Washington, D.C.
– Maryland Congressman Chris Van Hollen introduced the Green Bank Act of
2014 with cosponsors Congresswoman Louise Slaughter (D-NY), Congresswoman
Eleanor Holmes Norton (D-DC), Congressman Earl Blumenauer (D-OR), Congressman
Jim Langevin (D-RI), Congressman Gerry Connolly (D-VA), Congressman Jim Himes
(D-CT), and Congresswoman Elizabeth Esty (D-CT).
Green Bank
legislation was embraced on a bipartisan basis in both the House and Senate in
2009, and eventually included as the Clean Energy Deployment Administration in
the House-passed American Clean Energy and Security Act later that year. Since
that time, the Green Bank movement has moved to the states.
Four states –
Connecticut, New York, Vermont, and Hawaii – have now established their own
state green banks, and 10 more are at various stages of exploring this
forward-looking, cost-effective public policy tool. In addition to
authorizing direct financing support for priority clean energy and energy
efficiency projects across the United States, this legislation also recognizes
and reflects the growing Green Bank movement occurring in our states by
authorizing the Green Bank to partner with and provide seed funding to state
clean energy financing institutions.
“America should
be leading the world in alternative energy development, but right now we’re
watching as other countries in Asia and Europe invest in renewable energy and
reap the jobs and economic and environmental benefits that come with it,” Congresswoman
Louise Slaughter said. “Creating a Green Bank will allow us to finance the
development of alternative energy in the United States, reduce our dependence
on foreign oil and fossil fuels and create good-paying, high-skill jobs here at
home. I’m glad my state of New York has been one of four forward-thinking
states to establish its own Green Bank, and I hope that the federal government
will soon follow suit.”
“The Green Bank
Act will promote exactly the kind of innovative, cost-effective action that has
become increasingly vital to combat climate change, promote clean energy
investment here at home, and give the United States a leadership position in
convincing nations of the urgency of quickly pursuing energy efficient
technologies worldwide,” said Congresswoman Eleanor Holmes Norton.
“In order to
combat and mitigate the global effects of climate change, we need to invest
now,” said Congressman Earl Blumenauer. “The Green Bank Act will give a
jump start to the clean and sustainable energy development that will not only
help us create a more livable country and planet, but will move us toward
energy independence and actually increase our national security.”
“Mitigating the
effects of climate change and protecting our environment must be priorities for
this Congress and this country, and the Green Bank Act provides a mechanism
through which to do that,” said Congressman Jim Langevin, energy task force
chair of the Sustainable Energy and Environment Coalition. “Providing a
funding stream for clean energy projects will incentivize the use of more
efficient technology and simultaneously support economic development and job
growth.”
“Our nation must
be willing to make a down payment on a sustainable future,” Congressman
Gerry Connolly said. “The Green Bank Act is an important tool for
leveraging the public-private investment necessary to help us build a strong
domestic clean and renewable energy industry for our nation. Increased
energy efficiency and reduced energy costs, job creation, and addressing
climate change are all benefits we can derive from the creation of a national
Green Bank.”
“The cheapest
and cleanest energy is the energy we don’t use at all. We have seen remarkable
gains in the renewable and energy efficiency marketplace over the last several
years, and it is important that the federal government provides incentives to
allow the marketplace to continue to develop and thrive,” said Congressman
Jim Himes. “Connecticut’s Green Bank’s success in financing the development
of clean energy and energy efficiency projects is a testament to the positive
impact public-private partnerships can have, and I am excited to help lead the
effort to establish a similar institution at the national level.”
“I’m proud to
join my colleagues in introducing the Green Bank Act, which will help finance
critical alternative energy projects across the country. Our bill is modeled
after the successful Clean Energy Finance and Investment Authority (CEFIA) in
Connecticut, the nation’s first green bank. Through public-private
partnerships, CEFIA supports important clean energy efforts such as Property
Assessed Clean Energy (PACE) loans to help businesses improve their energy
efficiency and competitiveness, crowdsourcing residential solar projects,
and clean energy initiatives for schools, YMCAs, Boys and Girls Clubs such as
the Campus Efficiency Now (CEN) program. We have a great opportunity to share
the innovative model that’s working here in Connecticut to help folks all over
the country improve our economy and our environment,” said Congresswoman
Elizabeth Esty.
“In 2011, we
passed bipartisan legislation in Connecticut that created the nation’s first
state-based green bank, and I'm proud that our model is being replicated at the
national level,” said Connecticut Governor Dannel Malloy. “Connecticut's
Green Bank has been able to attract private capital investment in clean energy
deployment by leveraging public funds at a ratio of 10 to 1. If passed, the Green
Bank Act of 2014 would provide our state with up to $500 million of federal
investment that our green bank could leverage to attract up to $5 billion of
private capital investment in our growing clean energy economy. I am thrilled
to see the introduction of this bill and further thank the Connecticut
delegation for their leadership and support of this effort.”
