Newsletter Launch: The Clean Energy Future

CGC is pleased to introduce the Clean Energy Future, a newsletter that will inform and support the expansion of green banks and clean energy investment, including the creation of the National Climate Bank.

To sign up for the newsletter and receive the latest news, analysis and commentary from the world of green banks, visit the Climate Bank mini-site at the link. Supporters will get access to detailed green bank news and developments, be invited to green bank events and webinars, and learn about opportunities to directly support green bank formation.

See below or click here to read the latest edition in full.

Dear Friend,

Welcome to the world of green banks! This is the first edition of the Coalition for Green Capital’s newsletter, the Clean Energy Future. In each issue we’ll explore new topics related to green banks, clean energy investments, and how to win the war on climate change.

It’s a great week to get started, because momentum is building to form a National Climate Bank. Senators Markey, Van Hollen, Schatz and Blumenthal introduced the National Climate Bank Act of 2019 in July, and Senator Murphy and Rep. Himes introduced a similar bill earlier this year. These efforts build on as past leadership stretching all the way back to 2009.

Why is this important? If we want to stop climate change, it comes down to money. In the U.S., we’ll need $4.5 trillion of investment to create a 100% clean energy grid. To save the planet we need to invest much faster and at much greater scale than we are today. And we need to do it in ways that keep energy costs low for households and businesses.

That is the job of green banks. From leading presidential candidates to local institutions, green banks are sprouting and growing around the world. And with a National Climate Bank, the U.S. could move one step closer to joining those already investing to build a clean energy economy. So please join us and add your name to learn more about green banks and how to spark climate investment. In addition to news, each issue will dive more deeply into important topics that explain how green banks work and why they are vital to solving climate change. Thank you!

Jeffrey Schub

Executive Director, Coalition for Green Capital
Momentum Builds Towards a National Climate Bank
A bill to create a National Climate Bank was introduced in the Senate in July of 2019. The legislation creates an independent nonprofit financial institution that is capitalized with $35 billion of federal funds over five years. It uses financial tools and expertise to drive private investment into clean energy, and CGC analysis finds that the Climate Bank can drive up to $1 trillion in clean energy investment over 30 years.
The National Climate Bank is empowered to invest across economic sectors in projects that would get the most emissions reductions out of each public dollar. It also must focus on environmental justice, investing so that communities affected by climate change can create jobs, save money on energy, and improve their air quality and public health.
Strong Support among Voters
Recent polling finds broad, bipartisan support for a National Climate Bank—and for candidates who support its development. Nationally, voters support the creation of a National Climate Bank by a 43-point margin, and Republicans are more likely to support than oppose by a 10-point margin. Nearly two-thirds of Democrats and a strong majority of Independents say they are more likely to vote for a candidate who supports a National Climate Bank.
Buzz about the National Climate Bank
  • “This bill takes many of the exciting victories of existing green banks from the energy sector and expands them to include our country’s largest sources of emissions, including transportation and agriculture, and new solutions like reforestation, building electrification, and financing coal plant closures.” NRDC: Introduction to the National Climate Bank.
  • “In practical terms, policies like carbon pricing, tax credits and renewable portfolio standards all factor into the economics of what makes a renewable energy project workable. These complementary policies raise the price of fossil-fueled power or reduce the cost of developing a clean energy project. A Climate Bank meets those economic conditions wherever they are. It takes projects that are on the edge of profitability and makes them viable, regardless of where that edge exists.” The Hill Op-Ed: Democratic Candidates are Building Momentum for a National Climate Bank.
The Campaign Trail
Public investment in clean energy has been a growing topic on the Presidential campaign trail, with most candidates’ climate plans including a significant public investment component. Five top candidates have either explicitly proposed green bank institutions that would mobilize private investment alongside public funds, or suggested the expansion of an existing agency for this purpose.
This makes sense as part of a comprehensive climate plan. Increasingly, candidates and experts are realizing that there is no single silver bullet to stop climate change. Market mechanisms and regulatory approaches play important roles, but public investment provides unique advantages that can help reach climate change goals faster, more cheaply, and with the ability to address concerns about fairness and environmental justice.
For more on what candidates have proposed, see CGC’s candidate guide.
Green Bank News to Know
Join Us!
Join the green bank movement today and become a supporter. Supporters will get access to detailed green bank news and developments, be invited to green bank events and webinars, and learn about opportunities to directly support green bank formation.
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