Financing for Innovation and Infrastructure
Economy-wide decarbonization will require transformative investments in infrastructure and our workforce. From retrofitting homes to reshaping our electric power system, this work requires targeted spending and innovative financing. As we prepare for greater impacts on vulnerable communities, we must make proactive investments in resiliency and natural resource protection.
We at ELM advocate for:
- Robust, sustainable funding for the operation of the Massachusetts Clean Energy Center, accelerating an equitable clean energy transition and catalyzing innovation and scalable solutions.
- Establishing a Massachusetts Green Bank to secure federal funding to decarbonize buildings in environmental justice communities.
- Ensuring our state permitting and regulatory agencies have the resources and staff they need to execute their vital responsibilities efficiently and effectively.
- Increasing state funding to protect natural resources and support healthy communities, through our leadership of the Green Budget Coalition.
- Continued funding to support climate adaptation, preparedness, and environmental justice through a new Environmental Bond Bill.
HD3005/SD1862, An Act creating a climate bank in Massachusetts
Sponsors: Rep. Meschino, Sen. Mark
This legislation establishes a state “climate bank” to help leverage public and private investment to finance decarbonization projects that would not be viable without additional support. At least 14 other states and Washington D.C. operate successful climate banks. Establishing a green financing system will enable Massachusetts to compete for its share of the $27 billion in federal Inflation Reduction Act funds available for this purpose.