ESG Insider: U.S. climate law could put a national green bank on the horizon

ESG Insider: U.S. climate law could put a national green bank on the horizon

U.S. President Joe Biden on Aug. 16 signed into law a $369 billion climate bill packed with dozens of measures, including $27 billion toward a Greenhouse Gas Reduction Fund that could be used to launch a national green bank to funnel money into projects and activities that reduce greenhouse gas emissions.

Green banks such as those that exist at the state level in Connecticut and New York leverage government funds to mobilize private investment in clean and resilient infrastructure on a local scale. A 2021 study by the American Green Bank Consortium and the Coalition for Green Capital found that every $1 mobilized through a green bank resulted in $3.70 of overall investment in the U.S. clean energy economy.

In this week’s newsletter, we look at some other key measures in the legislation, formally known as the Inflation Reduction Act, including ones that would free up new offshore wind development and create a new tax incentive for domestic mining of minerals that are needed for the low-carbon transition.

In our weekly podcast, we speak with Ravi Menon, chair of the Network for Greening the Financial System, or NGFS, and managing director of the Monetary Authority of Singapore, the central bank of Singapore. Ravi discusses the work of the NGFS, the challenges of addressing physical risk and transition risk, and the role of central banks in combating climate change.


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Inflation Reduction Act could help utilities sell competitive renewables assets

While the Inflation Reduction Act could help large U.S. utilities develop more interest in contracted renewable generation portfolios that have been put up for sale, the package of incentives will also increase their values, industry analysts said.?

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Senate reconciliation bill would lift US Southeast offshore wind moratorium

An effective 10-year ban on offshore wind leasing in much of the U.S. Southeast would be lifted under the Inflation Reduction Act. As of July 1, a moratorium prevents offshore wind leasing off the coasts of North Carolina, South Carolina, Georgia and Florida. The climate law would reverse the ban and open the region to federal offshore leases once again.??

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Inflation Reduction Act creates new tax break for US critical minerals

Mining companies with critical minerals operations in the U.S. will soon be eligible for a new tax break under the Inflation Reduction Act.

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More real estate firms are embracing climate targets

Real estate is responsible for much of the global economy’s greenhouse gas emissions, making it a key industry to decarbonize if the world is to reach net zero emissions. Data from the S&P Global Corporate Sustainability Assessment suggests that the industry is moving toward greater climate responsibility.

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ESG Insider Podcast

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How central banks help combat climate change: An interview with NGFS Chair Ravi Menon

In the last few years, central banks have played an increasing role in measuring the impacts of climate change on financial systems and economies. In 2017, a group of central banks established the Network for Greening the Financial System, or NGFS. In this episode of the ESG Insider podcast, we speak with NGFS Chair Ravi Menon, who is also managing director of the Monetary Authority of Singapore, the central bank of Singapore. He talks about the work of the NGFS, the challenges of addressing physical risk and transition risk, and the role of central banks in combating climate change.

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