against climate threats," he remarked.
The Role of OFN in Community Impact
As a prominent entity managing over $1 billion in total assets, OFN plays a crucial role in supporting nearly 450 community development financial institutions (CDFIs). These institutions focus on ensuring that underserved communities have access to affordable financial products and services, particularly as they face the evolving challenges posed by climate change.
Total Financial Reach and Community Investments
Since its inception, OFN has originated more than $100 billion in financing, significantly impacting communities by creating millions of jobs and assisting numerous businesses. This strong financial backing illustrates OFN’s capability to establish sustainable partnerships that yield long-term benefits for underfunded regions.
Conclusion and Call to Action
This collaboration between Opportunity Finance Network and the Kresge Foundation represents a bold step toward enriching community investments and addressing climate change head-on. OFN encourages mission-aligned leaders to explore partnerships and opportunities that create lasting positive impacts in their communities.
Frequently Asked Questions
What is the main goal of the partnership between OFN and Kresge Foundation?
The partnership aims to innovate climate finance strategies that support community development, especially in underserved areas.
Who is Joe Evans and what role does he play?
Joe Evans is the Senior Executive Fellow for Climate Finance at OFN, focusing on developing climate strategies for community investments.
What are Justice40 communities?
Justice40 communities are targeted to receive 40% of the overall benefits of federal investments aimed at climate and environmental justice.
How does OFN support underserved communities?
OFN supports underserved communities by providing access to affordable financial products and services and fostering economic growth through strategic investments.
What has been the financial impact of OFN since its founding?
Since 1986, OFN has originated over $100 billion in financing and has supported the creation or maintenance of more than 3 million jobs.
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