Bill > S675

This bill proposes to create the Massachusetts Climate Bank, a public instrumentality placed within the Massachusetts clean technology energy center. The key provisions of the bill are: 1. The bank's purpose is to evaluate, coordinate, and facilitate innovative financing solutions for climate and clean energy innovations in the public, private, and non-profit sectors, in line with achieving the state's greenhouse gas emissions limits. 2. The bank will provide various forms of financing support, technical assistance, and risk management to qualified climate and clean energy projects, and will work to eliminate the use of fossil fuels and carbon-emitting fuels across all sectors. 3. The bank will be governed by an 11-member Massachusetts Climate Finance Board, with members appointed by the governor and representatives from relevant state agencies and organizations. 4. The bank will have the power to issue bonds and notes, and will be funded through money generated by cap-and-trade programs, alternative compliance payments, and other enforcement-related fees, with a minimum annual funding of $10 million. 5. The bank is required to develop a comprehensive application process for climate and clean energy innovation projects, and to establish policies and procedures, including a public sustainability benefit policy, to guide its operations. 6. The bank's activities and financial condition will be subject to audits and annual reporting to ensure alignment with its stated purposes.

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https://malegislature.gov/Bills/193/S675