The National Climate Bank Campaign

More than three quarters of Americans believe human activity is responsible for climate change, and the same percentage want government to act to address climate change. Addressing climate change requires trillions of dollars of investment. $4.5 trillion of investment is needed in the U.S. to build a 100% renewable energy system. Without speed and scale, the inevitable environmental and economic damage threatens to radically reduce the standard of living and destroy much of the planet’s flora and fauna.

That is why in 2019 CGC launched the National Climate Bank Campaign to create a national green bank in the United States. Now, for the first time since a national Green Bank was passed by the House of Representatives with bipartisan support in 2009, there is real momentum and a window of opportunity to create a National Climate Bank.

The National Climate Bank Act was introduced in the U.S. Senate in July 2019 by Senators Markey and Van Hollen. Companion legislation was introduced in the House in December 2019 by Rep. Debbie Dingell. In January 2020, that bill was included as part of the broader CLEAN Future Act.

The bill:

  • directs the federal government to deposit $35 billion in an independent non-profit corporation called the National Climate Bank, that is chartered for 30 years;
  • says the Bank will be governed by a Board of Directors that are independent and cannot be government employees or political appointees;
  • directs the Bank operate with an objective function of maximizing emissions reductions per public dollar deployed;
  • prioritizes investments that deliver consumer benefits, which includes lower energy costs;
  • directs at least 20% of its investments to “climate-impacted communities,” which includes low-income, minority, and frontline communities most effected by climate change;
  • ensures consumer protection and safe lending for any residential lending activity; and
  • upholds strong labor and wage standards for projects financed directly by the Banks.

Learn about the Climate Bank below, and read more on our Resources and Blog page.

Materials:

Webinar: National Climate Bank Briefing with Rep. Debbie Dingell

National Climate Bank Overview Slides

National Climate Bank Act – H.R. 5416

National Climate Bank Act House Bill Summary

Driving $1 Trillion of Investment with the National Climate Bank

News:

Utility Dive: House green bank bill aims to leverage $35B in government funding into $1T in private investment

CleanTechnica: Why you should care about the National Climate Bank

The Hill: Democrats outline sweeping legislation to make U.S. carbon neutral by 2050

Morning Consult: National Climate Bank provides a realistic framework to reach bold climate targets

Energy News Network: Q&A: Michigan lawmaker aims to ‘build the coalition around clean energy