For Immediate Release: Wednesday, February 2, 2022
Bill 44-21 creates dedicated funding to help reduce greenhouse gas emissions in the building sector and advance climate goals
ROCKVILLE, Md., Feb. 2, 2022 —Montgomery County Councilmembers were joined by U.S. Senator Chris Van Hollen and climate advocates on Wednesday, Feb. 2, for a virtual press conference to recognize the passage of Bill 44-21, Montgomery County Green Buildings Now Act.
This new legislation, spearheaded by Councilmembers Tom Hucker and Andrew Friedson and unanimously enacted by the Montgomery County Council, 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. Council President Gabe Albornoz and Councilmembers Hans Riemer, Nancy Navarro, Sidney Katz, Craig Rice and Will Jawando cosponsored the legislation.
The Green Bank will leverage the funds in the private and public markets to provide greater access to capital that can support the clean energy financing needs in the County. This is a critical financing tool that will help commercial and multifamily building owners make energy retrofits and accelerate the reduction of greenhouse gas emissions across the building sector.
“We’ve been living day after day without taking major new actions to address climate change,” said Councilmember Hucker, who chairs the Transportation and Environment Committee. “But today, we are here to break that cycle and celebrate an unprecedented new commitment to solving our climate crisis. We’re finally putting our money where our policy commitment has been. The Montgomery County Green Buildings Now Act is the single largest investment in climate change in County history.”
“This legislation is an absolute game changer for the way Montgomery County combats the climate crisis,” said Councilmember Andrew Friedson, who serves as the Lead for Parks on the Planning, Housing and Economic Development Committee. “It is the most significant climate investment in County history, representing tens of millions of dedicated dollars which will be leveraged to generate hundreds of millions more. The public sector can’t solve these vexing challenges alone, but by bringing together advocates and experts, businesses and nonprofits, labor and government, we can make a meaningful impact in actually reaching our ambitious climate goals.”
“Leveraging our investments in clean energy technology makes smart economic sense and has the ability to reduce our nation’s greenhouse gas emissions many times over,” Sen. Van Hollen said. “The Montgomery County Green Bank is an excellent example of how public-private partnerships are effective in advancing the adoption of clean energy and cutting emissions. Thanks to the leadership of Councilmembers Hucker and Friedson, the County will be able to further leverage this powerful tool to make progress on its climate goals. At the federal level, I will continue fighting to create a Clean Energy Accelerator – because we must intensify our efforts to deploy these important vehicles for climate action.”
“The County’s significant support of the Green Bank shows the engaged and committed leadership of this County to address climate change,” Montgomery County Green Bank Board Chair Bonnie Norman said. “This funding will amplify the Green Bank as a key financial tool to support the County’s climate goals."
"This is a very positive step in decarbonizing our buildings in Montgomery County,” Chesapeake Climate Action Network and CCAN Action Fund Executive Director Mike Tidwell said. “I'm especially pleased that, starting in 2023, these funds will be used exclusively for electric hot water and space heating. We must 'electrify everything' in our fight against climate change. Many thanks to Councilmembers Hucker, Friedson, Riemer and the rest of the Council for getting this right."
"The National Housing Trust applauds the Council for providing much-needed additional resources to the Montgomery County Green Bank and for dedicating 20 percent of the new funding to advance equity,” said Todd Nedwick, Senior Director of Sustainability Policy at the National Housing Trust. “These and other resources are critical to helping affordable housing providers address the barriers to improving the energy efficiency of their properties and to ensuring that all County residents benefit from healthier housing."
Speakers included:
The virtual press conference can be viewed here.
For more information, contact Genevieve Kurtz at genevieve.kurtz@montgomerycountymd.gov or (240) 777-7937.
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About the Montgomery County Green Bank
The Green Bank helps the County reach its environmental goals by working with lender partners to provide residents and businesses with better loan rates, terms, and credit access for clean energy projects. These projects are essential for energy conservation, lowering emissions and creating a more resilient economy and environment.
Release ID: 22-047