Should a National Climate Bank be Created?
Bill Summary
S. 283 proposes the establishment of a National Climate Bank, a federal green bank, which would leverage public and private capital towards investing in America's green economy. This bill is mirrored by a bill in the house, the Clean Energy and Sustainability Accelerator Act, which also proposes creating a federal institution, to support green banks at regional, state, and local levels. This bill would include $50 billion upfront, and $10 billion for each of the next 5 years, with the premise that $100 billion in public investment could spur as much as $884 billion in returns to investment in green innovation.
Sponsor: Senator Edward J. Markey (Democrat, Massachusetts)
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Opponents say
• "(It's) less about predicting financial stress and more about creating financial stress for politically incorrect, disfavored industries. Bank regulators and bank supervisors should not be in the business of implementing green environmental policy. That's not their job." Source: Representative Andy Barr (Republican, Kentucky)
• "Of course there will be alternative energies. We will have innovation. And I promise you this, the alternative energy innovations are not going to come from Washington... Because when Washington does that, they allocate money based on political concerns, not based on what is necessary" Source: Senator Ted Cruz (Republican, Texas)
• "Of course there will be alternative energies. We will have innovation. And I promise you this, the alternative energy innovations are not going to come from Washington... Because when Washington does that, they allocate money based on political concerns, not based on what is necessary" Source: Senator Ted Cruz (Republican, Texas)
Proponents say
• "When we invest in clean energy projects at home, we can export American technology and expertise overseas instead of importing foreign oil. A national climate bank is a model for how the financial, government, and private sectors can work together to leverage investment in climate action. We must continue to find innovative ways to capture and accelerate the momentum of the green economy, and a National Climate Bank will help invest in projects that are looking to decrease energy use and decrease carbon emissions." Source: Senator Edward J. Markey (Democrat, Massachusetts)
• "During the last decade, the green bank model has proven to have an outsized impact in states, creating good-paying jobs and decarbonizing the economy. Now we need to replicate this model at the federal level to meet the urgent economic and climate challenges before our country." Source: CEO Reed Hunt (Coalition for Green Capital)
• "During the last decade, the green bank model has proven to have an outsized impact in states, creating good-paying jobs and decarbonizing the economy. Now we need to replicate this model at the federal level to meet the urgent economic and climate challenges before our country." Source: CEO Reed Hunt (Coalition for Green Capital)
- Senators Markey And Van Hollen, Congresswoman Dingell Highlight Inclusion Of The Clean Energy And Sustainability Accelerator
- Democrats are pushing a National Climate Bank (The Verge)
- National Clean Energy and Sustainability Accelerator bills introduced in House and Senate (PV Magazine)
- Illinois Energy Bill Proposes ‘Green Bank’ As National Movement Builds (Energy News Network)
