What are Green Banks, and How Can They Help with Climate Justice
Feb 26 2023
As the Earth continues to warm due to carbon emissions into the atmosphere, the impact of global warming will continue to fall hardest on the lowest income households, least able to take advantage of mitigation measures to offset warming. Cooling homes costs money, as well as making the transition to more efficient heat solutions and weatherizing homes to reduce heat escaping through poorly insulated windows and attics. We have a responsibility to assist low-income communities cope with both rising temperatures and the the increased cost associated with climate change.
If we can provide financial assistance to low-income communities, we can do two things simultaneously - reduce carbon emissions and correct long-stand inequities in these same communities. Part of the Inflation Reduction Act calls for programs that provide just this kind of assistance. Known as "Green Banks", the act authorizes the Environmental Protect Agency (EPA) to distribute funds to nonprofit organizations and states to fund programs that will implement low carbon technologies for low income neighborhoods.
The Climate reality Project is currently working on a project to establish green banks in several states, including Minnesota. As a chapter, we will work to promote legislation to implement programs in Minnesota to assist low-income communities in making the transition to low/zero-carbon technologies. But we can't do this without your help.
We will need members to contact their state legislators, write to local newspapers, and talk to their friends and family about the importance of this legislation. Stay tuned for further details about the Green Bank initiative, but for now check out some of the links below to find out more about Green Banks and previous legislation attempts: