Vermont S 174: An act relating to the study of Green Bank models to support and accelerate investments in climate mitigation infrastructure, farming, and agriculture in Vermont

Bill Text

BILL AS INTRODUCED S.174
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VT LEG #385940 v.3
S.174 1
Introduced by Senator Watson 2
Referred to Committee on 3
Date: 4
Subject: Finance; climate mitigation infrastructure; clean energy; agriculture; 5
farming; funding and investment; Treasurer; study 6
Statement of purpose of bill as introduced: This bill proposes to require the 7
State Treasurer to conduct a study of Green Bank models existing in other 8
jurisdictions and determine whether implementation of any elements of these 9
models in Vermont would promote and accelerate investment in climate 10
mitigation infrastructure, agriculture, and farming. 11
An act relating to the study of Green Bank models to support and accelerate 12
investments in climate mitigation infrastructure, farming, and agriculture in 13
Vermont 14
It is hereby enacted by the General Assembly of the State of Vermont: 15
Sec. 1. TREASURER STUDY OF GREEN BANK MODELS 16
(a) The Treasurer shall conduct a study of Green Bank models 17
implemented in other jurisdictions to determine whether and, if so, how 18
implementation of any elements of such models in Vermont would benefit the 19
State by facilitating and accelerating investment in climate mitigation 20
infrastructure, farming, and agriculture in a manner consistent with State goals 21

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VT LEG #385940 v.3
and policies. The basis of this study shall reflect “recommendation five” in the 1
Treasurer’s Climate Infrastructure Financing Report of 2024. Accordingly, the 2
Treasurer shall consider the creation of a stand-alone financing entity, a Green 3
Bank, or the provision of Green Bank–like authority to one or more existing 4
State entities. As used in this section, “Green Bank” has the same meaning as 5
used in the above-referenced report and, in addition, also includes the 6
financing of farming and agricultural projects. Specifically, “Green Bank” 7
means an entity that functions like a loan or investment fund and that uses a 8
wide array of financial tools to support and accelerate the investment in 9
climate mitigation infrastructure, farming, and agriculture. 10
(b) In conducting the study required by this section, the Treasurer shall 11
seek input from the Vermont Public Finance Climate Collaborative; the 12
Vermont Climate Council; the Secretary of Natural Resources or designee; the 13
Commissioner of Public Service or designee; the Vermont members of the 14
Coalition for Green Capital; the Secretary of Agriculture, Food, and Markets or 15
designee; and any other public or private stakeholders deemed appropriate by 16
the Treasurer. In addition, the Treasurer shall establish a mechanism for 17
receiving written public comments and shall hold at least one public hearing on 18
the Treasurer’s draft findings and recommendations before they are finalized in 19
a report to the General Assembly as required in subsection (d) of this section. 20

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(c) In designing a structure or approach that would achieve the greatest 1
effectiveness in Vermont, the Treasurer shall consider the value created; the 2
possible trade-offs; potential risks; long-term sustainability; coordination 3
among existing State entities; the short- and long-term economic impact, 4
including with regard to funds retained or recirculated within the Vermont 5
economy; opportunities for maximizing the availability of public and private 6
funds; and any other considerations deemed appropriate by the Treasurer. 7
(d) The Treasurer shall submit the Treasurer’s findings and 8
recommendations, particularly with regard to specific recommended 9
implementation strategies, in a written report to the House Committees on 10
Energy and Digital Infrastructure; on Environment; and on Agriculture, Food 11
Resiliency, and Forestry and the Senate Committees on Finance, on Natural 12
Resources and Energy, and on Agriculture on or before December 1, 2026. 13
Sec. 2. EFFECTIVE DATE 14
This act shall take effect on passage. 15