State would receive an estimated $1B if federal bill passes
More than 40k jobs would be created
WASHINGTON—Thirteen Minnesota House Representatives have sent a letter urging members of the state’s congressional delegation to support H.R.806 and S.283, legislation that would establish the first national green bank.
“The Clean Energy and Sustainability Accelerator will bring good jobs for Minnesotans and bring the economic benefits of energy efficiency and clean energy to households with the greatest need,” state leaders wrote to their delegation.
In March, Minnesota Rep. Todd Lippert introduced state bill H.F. No. 2044 to establish the Minnesota Innovation Finance Authority, a Minnesota green bank that would put people to work building clean energy infrastructure. The federal Accelerator would utilize federal dollars to fund projects across the country and provide seed capital for the planned Minnesota green bank.
If the federal bill passed with the proposed $100 billion funding level and Minnesota has established a green bank, the state would receive an estimated $1 billion in funds in seed capital that could create more than 41,000 jobs over the next four years. Many of those jobs would result from investments in three areas: installing energy efficiency and renewable energy projects on farms, reducing energy costs for low-to-moderate income and accelerating adoption of electric buses.
The legislators added: “Capitalizing the Innovation Finance Authority with these federal dollars would help Minnesotans save money and help our state as a whole meet our climate goals.”
In December, the Coalition for Green Capital with support from the McKnight Foundation released a report that found current capital markets and financing tools do not provide adequate support for projects in Minnesota that lower farm operating costs, reduce energy bills for low-income households and accelerate electric bus adoption.
Green banks currently exist in more than 14 municipalities and states across the country and have supported over $5 billion in investment in clean energy projects in their states and local communities, and much of this investment has been targeted toward low- and moderate-income households and communities. View a list of projects that have been supported by already existing state and local green banks.