Bill > S786

This bill establishes the Massachusetts Climate Bank, an independent public authority designed to support and finance climate and clean energy innovations throughout the state. The bank will be governed by an 11-member board that includes ex officio members like the commissioner of banks, state treasurer, and climate chief, along with seven gubernatorial appointees with expertise in areas such as sustainability finance, climate resilience, and ecosystem services. The bank's key purposes include evaluating and facilitating innovative financing for climate solutions, providing loans and financial support to qualified clean energy projects, fostering job creation, accelerating climate and clean energy innovations, and supporting disadvantaged and rural communities. The bank will have broad powers to make investments, issue bonds, enter into agreements, and provide financial assistance, with a commitment to dedicating at least 20% of its funds to rural and coastal communities. It will be funded through a combination of cap and trade pollution control program revenues, enforcement fees, and private investments, with an initial funding commitment of at least $100 million over five years. The bank is required to develop comprehensive application processes for investments, adopt a public sustainability benefit policy, and provide annual reports on its financial condition and impact. Importantly, the bank is prohibited from investing in natural gas or utility-scale biomass projects and will be subject to state ethics and transparency regulations.