President Biden’s Build Back Better Framework Includes Clean Energy Accelerator Funding for Local Green Banks
Montgomery County, M.D. (October 29, 2021) – President Biden announced the Build Back Better framework, including funding for a national green bank that can support green banks across the nation. The Clean Energy and Sustainability Accelerator, which was proposed by Sen. Chris Van Hollen (D-Md.), Sen. Edward J. Markey (D-Mass.), and U.S. Rep. Debbie Dingell (D, MI-12), will support local and state green banks, including the Montgomery County Green Bank.
The Build Back Better framework will set the United States on course to meet its climate goals, create millions of good-paying jobs, enable more Americans to join and remain in the labor force, and grow the economy. Specifically, as part of the framework, the new Clean Energy and Sustainability Accelerator will advance clean energy investment across the country and promote environmental justice by delivering 40% of the benefits of investment to disadvantaged communities as part of the President’s Justice40 initiative.
“The Clean Energy and Sustainability Accelerator included in the budget reconciliation package will make local public funds go further to make the clean energy transition occur faster,” said Tom Deyo, CEO of the Montgomery County Green Bank. “This national resource will leverage local public and private dollars to significantly scale up the investment needed to address local critical climate adaptive improvements as undertaken by the Montgomery County Green Bank and be key to helping the County achieve its goal of 0% greenhouse gas emissions by 2035 as outlined in the Montgomery County Climate Action Plan.”
“The Accelerator’s funding fits with the partners and programs already in place by the Montgomery County Green Bank,” said Bonnie Norman, Chair of the Montgomery County Green Bank. “This national investment will greatly further the positive change of the Green Bank’s inclusive and affordable climate smart solutions and support the continuing accessibility of these offerings to all in our communities. We greatly appreciate the leadership of Senator Van Hollen, Senator Markey, and Representative Dingell for promoting this funding for the clean energy transformational work of green banks, the efforts of the Coalition for Green Capital to champion this endeavor, and inclusion of this funding by President Biden in the Build Back Better framework.”
The Build Back Better framework is the largest effort to combat the climate crisis in American history. The framework’s $555 billion investment represents the largest single investment in our clean energy economy in history, across buildings, transportation, industry, electricity, agriculture, and climate-smart practices across lands and waters. The framework will set the United States on course to meet its climate targets, achieving a 50-52% reduction in greenhouse gas emissions below 2005 levels in 2030.
About the Montgomery County Green Bank
The Montgomery County Green Bank is an independent, 501(c)(3) nonprofit dedicated to helping businesses and residents affordably implement energy efficiency and clean energy solutions. The Green Bank supports the county by driving investment into energy efficiency and clean energy through lending and investment partners in the region. These efforts include working with homeowners, renters, and commercial entities of all varieties. For more information, visit www.mcgreenbank.org.