CREATION OF A “GREEN BANK” TO FINANCE CLEAN ENERGY

By Bob Katzen

Bill (S 2231) – Requires the Massachusetts Clean Energy Technology Center (MassCEC) to conduct a study of clean energy project finance gaps, including project capital, project credit support and enhancement, project finance insurance and project pipeline development.

The study would develop recommendations as to potential sources of additional funding to support these clean energy projects. The measure also allows MassCEC to create a “Green Bank” to provide the investment capital necessary to accelerate the deployment of a range of clean energy technologies in the building, transportation, industrial and other sectors to meet the state’s net zero emissions goal.

“This is an important piece of legislation because it gives MassCEC the authorization and resources needed to help support clean energy initiatives beyond the seed-funding stage,” said sponsor Sen. Marc Pacheco (D-Taunton). “The MassCEC is an excellent organization that already plays a critical role in clean energy financing. This bill would help seize the opportunity to expand that role and direct support where it is most needed and most effective.”

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