Today Sen. Elizabeth Warren released a Plan to Create 10.6 Million Green Jobs, which includes a green bank modeled on the National Climate Bank Act. The plan sets describes how a green bank on this scale could benefit workers and communities:
“A Green Bank is among the best ways to ensure a dedicated funding stream for an economy-wide climate transition to reconcile the scale of investment required with the speed of transition necessary to defeat the climate crisis. I’ll work with Congress to establish a bank modeled after and expanded upon the National Climate Bank Act, introduced earlier this year by my friend and colleague Senator Markey. We’ll put in place strong bipartisan oversight and governance to ensure that investments are equitable and benefit working Americans. And ultimately, this new Green Bank will mobilize $1 trillion in climate and green infrastructure investments across the country over 30 years.”
In response, Jeffrey Schub, Executive Director of the Coalition for Green Capital, commented:
“Green banks across the country have shown how to accelerate clean energy investment. We absolutely need to take this proven model to scale to drive investment into communities across the country. Senator Warren should be applauded for making this solution part of her Green Jobs plan.”
The green jobs plan cites CGC analysis of the National Climate Bank Act, which finds that a Climate Bank capitalized with $35 billion could mobilize up to $1 trillion in public and private investment over 30 years.