National Green Bank proposal introduced

United States Representative Chris Van Hollen (D-Md.) proposed legislation that would establish a Green Bank for energy efficiency projects.


U.S. Representative Chris Van Hollen (D-Md.) introduced legislation that would establish a Green Bank as a tax-exempt, wholly-owned corporation of the United States that would provide a range of financial support to clean energy and energy efficiency projects.

"By creating the Green Bank, we will accelerate the development, deployment and production of clean energy and energy efficiency technologies across the country," Van Hollen said.

Last week, the congressman introduced the National Home Energy Savings Revolving Fund Act, which is intended to help households make their homes more energy efficient while also saving money.

T. Boone Pickens and the Coalition for Green Bank—a consortium of renewable resource developers, original equipment manufacturers, investors, financial advisors, and other renewable energy industry leader—praised Van Hollen’s proposal.

"An alternative energy bank is a creative and needed way to jump start the private sector's involvement in renewable and other alternative energy projects," T. Boone Pickens said in a statement. "This money will be paid back and, at the same time, be a major down payment on our efforts to reduce our costly and dangerous dependence on foreign oil."

The Green Bank Act of 2009 would execute the following objectives:

• Generate 15 GW of renewable energy which would save more than $22.5 billion in utility costs.
• Reduce carbon emissions by 29.5 million tons.

Original co-sponsors of the act include Congressman David Loebsack (D-IA), Congresswoman Gabrielle Giffords (D-AZ), Congressman Earl Blumenauer (D-OR) and Congresswoman Madeleine Z. Bordallo (D-GU).

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