I have introduced the National Climate Bank of 2019. Establishing the bank will serve as an important implementation tool to achieve this goal by publicly financing and stimulating private investments in clean, renewable energy projects, clean transportation, and support communities most effected by climate change.
Expand public financing and private investment in clean energy, clean transportation, and climate-affected communities through the National Climate Bank.
Occurrences
Evidence
Rep. Debbie Dingell introduced H.R. 5416, the National Climate Bank Act. Congress.gov summarizes the bill as establishing a nonprofit National Climate Bank to finance renewable energy projects, industrial decarbonization, climate resilient infrastructure, zero-emission fleets, and similar projects. The bill status on Congress.gov remained Introduced.
Dingell's office said she introduced legislation establishing a National Climate Bank to publicly finance and stimulate private investment in clean, renewable energy and emissions reduction projects, including clean transportation and communities most affected by climate change.
Congress.gov shows H.R. 5376 became Public Law No. 117-169 on August 16, 2022. The law is the Inflation Reduction Act, which enacted the Greenhouse Gas Reduction Fund and related climate-finance provisions rather than a standalone National Climate Bank.
EPA announced selections for $20 billion in grant awards under the Greenhouse Gas Reduction Fund's National Clean Investment Fund and Clean Communities Investment Accelerator. EPA said these programs will create a national clean financing network for clean energy and climate solutions and mobilize private capital, including benefits for low-income and disadvantaged communities.
Dingell's office stated that funding from the Greenhouse Gas Reduction Fund stems from National Climate Bank provisions authored by Dingell, Van Hollen, and Markey and included within the Inflation Reduction Act. The release says the funding launch would spur clean energy projects nationwide and catalyze private investment.
EPA said it obligated $27 billion in Greenhouse Gas Reduction Fund grants and that the National Clean Investment Fund, Clean Communities Investment Accelerator, and Solar for All together will create a national financing network for clean energy and climate solutions across the country.
Assessments
The promised standalone National Climate Bank was not enacted as such: Dingell introduced the National Climate Bank Act, but it remained only introduced. However, the core policy outcome was substantially but not fully realized through the Inflation Reduction Act's Greenhouse Gas Reduction Fund, which funded a national clean-finance network intended to mobilize public and private investment in clean energy, clean transportation, and disadvantaged or climate-affected communities. Because the named institutional vehicle was replaced by a similar EPA-administered financing structure, this is best classified as partial delivery in the same term. Dingell also made a serious legislative effort, so the effort badge applies.