Governor Jon Corzine of New Jersey testified before the Senate Committee on Environment and Public Works today, and had the following to say about the Green Bank:
"In closing, I would like to emphasize the importance of a national approach to enable the financing of clean energy technologies. One such mechanism could be a Green Bank. It would operate as a federally-owned, independent corporation providing low-cost financial support to private clean energy projects. It is my opinion that this concept will be a part of a solution that will:
1. Spark the deployment of clean energy and energy efficiency projects and shrink greenhouse gas emissions while spurring jobs and lending; 2. Drive down the costs of--and broaden support for-- addressing climate change; 3. Help us to compete with Europe and Asia which continue to increase their investments in clean energy, even during this global recession
With the flexibility to work with the full range of private sector financing tools, and at the proper scale, with a minimum funding level of $10B, and ideally $50B, the Green Bank would serve as the Marshall Plan for an emerging low-cost, low-carbon energy economy.This needs to be a part of a larger national strategy to support technology research and development, innovation, and the deployment of renewable energy resources that will provide us with solutions to our energy challenges.
I endorse concepts such as the Green Bank, also known as the Clean Energy Deployment Administration in the Waxman-Markey bill. I respectfully urge that Congress create the necessary financial mechanisms that provide the independence, flexibility and funding necessary to support the development of clean energy, stimulate job growth, shrink harmful emissions and spark our global competitveness."
We here at the Coalition for the Green Bank couldn't agree more.
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