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Clean Energy and Sustainability Accelerator Act
3/8/2023, 8:12 PM
Summary of Bill HR 806
The Accelerator would be tasked with providing loans, loan guarantees, and other forms of financial assistance to eligible projects that advance clean energy and sustainability goals. These projects could include renewable energy installations, energy efficiency upgrades, sustainable transportation initiatives, and other environmentally friendly infrastructure projects.
The bill also includes provisions for oversight and accountability, requiring the Accelerator to report regularly to Congress on its activities and outcomes. Additionally, the legislation includes measures to ensure that the Accelerator prioritizes projects that benefit underserved communities and promote equity and inclusion in the clean energy sector. Overall, the Clean Energy and Sustainability Accelerator Act aims to accelerate the transition to a more sustainable and environmentally friendly economy by providing financial support for projects that advance clean energy and sustainability goals.
Congressional Summary of HR 806
Clean Energy and Sustainability Accelerator Act
This bill establishes and capitalizes a Clean Energy and Sustainability Accelerator. The independent, nonprofit accelerator must invest in clean energy technologies and infrastructure to reduce greenhouse gas emissions.
The accelerator must make capital available to state, territorial, or local green banks. The banks must be public or nonprofit specialized finance entities that use finance tools to mitigate climate change. The accelerator may also provide technical assistance and funding to states and other political subdivisions that do not have green banks to establish such banks.
When investing in projects that mitigate greenhouse gas emissions, the accelerator must prioritize investments that serve climate-impacted communities (e.g., communities of color or low-income communities).
In addition, the accelerator must explore the establishment of a program to provide low-interest and zero-interest loans, up to 30 years in length, to any school, metropolitan planning organization, or nonprofit organization seeking financing for the acquisition of zero-emissions vehicle fleets or associated infrastructure.
Finally, the accelerator must explore the establishment of an accelerated clean energy transition program to (1) expedite the transition within the power sector to zero-emissions power generation facilities or assets, and (2) invest in local economic development in communities affected by this transition away from carbon-intensive facilities or assets.
