CT model cited for U.S. ‘green bank’

Photo | HBJ File A technician from Norwich-based Lantern Energy working on a solar array.

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By Gregory Seay

Connecticut, the first state to establish a public-finance pipeline to stoke private energy-efficiency developments, is pushing its model to create a national “green bank.”

U.S. Sens. Chris Murphy (D-Conn.), Richard Blumenthal (D.-Conn.), Chris Van Hollen (D-Md.), Sheldon Whitehouse (D-R.I.) and Ed Markey (D-Mass.) this week introduced the Green Bank Act of 2019.

If adopted, the bill would establish a national green bank to deploy public financing for regional, state, and municipal green banks, including the Connecticut Green Bank, the senators said in a joint statement Friday.

“For nearly a decade,” Blumenthal said. “Connecticut’s groundbreaking Green Bank has shown the nation how to catalyze large investments in clean energy projects at a massive scale. It has spurred good-paying green jobs and lowered energy costs for consumers in the state, while reducing CO2 emissions and preserving our planet.”

The aim is to unleash large-scale, private investments in clean energy and energy efficiency projects, particularly for low- to moderate-income families, creating thousands of clean energy jobs while combating climate change, proponents said.

The bill ensures that green banks in U.S. Territories would be eligible for federal financing, and it would provide assistance to eligible jurisdictions seeking to establish their own green banks.

“Climate change poses a serious security risk to our country, and public and private investments will be critical to solving it,” Murphy said.