U.S. Green Bank Proposed

Companies seeking to add clean energy or energy efficiency projects may benefit if the Green Bank Act of 2009 is approved.

The act, which would create an independent, tax-exempt lending institution that is wholly owned by the government, was introduced March 24 by Rep. Chris Van Hollen (D- MD).

The Green Bank initially would be financed by $10 billion in Green Bonds by the U.S. Treasury, with a maximum of $50 billion in Green Bonds to be outstanding at any time, according to a press release.

Its mission would be provide financing for clean energy and energy efficiency projects in the U.S.

Van Hollen puts forth that the bank would advance national objectives, including:

• moving toward a clean energy economy
• job creation through the construction and operation of clean energy and energy efficiency project
• abating climate change
• energy independence from foreign sources, and
• fostering long-term domestic manufacturing capacity in clean energy and energy efficiency technologies.

The Green Bank Act is co-sponsored by representatives David Loebsack (D-IA),  Gabrielle Giffords (D-AZ),  Earl Blumenauer (D-OR) and Madeleine Z. Bordallo (D-GU).

The Department of Energy already has promised to expedite funding for certain alternative energy loans.