US congresswoman Dingell introduces bill to form USD-35bn National Climate Bank

US congresswoman Debbie Dingell on Thursday introduced a bill that will create a National Climate Bank to stimulate private investment in various projects to cut greenhouse gas emissions and step up the country’s clean energy transition.

The bank, an independent non-profit capitalised with USD 35 billion (EUR 31.4bn) of federal funds spread over six years, is expected to mobilise up to USD 1 trillion in private investment. It will invest in renewable power, transmission capacity, energy storage, micro-grids, transportation, industrial decarbonisation, building efficiency, forestry and agriculture. Moreover, it will assist in forming new state and local Green Banks and provide capital for them to invest in small-scale and distributed energy projects.

The new nonpartisan non-profit will utilise methods proven by existing state and local Green Banks across the US and will prioritise investments in frontline, rural, low-income and environmental justice communities that suffer the most from climate change and pollution.

The newly-introduced bill, the National Climate Bank Act of 2019, is a companion to one presented in the Senate this summer by Senators Markey, Van Hollen, Schatz and Blumenthal. It is also informed by the Green Bank Act of 2019, introduced by Senator Chris Murphy and Representative Jim Himes.

The bill was originally co-sponsored by Representatives Paul Tonko, Lisa Blunt Rochester and Cindy Axne.

(USD 1.0 = EUR 0.898)

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