Introducing our Climate Financing Program

Building Resilience in the Gulf of Maine

The Gulf of Maine is warming faster than nearly any other part of the world’s oceans, creating significant challenges for communities in the region. Rising sea levels, extreme weather, and shifts in the marine ecosystem threaten infrastructure, livelihoods, ecosystems, and ways of life. These changes highlight the urgent need for communities to invest in climate resilience and future-proof their economies. However, the financial costs involved with building climate resilience and implementing adaptation strategies is a major challenge.

Our Climate Financing Program is designed to help communities overcome these financial barriers to climate action. Whether supporting disaster recovery or enabling proactive investments in climate resilience, we work closely with communities to plan, fund, and execute projects that meet their goals.

What is Climate Finance?

At a high level, climate finance entails financial support for any project which reduces greenhouse gas emissions, builds resilience to climate impacts, or fosters long-term sustainability. Our Climate Finance Specialist Nikki Yanok puts it more simply: “If it has something to do with a natural disaster or making an asset more resilient, it's climate finance.”

Since joining GMRI in December 2023, Nikki has leveraged her background in institutional finance to help communities turn project ideas into actionable plans.

Our climate financing team works closely with projects in both the public and private sectors, adjusting their structure to take full advantage of financing opportunities and initiatives that invest in clean energy infrastructure or technologies such as the ​​Climate United and the National Clean Investment Funds.

Our program also connects project leaders with funding mechanisms they qualify for, such as the Bipartisan Infrastructure Law (BIL), or the Inflation Reduction Act (IRA). The BIL provides funding to infrastructure resilience, while the IRA provides financial incentives for clean energy projects. Private financing can come from community banks, loans, climate-related mission investment firms, and more. The vast majority of private sector financing, though, is debt-based.

Days Ferry Landing: A Case Study

In Woolwich, Maine, repeated storms damaged a historic bulkhead that supports Days Ferry Landing — part of the town’s identity for over 200 years. The bulkhead is a critical asset that supports commercial fishing, serves as a water source for the local fire department, and acts as a community space. In order to repair this infrastructure, the town needed help securing funding.

Our team worked with Tim Forrester, a Woolwich community member and Director of Coastal Resources at Flycatcher, LLC, to apply for a FEMA Hazard Mitigation Grant, which could cover 75% of the project’s cost, but requires a contribution equal to 25% of the grants value. To meet the required 25% local match, the project’s engineer and construction team offered their labor and time as in-kind (non-monetary) contributions. This collaboration could help the town to finance the project with no cash cost to the town, restoring the bulkhead while improving its resilience to future storms.

Portland, Maine: Revitalizing Union Wharf

Climate finance also plays a key role in proactive projects that build climate resilience and support sustainable economic growth.

Currently, we are working to revitalize Union Wharf in Portland, Maine. Built in 1793, Union Wharf is Portland’s oldest commercial wharf and remains a critical piece of its working waterfront today. The project focuses on making the wharf more resilient to climate impacts while implementing disaster prevention measures.

Our Climate Financing Program helps structure the project’s capital stack, which is how project costs can be categorized to identify funding opportunities for different components. This approach ensures efficient use of resources and allows us to maximize our budget. By combining public and private funding, the project aims to enhance the wharf’s resilience while continuing to support Portland’s economic vitality.

Take the next step

By leveraging diverse funding sources, offering expertise in capital stack planning, and providing guidance through grant processes, our team empowers communities to take ambitious steps toward a more resilient and lower-carbon future. If your organization or community is ready to explore climate finance opportunities or needs help navigating the process, we’re here to help. You can explore our Climate Finance Resource Hub to learn more.