Today, CGC released a new white paper analyzing the energy innovation package that was just introduced. It explains how many of the bill’s provisions would be strengthened if paired with a National Climate Bank.
Last week, Senators Murkowski and Manchin introduced the American Energy Innovation Act, a large bill with many distinct components intended to support research, development and demonstration of a wide range of energy technologies. There is a little something for everyone in the package, with support for a wide range of renewable technologies, building efficiency, industrial decarbonization, clean transportation, nuclear power and carbon capture.
The focus on early RD&D and technology (rather than specific climate outcomes) means the legislation enjoyed bipartisan support in committee. But the impact of the proposed programs and funding would be significantly greater if the National Climate Bank Act were also included.
In this new white paper, CGC explains how Climate Bank financing and the programs described in last week’s legislation complement one another. A Climate Bank can carry technology from proof-of-concept to broad deployment, ensuring the down payment made on tech innovation will yield real-world results. The paper provides a section-by-section analysis, as well as a more detailed discussion on the programs that specifically apply to state green banks.