As Sunrise Movement activists push ahead with a Green New Deal tour that they plan to expand into 100 town hall meetings, Sylvia Chi of the California Public Banking Alliance and Public Bank East Bay continues the conversation on how to finance the massive Green proposal. She writes in a recent Medium article:
“The Green New Deal relies on a network of public banks — like a decentralized version of the [Reconstruction Finance Corporation] — as part of the plan to help finance the contemplated public investments. This approach has worked in Germany, where public banks have been integral in financing renewable energy installations and energy efficiency retrofits. And it’s an idea that has taken root in California: last November, over 430,000 Angelenos voted in favor of amending Los Angeles’ city charter as a first step towards a public bank, and Oakland, Berkeley, Richmond, and Alameda County have completed a favorable feasibility study.”
“How will local or regional public banks help pay for the Green New Deal? They will make low-interest loans for building and upgrading infrastructure, deploying clean energy resources, transforming our food and transportation systems to be more sustainable and accessible, and other projects. The federal government can help by, for example, capitalizing public banks, setting environmental or social responsibility standards for loan programs, or tying tax incentives to participating in public bank loans.”
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