On Tuesday, November 16 Council President Tom Hucker and Councilmember Andrew Friedson introduced major Climate Energy Bill 44-21 otherwise known as the “Montgomery County Green Buildings Now Act”.
Spearheaded by Council President Hucker and Councilmember Friedson, and cosponsored by Councilmembers Nancy Navarro, Hans Riemer, Sidney Katz, Gabe Albornoz, Craig Rice, and Will Jawando, Bill 44-21, Montgomery County Green Bank – Funding – Fuel-Energy Tax Revenue, sets forth a way for Montgomery County to leverage substantial private sector investment in support of the County’s clean energy and climate mitigation goals by dedicating 10 percent of the County Energy Tax revenues, nearly $20 million annually, to the Montgomery County Green Bank.
The Green Bank will leverage the funds in the private and public markets to provide much greater access to capital that can support the clean energy financing needs in our County. This will be a critical financing tool for energy retrofits of commercial and multifamily buildings and support addressing greenhouse gas emissions across the building sector. The Council will introduce the bill during the afternoon session of its Council meeting on Tuesday, Nov. 16.
“We will never meet our ambitious climate goals without dedicated funding and a concerted partnership with our private sector,” said Council President Hucker. “If enacted, this bill would allow the Green Bank to invest millions to green our infrastructure and provide upfront capital for property owners to make critical energy efficiency improvements. This will spark a real and vigorous effort to make much-needed retrofits in our older buildings.”
“We know there’s significant interest in energy efficient projects and a dire need given our climate crisis. This proposal will help address the lack of resources which too often prevents progress so we can help those who want to reduce their carbon footprint but lack the capacity to do so,” said Councilmember Andrew Friedson. “By working collaboratively with residents and businesses and utilizing the unique strength and competency of the Montgomery County Green Bank, we can bridge the gaps that exist in the marketplace and build a greener future together.”
The legislation was written about by the following publications: