"The launch of what would be the first U.S. green bank to help communities largely left behind by the clean energy revolution is back on track under a Senate climate deal that contains $60 billion in new environmental justice funding.
The new Greenhouse Gas Reduction Fund would be funded at $27 billion over the next decade to better leverage private sector investment and community lenders to build wind, solar, electric vehicle, and energy efficiency projects at the community level, under the deal negotiated between Sen. Joe Manchin (D-W.Va.) and Senate Majority Leader Chuck Schumer (D-N.Y.).
Green banks are typically public or quasi-public institutions using innovative financing techniques and market development tools in partnership with the private sector to accelerate the deployment of clean energy technologies.
While many states including New York and Connecticut have backed their own green banks for years, what would be the first launch of a U.S. fund capitalized with billions of dollars over the next decade would vault the U.S. to the top tier of global leaders in such clean energy investment, said Reed Hundt, former chairman of the Federal Communications Commission who has advised venture capital and private equity firms since the late 1990s."
Dean Scott reports for Bloomberg Environment July 28, 2022.
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