SB 1121, as introduced, De León. The California Green Bank.
Existing law establishes various programs throughout the state to promote energy efficiency, reduce greenhouse gases, and encourage private economic development.
This bill would state the intent of the Legislature to enact legislation that would establish the California Green Bank to coordinate, align, and enhance the state’s efforts to provide energy finance programs for advanced energy technologies and projects throughout the state.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
(a) It is the intent of the Legislature to enact
2legislation that would establish the California Green Bank to
3coordinate, align, and enhance the state’s efforts to provide energy
4finance programs for advanced energy technologies and projects
5throughout the state by accomplishing all of the following:
6(1) Reducing rates and decreasing costs for California ratepayers
7while expanding the accessibility and affordability of clean energy
8for all Californians.
9(2) Increasing private investment in clean energy projects that
10currently are not able to obtain financing in traditional capital
P2 1markets at a reasonable cost by providing a variety of financial
2tools
to stimulate private investment.
3(3) Achieving California’s environmental and economic
4objectives by reducing greenhouse gas emissions and increasing
5investments in disadvantaged communities.
6(4) Facilitating efficient, low-cost private financing markets for
7clean energy projects.
8(5) Supporting California’s unique position as a worldwide
9leader in clean energy innovation by helping to bring innovative
10technologies to market.
11 (b) It is the intent of the Legislature to enact legislation that
12would establish a board of directors for the California Green Bank
13to be composed of appointees by the Governor, the Legislature,
14the Treasurer, the Department of Finance, the California Public
15Utilities Commission, the California Energy Commission, and the
16
California Air Resources Board, who possess expertise in financing
17and green investments. The legislation would further provide for
18the creation of governing documents for the California Green Bank
19and the position of an executive director to manage and conduct
20the business of the California Green Bank, subject to the direction
21of its board.
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