The recent forum in Oakland that featured Wolfram Morales of Sparkasse, the German Public Bank network, prompted an excellent write up in Sharable with plenty of great quotes. Read and share.
"A public bank can really create community wealth in ways other institutions are not capable off," said Gregory Rosen, the founder of High Noon Advisors, a local consulting firm with experience in clean energy investing. "It can help people of different backgrounds and income levels come together, for the good of the community."
A representative from Germany's public banking sector, Wolfram Morales, explained how public banks played a central role in the country's energy sector. Germany's energy transition from centralized fossil fuel energy to diverse renewables has been successful and gets between 38-41 percent of its electricity from renewable resources, according to figures provided by the East German Savings Bank Association. "The government says about us, that the Sparkassen finance group is one of the largest financiers of the energy transition," said Morales ….
"When we pay PG&E for our electricity, that money is out the door, to investors … when you pay to community energy, that money circulates locally," said Jessica Tovar, an organizer with the Local Clean Energy Alliance of the Bay Area. "We want to see that money in our community and people who eat, pray, and play here benefit."