Senator secured $27 billion in the Inflation Reduction Act with his Greenhouse Gas Reduction Fund provision

Washington (June 13, 2023) – Senator Edward J. Markey (D-Mass.), chair of the Senate Environment and Public Works Subcommittee on Clean Air, Climate, and Nuclear Safety and author of the National Climate Bank Act, released the following statement today joining the Healey-Driscoll Administration in celebrating the launch of the Massachusetts Community Climate Bank (MassClimate):

“I applaud the launch of the Massachusetts Community Climate Bank, a one-of-a-kind engine that will serve on the frontlines of our state’s compounding housing and climate crises by empowering communities to build affordable, climate-resilient, and energy-efficient housing and improvement projects all across the Commonwealth. I’ve been fighting for national climate bank funding for years, and now that we’ve secured billions in funding in the Inflation Reduction Act, we can supercharge a clean energy revolution and unlock billions in federal dollars for Massachusetts and other states to leverage. MassClimate will ensure public and private investment reach frontline and environmental justice communities, and I thank Governor Healey and her administration for bringing this investment to life and building a brighter, more livable and more affordable future.” 

Senator Markey has long championed efforts to support state and local climate banks. Last year, he worked with his colleagues to successfully secure $27 billion in the landmark Inflation Reduction Act for climate bank activities, including the establishment of the Greenhouse Gas Reduction Fund. The Fund builds upon the National Climate Bank Act, Senator Markey’s legislation to provide $100 billion to an independent nonprofit bank to support communities that have been historically locked out of investments in the clean energy economy, leverage private investments, and maximize greenhouse gas emissions reductions per public dollar deployed.