ICYMI: E&E News: States offer clues for Biden’s $27B green bank plan

Washington, DCE&E News reports that a “yearslong campaign to establish a federal green bank for community-based clean energy projects has hit a political high-water mark with a $27 billion pledge of support in President Biden’s fiscal 2022 budget proposal.”

Key Points: 

  • “The funds would launch a nonprofit organization — more like an independent loan fund than a traditional commercial bank — that would partner with state-level green banks to provide initial backing for a wide range of clean energy and energy conservation projects.”
  • Based on the track records of 21 existing green banks in 15 states and the District of Columbia, if federal dollars went first, private investors would follow, says the Coalition for Green Capital. The green bank advocacy group reports that since 2009, these institutions have lent $7 billion, three-quarters of that in private funds.”
  • ‘If you put this money in right away, then over a decade, it’s going to be possible to have eight times that amount of money invested,’ coalition CEO Reed Hundt said in an interview. ‘This is the thing we’ve been trying to have happen for 12 years.’”

Read the article here: https://www.eenews.net/energywire/stories/1063734177/search?keyword=coalition+for+green

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