By Heather Clancy, Editorial Director, GreenBiz Group
Quick, what do Alaska, Maine and South Carolina have in common?
All three U.S. states are seriously evaluating the creation of green banks — financing institutions created with the explicit mission of combining public and private funds to invest in climate solutions and green infrastructure. They would join roughly 20 other U.S. jurisdictions that have used this mechanism to drive more than $5 billion in clean energy investments as of the end of 2019, including Connecticut, Florida, Michigan and Washington, D.C.
Alaska is so invested in the idea that Rep. Don Young, a Republican who championed Deb Haaland’s nomination as Interior Secretary, last week stepped across the aisle again to become a co-sponsor of the latest legislation to create a national-level green bank. The bill would make $100 billion of public funds available for a nonprofit organization that would provide financing and other support to regional, state and local green banks — an amount the sponsors say could catalyze $884 billion in green infrastructure investments over the next decade and help create 4 million clean economy jobs within the next four years. Continue reading here.
LINKS TO MORE INFORMATION
- American Green Bank Consortium
The Consortium is a collaborative project led by the Coalition for Green Capital, a non-profit with a goal of building a 100% clean energy platform by implementing Green Banks to accelerate clean energy investment.
- Coalition for Green Capital – U.S. National Green Bank
- Clean Energy Accelerator: Coalition for Green Capital project
ALSO OF POTENTIAL INTEREST
- What Can Green Banks Do for Rural Areas?, Environmental and Energy Study Institute
Founded in 1984 by a bipartisan group of members of Congress to inform the debate and decision-making on energy and environmental policies, the Environmental and Energy Study Institute (EESI) is a non-profit organization dedicated to promoting sustainable societies. Today, our mission is to advance science-based solutions for climate change, energy, and environmental challenges in order to achieve our vision of a sustainable, resilient, and equitable world.
- Federal Reserve forms 2nd climate change risk panel, Banking Dive
The Federal Reserve is stepping up efforts to evaluate the risk climate change poses to the financial system through the formation of a second climate change risk committee, Fed Gov. Lael Brainard said Tuesday. Brainard announced the creation of the Financial Stability Climate Committee (FSCC), meant to identify and address climate-related risks on a macroprudential level, in a speech at the Ceres 2021 Conference.
- Biden to Pitch Infrastructure Plan in Pittsburgh, U.S. News & World Report
- New coalition calls on Biden admin to prioritize electrified transportation, Smart Cities Dive
- GreenBiz Webinar on April 22nd – Electrify Everything: What The Grid Needs to Connect It All