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U.S. Congressman Chris Van Hollen (D-MD) this week introduced the Green Bank Act of 2009. If passed, the legislation would create the Green Bank as an independent, tax-exempt, wholly owned corporation of the United States. The Bank's mandate would be to provide a range of financing support to qualified renewable energy and energy efficiency projects within the territorial United States.
" By creating the Green Bank, we will accelerate the development, deployment and production of clean energy and energy efficiency technologies across the country."
-- Rep. Chris Van Hollen
The Green Bank Act of 2009 would provide the Green Bank with an initial capitalization of US $10 billion through the issuance of Green Bonds by the U.S. Department of Treasury, with a maximum authorized limit of $50 billion in Green Bonds outstanding at any one time.
“Energy independence is central to our security, our economy and our environment. By creating the Green Bank, we will accelerate the development, deployment and production of clean energy and energy efficiency technologies across the country,” Rep. Van Hollen said. “Last week, I introduced the National Home Energy Savings Revolving Fund Act, which will enable over one million households across the country to save money and make their homes more energy efficient. Today, with the introduction of the Green Bank Act of 2009, we are taking another step towards America’s clean energy future.”
Original co-sponsors of the Green Bank Act of 2009 include Congressman David Loebsack (D-IA), Congresswoman Gabrielle Giffords (D-AZ), Congressman Earl Blumenauer (D-OR) and Congresswoman Madeleine Z. Bordallo (D-GU).
RenewableEnergyWorld.com first reported on the idea of a federal clean energy bank earlier this month when Solarsa's Scott Jorgensen published an open letter to President Obama highlighting the concept. Click here to read that letter.
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institutions of the world so they can pay millions in bonuses, travel to spas
and buy up all the competition.
Financing for Renewable Energy Development is a bad idea, Right?
I say horse-puckee, every dollar going into Green can create about
three dollars, lower our energy usage, put people back to work across
our nation, help our planet and fund projects in the hundreds that
currently are having problems finding sources.
Get a clue guys...The banks are not sharing their ill-gotten gains. No credit
equal no projects funded.
In for a penny...In for a pound...Green Earl, Founder
American Energy Conservation Group
Our group is manufacturing a portable fast pyrolysis plant which takes a truckload of biomass a day and makes 3000 gallons of bio oil. We have many purchasers that are not able to get their corporate banking relations to lend money without cash collateral. The SBA is currently the only source for funding our purchasers in this market. If we have educated willing lenders we would have over 100 plants delivered this year.
henry.maclin@mbop.org
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