Dingell, Fitzpatrick, Tonko, Young Call on House Leadership to Include Bipartisan Clean Energy & Sustainability Accelerator in Infrastructure Package
Washington, June 1, 2021
WASHINGTON, DC - Today, Congresswoman Debbie Dingell (D-MI), Brian Fitzpatrick (R-PA), Paul Tonko (D-N.Y.), and Don Young (R-AK) sent a letter to House leadership to urge for the inclusion of a Clean Energy and Sustainability Accelerator in the infrastructure package, as proposed in President Biden’s American Jobs Plan.
The Clean Energy and Sustainability Accelerator builds on the proven green bank model by publicly financing and stimulating private investments in clean, renewable energy and emissions reduction projects – creating jobs and a clean economy. Financed with $100 billion in upfront public capital, the Accelerator would drive hundreds of billions of dollars into clean energy and other climate-related projects across the entire country, potentially spurring over $460 billion in total investment and create nearly four million good paying jobs in four years.
As Congress considers legislative proposals to rebuild our nation’s infrastructure and strengthen our economy long-term, the Representatives wrote:
“Given the gravity and scale of the crises we are facing, it cannot be overstated how important this level of funding is for this effort to be a true success. Independent analysis found that the $100 billion public capitalization will cause $463 billion of total investment in four years and nearly $900 billion of investment over 10 years. And this investment, spread across geographies and sectors, will create nearly four million jobs in the first four years of activity. By using the proven green bank methods, the Accelerator will draw in private capital from banks, investors, community development finance institutions, credit unions, and others who are trying to put their capital to work in productive and environmentally beneficial projects.”
The lawmakers continued, “The Accelerator has a decade-long bipartisan track record at the state level, and now enjoys growing bipartisan federal support, including the President of the United States. With support from the White House, growing demand for green bank capital from state leaders of both parties, and bipartisan co-sponsorship in Congress, this policy should pass both the House and the Senate with strong bipartisan support and should be part of any future infrastructure package considered in the House. We do not have a moment to lose in this climate fight. The Clean Energy and Sustainability Accelerator Act can play a meaningful and immediate role in reducing carbon pollution and expanding good American job opportunities.”The full letter is available here.