The bill would create a National Green Bank to provide financing to support regional, state and municipal green banks which fund clean-energy and energy-efficient jobs that benefit local communities.
A green bank is a public financing authority that uses public funds to finance private investment in clean energy projects. Connecticut was the first of six states to establish a state green bank.
According to Esty and Murphy, since 2011, the Connecticut Green Bank has introduced 13,000 more jobs into the community, financed over 18,000 projects, and helped businesses lower energy costs and reduce their carbon footprint.
“The Green Bank Act will create American jobs, help businesses throughout the country reduce their energy costs, and ensure our nation does its part to protect our planet for future generations. The Green Bank model has a track record of success – particularly in Connecticut – and I’m hopeful it will receive bipartisan support in Congress to extend that success nationally,” Esty said in a statement.
Some businesses that have benefited from green bank investment are Curtis Packaging, Tier ONE Machining and Assembly, Defeo Manufacturing, and Lesro Industries, said Esty and Murphy.
“Green banks are creating jobs and helping the environment. Connecticut led the way by launching the first-ever green bank back in 2011, and since then, it has attracted $1 billion for clean energy investments. Even though the Trump administration chose to turn its back on our planet, we can choose to push back by investing in cleaner ways to power our world. Our Green Bank Act is a good first step,” Murphy said in a statement.
You can read more on the Green Bank Act here.