Bipartisan support for federal bill grows as Alaska works to develop state green bank
WASHINGTON—Congressman Don Young (R-Alaska) this week cosponsored H.R.806 that would create a national green bank capable of generating 4 million new jobs. If funded at the bill proposed $100B level, an Alaska green bank would receive an estimated $130 million and create 5,000 jobs. Congressman Young’s support comes as interest grows in establishing a state green bank for Alaska families and businesses.
Young joins Congressman Brian Fitzpatrick (R-PA-1) in Republican support for H.R.806. The bill was originally introduced by Congresswoman Debbie Dingell (D-Mich.) to accelerate the deployment of clean energy technology and emissions reduction projects alongside private capital. Climate provisions are expected to be a top priority for President Biden and the anticipated infrastructure bill in Congress.
Last year, the U.S. House of Representatives twice passed funding for the nonprofit accelerator that would help achieve the decarbonization and ESG goals discussed above while also helping to create and fund state and local green banks. President-elect Joe Biden included the Accelerator in his climate plan and Vice-President Elect Kamala Harris backed the Senate effort. In 2020, nearly 100 organizations sent a letter to Congressional leaders backing the effort.
Green banks currently exist in more than 14 cities 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.