Senators Markey, Van Hollen, and Rep. Dingell Applaud Inclusion of Clean Energy Accelerator in Build Back Better Framework

Source: United States Senator for Massachusetts Ed Markey

Accelerator will spur investments in clean energy technologies, target funding to environmental justice communities

Washington (October 28, 2021) – Senator Edward J. Markey (D-Mass.), Chair of the Environment and Public Works Subcommittee on Clean Air, Climate, and Nuclear Safety, Senator Chris Van Hollen (D-Md.), and Representative Debbie Dingell (MI-12) applauded the inclusion of their Clean Energy and Sustainability Accelerator within the Build Back Better framework announced today by President Joseph R. Biden. The Clean Energy and Sustainability Accelerator will leverage private money using an initial capitalization and create a new revolving financing structure for emissions-reducing projects across the country, while targeting 40 percent of investments into disadvantaged communities.

“President Biden’s Build Back Better framework includes major climate wins that will help the United States cut emissions, create jobs, and center justice. The Clean Energy and Sustainability Accelerator will bring climate-smart investments into the communities that need them most,” said Senator Markey. “Whether in rooftop solar, electric charging infrastructure, energy-efficient housing, green schools, community resiliency, or other clean and healthy projects, this proven model will leverage billions in private funding to bring down costs, cut emissions, and provide economic and environmental justice to disadvantaged communities, ensuring that no one is left out of the clean energy revolution.”

“Leveraging our investments in clean energy technology has the ability to reduce our nation’s greenhouse gas emissions many times over. That’s why we’ve been fighting to include a national clean energy accelerator within the Build Back Better framework from day one. This common-sense provision is key to reaching the scientifically-necessary goal of cutting climate pollution at least 50% by 2030, while helping to create jobs and promote environmental justice. This is a big win for our workers, our economy, and our fight to confront the climate crisis,” said Senator Van Hollen.

“Investing in clean energy and the survival of our environment isn’t just a moral obligation, it is an economic opportunity,” said Congresswoman Dingell. “By building on the proven success of state-level green banks, the Clean Energy and Sustainability Accelerator will transform our fight against climate change and intentionally incentivize investments in environmental justice communities. Thankful that the Build Back Better framework includes the Accelerator which puts us on a path to decarbonizing our country, creating jobs, and leaving this world better than we found it.”

In February, Senators Markey and Van Hollen reintroduced their National Climate Bank Act, legislation to create a “Clean Energy and Sustainability Accelerator” to leverage public and private funds to invest in clean energy technologies and infrastructure. The lawmakers’ proposal would provide financing to eligible regional, state and local green banks; make investments directly into projects that reduce carbon emissions; support workers and communities negatively impacted by the climate transition; and provide technical assistance for the start-up of new green banks around the United States. It also would require that 40 percent of all investments be directed into disadvantaged communities facing climate impacts. The legislation is cosponsored by Senators Richard Blumenthal (D-Conn.), Brian Schatz (D-Hawaii), Martin Heinrich (D-N.M.), Debbie Stabenow (D-Mich.), Cory Booker (D-N.J.), and Elizabeth Warren (D-Mass.), and Representative Dingell leads the House companion legislation, the Clean Energy and Sustainability Accelerator Act.

###