MATSUI, LOFGREN, MERKLEY REINTRODUCE LEGISLATION TO GIVE INDIVIDUALS AN OPPORTUNITY

WASHINGTON, D.C. – Congresswoman Doris Matsui (CA-07), Congresswoman Zoe Lofgren (CA-18) and U.S. Senator Jeff Merkley (D-OR) reintroduced the Clean Energy Victory Bonds Act, bicameral legislation to give individuals the opportunity to buy Clean Energy Victory Bonds and help build America’s clean-energy future. Modeled after the highly successful victory bonds sold during World Wars I and II, which raised billions of dollars to finance the costs of war, Clean Energy Victory Bonds would help the country create jobs and save taxpayers money while investing in clean-energy infrastructure.

The bill would direct the U.S. Secretaries of Treasury, Energy, and Defense to develop and issue $50 billion in Clean Energy Victory Bonds that support energy efficiency, solar, wind, geothermal, and electric vehicle efforts. For as little as $25, all Americans would be able to voluntarily purchase these Treasury bonds to invest in clean energy.

The sale of the $50 billion worth of bonds annually could be leveraged to inject $150 billion into clean-energy innovation and create more than one million jobs.

“The climate crisis necessitates strong, unified action to curb its devastating consequences. By giving everyday Americans the tools to be an active part of the clean energy transition, we are building greener, more resilient communities,” saidCongresswoman Matsui. “This legislation provides crucial resources to grow our clean energy economy, increase domestic energy security, and create good-paying jobs for years to come. I’m pleased to join Congresswoman Lofgren and Senator Merkley to reintroduce this important legislation which provides Americans a roadmap for investing in our collective future.”

“I often hear from people who want to do their part in the fight against climate change, but don’t know how. The Clean Energy Victory Bonds Act provides Americans with an opportunity to invest, within their means, in innovative technologies that will yield profits both for themselves and the world,” said Congresswoman Lofgren. “This is my sixth time reintroducing this bill. I feel strongly that, as momentum continues to build in California and around the country to be good stewards of our environment, we must employ proven economic growth-based tactics to tackle climate change. We all benefit when we invest in the future.”

“The clean energy economy is the future—and every American, regardless of their wealth, should have a chance to benefit from it,” said Sen. Jeff Merkley. “This legislation would help to open that door, while also fueling our transition toward the renewable energy sources that will help us kick our addiction to fossil fuels and create a safer environment for our families. That’s the kind of win-win solution we need to deliver the bold climate action we need to tackle climate chaos and also create jobs in the 21st century economy.”

Background

The Clean Energy Victory Bonds would raise extra funds for investment in clean-energy and energy-efficiency deployment, including by:

• • Providing additional support to existing federal financing programs available to States for energy efficiency upgrades and clean energy deployment;
  • Providing funding for clean energy investments by all federal agencies;
  • Providing funding for electric grid enhancements and connections that enable clean energy deployment;
  • Providing funding to renovate existing inefficient buildings or building new energy efficient buildings;
  • Providing tax incentives and tax credits for clean energy technologies;
  • Providing funding for new innovation research, including ARPA-E, public competitions similar to those designed by the X Prize Foundation, grants provided through the Office of Energy Efficiency and Renewable Energy of the Department of Energy, or other mechanisms to fund revolutionary clean energy technology;
  • Providing additional funding for zero-emission vehicle infrastructure and manufacturing;
  • Providing additional funding to existing federal, State, and local grant programs that finance clean energy projects; and
  • Providing prioritized funding for clean energy projects that are located in and reduce energy rates in disadvantaged and vulnerable communities.

The Clean Energy Victory Bonds would:

• • be available to the public in denominations as low as $25;
  • accrue interest based on savings achieved through reduced-energy spending by the federal government and interest collected on loans provided from proceeds of the bonds; and
  • be capped at $50 billion each year.

Full text of the Clean Energy Victory Bonds Act is available HERE.

In Connecticut, “Green Liberty Bonds” have been issued, and batches have sold out because the demand is so great.

Support from Sustainability & Business Groups

The bill is supported by more than 30 organizations, includingGreen America, American Sustainable Business Council, National Wildlife Federation, Earth Equity Advisors, Florida for Good, Vert Asset Management, 17 Communications, Natural Investments, Horizons Sustainable Financial Services, Inc., Chicory Wealth, Tulipshare, Zevin Asset Management, Adasina Social Capital, Sustainable Advisors Alliance LLC, Legacy Vacation Resorts, Salt Palm Development, Sisters of St. Francis of Oldenburg Indiana, School Sisters of Notre Dame Cooperative Investment Fund, Farm Girl Capital LLC, Greenvest, Sisters of Mary Reparatrix, Transformative Wealth Management, LLC, Communitas Financial Planning PBC, TFG Kauai, LLC, Longwave Financial, Ceres, Figure 8 Investment Strategies, US Partnership for ESD, Detroit Green Skills Alliance, United Church Funds, Interfaith Center on Corporate Responsibility (ICCR), Impact Investors, SharePower Responsible Investing, Self-Help Ventures Fund, and Harkins Wealth Management.

“Americans from around the country support clean energy that will create jobs while addressing the climate crisis. In World War II, Victory Bonds offered Americans a way to support the war effort. Now, Clean Energy Victory Bonds will offer all Americans a safe investment, open to anyone, to support the rapid adoption of the solar, wind, and battery storage technologies that will benefit communities, workers, and the planet,” said Todd Larsen, Executive Co-Director For Consumer and Corporate Engagement, Green America.

“Clean Energy Victory Bonds provide a much-needed economic boost to U.S. businesses and economy. This bill provides a financing mechanism that allows the private sectors and all Americans to provide the needed dollars for building a more just and sustainable economy,” said David Levine, Cofounder and President, American Sustainable Business Network.

“This summer’s extreme, record-breaking weather provided ample new evidence of just how devastating the changing climate can be for wildlife and vulnerable communities. This legislation offers a novel way to build on recent federal investments to speed up efforts to address the climate crisis, while helping households save money,” said Shannon Heyck-Williams, Associate Vice President of Climate and Energy, National Wildlife Federation.

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