Press Release: June 21, 2019
US Representatives Jim Himes (D-CT) and 13 colleagues today introduced the US Green Bank Act of 2019, companion to a recent Senate bill of the same name introduced in May. The introduction builds momentum for the Green Bank proposal and demonstrates a broad base of support.
Like the Senate bill, the new bill establishes a US Green Bank. Green Banks are institutions that seek to achieve the greatest possible greenhouse gas reduction impact while reducing consumer energy costs. They achieve this by investing public dollars in ways that mobilize additional private capital.
The US Green Bank created by this bill would be capitalized with $50 billion, and would deploy those funds through the growing network of existing state and local Green Banks. There are currently 14 state and local Green Banks in the US, with more under development. These institutions have a demonstrated track record of success, and have mobilized sufficient private capital to more than triple the impact of each public dollar invested.
Representatives Himes said: “Thank you to the Coalition for Green Capital for their vital work and leadership on this issue. If we are really serious as a nation about creating a greener, more sustainable world, we need more than talk; we need investment. A national green bank will help states, municipalities and localities leverage their resources and ensure the future we create is a future we want to live in.”
As experts in Green Bank creation and operation, the Coalition for Green Capital (CGC) has played a role in the creation of most of the operating Green Banks in the US, and has been a leading voice on Green Banks since the model was first proposed a decade ago. CGC also operates the American Green Bank Consortium, which convenes and connects US Green Banks to work together and share information.
Jeffrey Schub, Executive Director of CGC said: “The House introduction of the US Green Bank Act of 2019 shows that momentum and support for Green Banks continue to grow. This bill would deliver an influx of capital into Green Bank institutions, enabling them to supercharge their investments in critical areas like renewable energy, energy efficiency, and clean transportation.”
For more information on the US Green Bank Act of 2019, see Representative Himes’ Statement, Senator Murphy’s Statement on the Senate bill, and CGC’s Bill Summary. For more information on existing US Green Banks, see the American Green Bank Consortium’s Annual Industry Report.
ABOUT CGC
The Coalition for Green Capital (CGC) is a non-profit organization focused on accelerating the growth of clean energy through the creation of Green Banks.
CGC offers a unique and proven capacity as the leading creator, advocate, and expert on Green Banks since 2009 and works directly to support the formation of Green Banks with governmental and civil society partners. CGC also provides on-going consulting and guidance to operating Green Banks.
For more information visit coalitionforgreencapital.com/.
CONTACT
Alex Kragie
Director of the American Green Bank Consortium