‘Green bank’ envisioned to help fund clean-energy transition in Maine

PORTLAND PRESS HERALD • December 14, 2020

Maine’s ambitious plan for transitioning to a clean-energy economy can’t happen without lots of money, funding that’s in short supply during a state budget crunch and pandemic-caused economic downturn. Some lawmakers and business people say a proposed new source of capital could help: a state-chartered “green bank.” Green banks leverage public funds to attract private investment. They typically help raise money to combat the impacts of climate change, with measures such as building resilient roads and bridges, making homes more energy efficient and less dependent on fossil fuels, and subsidizing electric transportation. There are 15 green banks in the country today that have steered more than $5 billion into clean energy projects since 2010.