Bill > H3937

This bill creates the Massachusetts Climate Bank, an independent public authority designed to facilitate innovative financing solutions for climate and clean energy initiatives across public, private, and non-profit sectors. The bank will be governed by an 11-member board comprising state officials and appointed experts, with a focus on addressing climate change, reducing greenhouse gas emissions, and supporting clean energy transitions. Key purposes include providing loans, loan guarantees, technical assistance, and risk management for climate-related projects, with a specific commitment to invest at least 20% of funds in rural and coastal communities. The bank will have broad powers to issue bonds, make investments, enter into agreements, and support climate innovations, while being subject to state ethics rules and financial oversight. It is initially funded with at least $100 million over five years from sources like cap and trade programs, pollution control fees, and private investments, and may also receive up to $750 million in state-issued bonds. The bank is required to develop comprehensive application processes for investments, create a public sustainability benefit policy, and provide annual reports on its financial condition and impact, with a core mission of transitioning Massachusetts toward a clean energy economy while creating jobs and promoting climate resilience.

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https://malegislature.gov/Bills/194/H3937