By Adele Green
The same thing can happen nationally, where the bank would be created as an independent, nonpartisan nonprofit—sitting outside the government, but capitalized with an initial appropriation from Congress—and could invest both in national projects, such as upgrades to the electric grid, and send money to state and local green banks. “Between 35 and 40 states want to have a green bank or something like it, but they don’t have the capital,” says Schub. That’s especially true as COVID-19 hits government budgets, including in the states and cities that do have green banks now. In Connecticut, nearly half of the green bank’s budget was recently cut to help balance a deficit in the state’s general fund.
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