Senator Ed Markey introduced legislation calling for a National Climate Bank (S. 2057), a nonprofit institution independent of government, designed to reduce energy costs and leave consumers and businesses better off by switching to clean energy. It is the first bill of its kind to authorize the use of federal funds to accelerate the retirement of coal-fired power plants and to acquire coal assets still in the ground.
Representative Debbie Dingell introduced the proposed National Climate Bank Act (H.R. 5416) late in 2019, which would create a national bank that funnels money into regional projects and supports new and existing state banks. Rep. Dingell’s bill includes increased standards for wages, labor, and environmental justice requirements. The House bill also does not include a “cash for carbon” program included in the Senate version that would allow the Climate Bank to use its funds to invest directly in carbon-based facilities to reduce emissions.