An “Innovations in American Government” award from Harvard University for Connecticut’s “green bank” could provide an added spark for similar renewable-energy legislation filed in Massachusetts, the bill’s sponsor, by state Rep. Paul Mark, hopes.
Connecticut’s public-private partnership to provide funds for clean energy projects — formed in 2011 by Connecticut’s legislature to leverage public funds in support of private investment in clean energy — will get $100,000 as part of the award to add to the $1 billion invested primarily from private sources to help create 13,000 jobs, according to Connecticut Green Bank officials.
In Massachusetts, Mark refiled his bill this term to establish a green bank after it was omitted from omnibus legislation late last year. Of the award in Connecticut, the Democrat from Peru said, “I think any recognition like this can bring more attention, and people will see like this program is working in Connecticut and New York, it’s getting up and running in Rhode Island and Maryland. The more success that one of these programs has attracts excitement for doing the same thing in Massachusetts.”
Mark’s bill is awaiting a hearing before the Joint Committee on Telecommunications, Utilities and Energy, which he said could come this fall. Last year, the measure was filed on time but its complexity led to its language could get ironed out by House attorneys, costing it time in winning co-sponsorship.
But it did win support from environmental groups, including the 200-group coalition Mass Power Forward. This attempt so far has won co-sponsorship from Rep. Susannah Whipps, R-Athol, as well as other area legislators.
With an initial startup of money from the state, the bank chartered for green energy projects would be able to loan out money to get projects going that are having a hard time finding capital.
“The hope is that within 10 years, the bank becomes completely self-sufficient,” Mark said. “It’s an avenue for people interested in green energy projects to get funding and to get jobs created, to help move the environment forward.”
Initially, the bank would be for businesses, organizations and startups to expand and take on projects they can’t find funding for now, he said. Once the mechanism for the bank is created, seed funding could come from state funds, grants, nonprofit organizations and investors.
“To me that’s something to be figured out once the bank is established,” Mark said. “There’s obviously a need for energy, but do we want to stick to a 70-year-old model of energy or do we want to move forward with something that’s good for the environment and is going to be good for the future, that’s renewable and sustainable and not make us reliant on out-of-state resources?”
Connecticut Green Bank officials say they have secured $6 in private funds for every public dollar invested, helping fund more than 20,000 projects.
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(The Associated Press contributed to this article.)