House Passes Clean Energy and Sustainability Accelerator
Added as Amendment on the Floor to House Infrastructure Package
Washington, June 30, 2020
WASHINGTON, DC – Today, Congresswoman Debbie Dingell’s (D-MI) Clean Energy and Sustainability Accelerator passed the House as it was successfully adopted as an amendment to the Moving Forward Act – which is currently being debated on the House Floor.
The Clean Energy and Sustainability Accelerator – formerly known as and based on H.R.5416, the National Climate Bank Act – publicly finances and stimulates private investment in clean, renewable energy and emissions reduction projects. The Accelerator will use public capital to stimulate private investment in a range of projects to reduce greenhouse gas emissions and accelerate the nation’s clean economy transition across many sectors. As passed in the amendment, it will be funded with $20 billion over six years, and fully funded could create as many as 5.4 million clean energy jobs. Capital and technical assistance from the Accelerator will make more projects economically competitive in more communities nationwide, to the benefit of investors, energy consumers, workers, and local economies.
“To get to a clean economy by 2050, we need comprehensive efforts to spur innovation in the economy, technology, and society. Establishing the Clean Energy and Sustainability Accelerator will serve as an important implementation tool to achieve this goal by publicly financing and stimulating private investments in clean, renewable energy projects, clean transportation, and support communities most effected by climate change,” said Dingell. “The Accelerator will finance critical infrastructure projects and mobilizes investment directly into the greenhouse gas emissions reduction projects most in need of capital. The expansion of these projects will create good jobs, a strong future workforce, and deliver a clean economy that works for communities in Michigan and across the country.”
Video of Dingell speaking on the floor on the Accelerator is available here.
“Thanks to Rep. Dingell's unceasing effort, the House has passed $20 billion for an independent nonprofit to join with the private sector to create more than 3 million clean energy jobs. With this, we are closer to getting Americans to work, especially in low and medium income communities that should no longer be overlooked in the battle to stop climate change,” said Coalition for Green Capital CEO Reed Hundt.
The Clean Energy and Sustainability Accelerator is supported by many environmental non-profit organizations, trade and industry associations, financial institutions and funds, clean energy companies and utilities, and state and local governments.