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U.S. Green Bank Proposed

capitol-image22Companies 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.

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