The climate test is simple: jobs, justice and climate. The National Climate Bank does all three,” Edward Markey, a Democratic senator from Massachusetts, said of the new initiative. “Through this bank, local climate and clean energy entrepreneurs will leverage funding to advance green initiatives and infrastructure in their communities while creating good, local jobs.”
The national bank will aid the work of existing state and local green banks, which have already flourished in more than a dozen states.
The New York green bank has lent more than $1bn since its creation in 2014, as it has worked with the private sector to expand the use of clean energy technology. One of the New York green bank’s initiatives, the community solar program, has allowed residents who may not be able to install solar panels on their roofs to instead subscribe to an off-site solar project, thus reducing participants’ energy costs.