Sacramento, CA – Assembly Members Chad Mayes (R -Yucca Valley) and Laura Friedman (D – Glendale) introduced bipartisan legislation (Assembly Bill 383) this week to create a consolidated Clean Energy Financing office that will provide strategic leadership for coordinated public and private investment. The sheer number of programs and the variety of managing entities that facilitate California’s climate programs, from rebates for solar homes to tax credits for bus retrofits, makes coordination difficult.
“For California to lead the nation in addressing climate change in a manner that protects consumers from cost spikes, we need to make avenues for public and private investment as efficient as possible,” said Assemblyman Mayes. “We have a duty to ensure that the billions of dollars in private investment are utilized in a responsible manner and do not become counterproductive.”
“We are failing to unlock the full potential of our clean energy financing efforts,” said Assembly Member Laura Friedman. “By creating a centralized Clean Energy Financing office, we can coordinate investments across the spectrum and open the door to communities and organizations searching for new opportunities.”
California continues to lead the way with ambitious goals to reduce greenhouse gas emissions and transition to a low carbon, climate resilient, and equitable economy. To achieve these goals, a significant investment of public and private dollars is needed. Currently, California has dozens of programs designed to support clean energy financing solutions across several agencies and offices. Participants in these programs need a resource to pursue funding and financing options that fit their needs and leverage private capital.
AB 383 is co-sponsored by the Silicon Valley Leadership Group, Environment California, and the Coalition for Green Capital. Business and environmental organizations had the following to say about this bill:
“Silicon Valley Leadership Group understands the value of easing burdens on entrepreneurs looking to make investments in our future economy,” said Tim McRae, Vice President of Energy for the Silicon Valley Leadership Group. “We applaud the bipartisan work of Assemblyman Mayes and Assemblywoman Friedman to simplify California’s maze of clean energy financing programs by getting them to coordinate and collaborate.”
“With wildfires, droughts, and sea level rise, California is already feeling the impacts of climate change. In order to stave off the worst impacts we need to ensure that we are using all our tools as efficiently as possible and look for new ways to help solve this problem,” remarked Dan Jacobson, Director for Environment California.
Julia Prochnik with the Natural Resources Defense Council highlighted how: “This bill helps leverage dollars and accelerates clean energy development to combat the climate crisis. NRDC looks forward to working with Assembly Members Mayes and Friedman on AB 383 this session. We’re grateful for their climate leadership.”
About Silicon Valley Leadership Group:
The Silicon Valley Leadership Group, founded in 1978 by David Packard of Hewlett-Packard, represents over 350 of Silicon Valley’s most respected employers on issues, programs and campaigns that affect the economic health and quality of life in Silicon Valley including energy, transportation, education, housing, health care, tax policies, economic vitality and the environment. The Leadership Group members collectively provide nearly one of every three private sector jobs in Silicon Valley and generate more than $3 trillion in annual revenue.
About the Coalition for Green Capital:
Coalition for Green Capital (CGC) is a non-profit organization focused on accelerating the growth of clean energy markets through the creation of Green Banks and other local clean energy finance capacity.
