Lofgren, Matsui, Merkley Reintroduce Legislation to Give Individuals an Opportunity to Invest in Building America’s Clean-Energy Future; Modeled after WWII victory bonds, Clean Energy Victory Bonds would spur investment in clean-energy projects, create jobs, & help U.S. fight the climate crisis

 

WASHINGTON, DC – On Thursday, April 17 Representatives Zoe Lofgren (CA-18) and Doris Matsui (CA-07) and U.S. Senator Jeff Merkley (D-OR) reintroduced the Clean Energy Victory Bond 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 and fighting the climate crisis, protecting future generations.

 

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 $50, 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.

 

“As climate-related emergencies become more and more common, 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 Bond 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, Ranking Member of the House Committee on Science, Space, and Technology. “This is my seventh 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.”

 

“Now, more than ever, we need collective action to fight climate change and support smart climate solutions,” said Congresswoman Matsui. “This legislation gives everyday Americans the opportunity to invest in the clean energy transition and help grow the American economy. This investment will flow back into our communities, creating good-paying jobs, lowering energy costs, and helping to make communities across the country more resilient to climate change, while also providing a strong return on investment and helping American families to safely and reliably grow their savings with government-backed bonds.”

 

“Clean energy is America’s future, no matter how hard President Trump and his handpicked Fossil Fuel Cabinet try to sabotage its deployment,” said Senator Merkley. “As the Trump Administration slashes federal funds for renewable energy projects nationwide – including right here in Oregon – I’m fighting to advance solutions that will help end our dangerous dependence on fossil fuels and instead invest in public health and our environment. This bill expands access to affordable clean energy for families across America, delivering bold action to tackle climate chaos and creating 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 $50;

        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.

 

    Click here for full text of the Clean Energy Victory Bond Act.

 

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 numerous organizations, including Green America, Communitas Financial Planning PBC, Transformative Wealth Management, Natural Investments, American Sustainable Business Council, Impact Investors, School Sisters of Notre Dame Collective Investment Fund, Figure 8 Investment Strategies, Greenvest/Vanderbilt Financial Group, Change the Chamber, Harkins Wealth Management, SharePower Responsible Investing, Your Best Path, LLC, and Chicory Wealth.

 

“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 will provide a much-needed economic boost to our businesses and economy. This bill provides a reliable and highly-accessible financing mechanism that allows all Americans to provide the needed dollars for building a vibrant economy.” In an environment of reduced Federal Government spending this enables everyone to invest and work hand in hand with the private sector,” said David Levine, Co-founder and President, American Sustainable Business Council.

“Taking a step forward to adjust our energy industry to meet the needs of the changing country, the Clean Energy Victory Bonds Act uses historical precedence to advance the U.S. toward a cleaner, brighter future for youth like us. While the transition to a clean energy economy may seem ambitious at times, this Act will allow everyday Americans to create an economy that works for all of us. It provides Americans the opportunity to help incentivize cleaner infrastructure and energy, paving the way for future steps to better our nation’s energy and climate,” said Evey Mengelkoch, Erika Pietrzak, and Sarah Hill, Climate Fellows of Change the Chamber.