Van Hollen, Markey, Dingell Applaud Inclusion of the Clean Energy Accelerator in Senate Democrats’ Budget Framework

Today, U.S. Senator Chris Van Hollen (D-Md.), a member of the Senate Budget Committee, Senator Ed Markey (D-Mass.), and Congresswoman Debbie Dingell applauded the inclusion of their Clean Energy Accelerator within the Democratic budget resolution framework.

“Investing in clean energy will not only help us tackle the climate emergency but is also key to generating millions of new American jobs. Our Clean Energy Accelerator is a potential game-changer – taking a model that’s been proven to work and creating a national engine to drive innovative climate solutions that will help us build a greener economy and a more equitable future for generations to come. As a member of the Senate Budget Committee, I worked to include this crucial priority in our framework and, after years of effort by a large coalition, we must keep pushing until we get this over the finish line,” said Senator Van Hollen.

“A national climate bank that accelerates our deployment of energy-efficient and zero-emission technologies is a clean win for our Democratic infrastructure priorities—jobs, justice, and climate action,” said Senator Edward J. Markey. “With an innovative structure that can leverage initial public investments into major projects boosted by private dollars, this bank can finance our clean energy, clean buildings, and clean communities revolution,” said Senator Markey. 

“To make a rapid transition to a clean economy by 2050 – and to create good-paying American jobs – we need comprehensive efforts to spur innovation in the economy, technology, and society. Our Accelerator is a critical, proven tool to achieve this goal,” said Rep. Dingell. “Through publicly financing and stimulating private investments in clean, renewable energy projects and clean transportation, we can support the communities most effected by the climate crisis. I’m thankful the Accelerator was included in this framework, and I’ll continue to fight for it so we can create good jobs and build a strong workforce while also ensuring a cleaner economy in Michigan and across the country.”

Background

In February the lawmakers 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 was cosponsored by Senator Brian Schatz (D-Hawaii) and Senator Richard Blumenthal (D-Conn.). In the House, Congresswoman Dingell leads the companion legislation, the Clean Energy and Sustainably Accelerator Act.