Clean Energy Accelerator

What It Is

The Clean Energy & Sustainability Accelerator is an independent, nonpartisan nonprofit finance entity that will operate as the U.S. national green bank. It will use public funds to mobilize more private investment to accelerate deployment of clean and resilient infrastructure in every community in the U.S.

It is a no-regrets, proven, practical implementation tool that will create jobs, strengthen communities, create new businesses and lower greenhouse gas emissions. By prioritizing 40 percent of funding for communities in greatest need of jobs, it will support disadvantaged communities. All that is needed to get it started is funding from Congress.

What It Will Accomplish

A $100B upfront capitalization of the Accelerator from Congress will:

Drive $463B of total investment in 4 years due to private sector leverage

Generate $884B of total investment over 10 years due to recycling and borrowing on capital markets – not with the full faith and credit of the U.S. government

Create 4M jobs in 4 years, where 2/3 of those jobs are in roles that can be filled right away even during covid and are open to Americans have many skill sets

Support 2.5B metric tons of cumulative emissions reductions over its first 10 years

Put America on a path to net zero – by 2030 the Accelerator will deliver one-fifth of all emissions reduction needed on path to net zero by 2050

And it will accomplish all these without raising energy costs and while prioritizing investments in disadvantaged, climate-impacted and communities of color.

Why It Can Pass in 2021

It did twice in 2020

The House of Representatives passed legislation to fund the Accelerator TWICE in 2020 – once as part of an infrastructure package and again as part of an energy innovation package. The prospects of passage in 2021 are even stronger.

Green Goes Red

Demand for state green banks has never been higher. And it is not just blue states. States of all political leanings want the green bank model. The only thing missing is the funding. The primary task for the Accelerator will be to help start and then fund new green banks in every state to support local, community-driven investment.

Voters of Both Parties Support the Accelerator

Seven out of 10 voters want Congress to invest in clean energy infrastructure as a way to kill two birds with one stone – create jobs and fight climate change. And two out of three voters specifically want Congress to fund the Accelerator. This is true in fossil fuel and swing states.

70%

of voters want Congress to invest in clean energy

67%

of voters specifically want Congress to fund the Accelerator

Additional Bipartisan Support

The bill is endorsed and co-sponsored by Vice President Harris.
President Biden’s clean energy and environmental justice plans specifically call for a green bank-like financing program.
25 governors in the bipartisan US Climate Alliance requested that Congress create and fund a national green bank.
Was included in recommendations in the House Select Committee and the Senate Special Committee on the Climate Crisis action plans.

How It Works and Creates Jobs

The non-partisan, non-profit uses the proven green bank model to speed up the clean energy transition.

The initial public sector funding to capitalize the accelerator is paired with additional private sector dollars (co-investment), usually at least three to five private dollars for every public dollar.

Since the funds are loaned and repaid, the funding can be recycled for future projects and does not add to the federal debt.

It does this in nine ways:

Renewable Energy

Buildings

Transportation

Incentivizing Electric Vehicle VMT for High Mileage Rideshare Drivers to Maximize Transportation
ESCO-Style Financing for Public Bus Fleet Conversion from Gasoline to Electric
Financing Heavy-Duty Truck Fleet Conversion to Clean Alternative Fuel Source

Grid Infrastructure

Industrial Decarbonization

Forestry & Agriculture

Resilience

Environmental Justice

Financing Home Heating System Electrification
Accelerating Community Solar Construction with Interconnection Bridge Loan Financing
Electrifying Homes in Frontline Communities to Reduce Energy Costs and Improve Public Health
Targeted Workforce Development for Clean Energy Job Creation in Electrification
Supporting Community Solar Project Finance Targeting LMI Households
Lowering Energy Costs for LMI Homeowners with Rooftop Solar Lease + Energy Efficiency Savings
Opening Access to LMI Residential Clean Energy Upgrades through On-Bill Financing, such as PAYS
Upgrading Affordable Multifamily Housing for Energy Efficiency
ESCO-Style Financing for Public Bus Fleet Conversion from Gasoline to Electric
Financing Heavy-Duty Truck Fleet Conversion to Clean Alternative Fuel Source
Upgrading LMI Homes for Resilience + Clean Energy to Reduce Monthly Costs, Increase Comfort and Harden
Solar + Storage Financing for LMI Households & Communities

Just Transition

In Action Across a Dozen States

During the last decade, the 15 Green Banks that exist today have generated $5.3 billion in clean energy investment since 2011, with $1.5 billion of this investment taking place in 2019 alone. Together, they have created tens of thousands of jobs.

$5.3B

in clean energy investment since 2011

10,000+

created tens of thousands of jobs

California Pollution Control Financing Authority

CGC News

Citing Rising Costs for Families and Volatile Foreign Energy Markets, Over 200 Companies and Groups Call on Biden to Support a National Green Bank

Mar 17, 2022

Press Release

News Stories