The National Climate Bank Act introduced in the U.S. Senate on July 8, 2019 establishes an innovative new financial institution as a standalone, independent nonprofit organization known as the National Climate Bank (Climate Bank). Its mission is to reduce greenhouse gas emissions and consumer energy costs by investing in clean energy and related projects that provide nationwide economic benefits. Its operations are informed by the track record of existing Green Banks, which have demonstrated their success across the United States and around the world.
The Climate Bank created by this bill is capitalized with $35 billion of federal funds. Based on the track record of comparable institutions, CGC’s analysis shows that the Climate Bank would be able to mobilize up to $1 trillion of total investment over 30 years. The Climate Bank would be able to drive this investment using techniques pioneered by existing Green Banks and global development banks.