New Jersey Public Bank Needs Green Component to Fund Renewable Energy

Governor Murphy signed an executive order today to create an implementation board in preparation for establishing a public bank in New Jersey. When speaking about starting this process today, Murphy said that the “time is right right now.” Governor Murphy championed public banks during his election speeches in 2017. Jeff Tittel, Director of the New Jersey Sierra Club, released the following statement:

“We support the concept of a state bank. Instead of private banks making money off of the State of New Jersey, that money can be used to help the people of our state. For this bank to help make a difference we would like to make sure that when we go forward there is a Green Bank as part of this proposal. A Green Bank would be able to finance renewable energy projects like offshore wind and solar, and would help us move to a green economy. It could also be used to fix and upgrade public water system,” said Tittel.  “Setting up a state bank will allow us to divest from banks that are using our money to build pipelines and hurt the environment. Public money should not be going to fund fossil fuel projects that harm public health and increase climate change. Taking our money and putting it into a green bank would be a step in the right direction. A public bank in New Jersey could be a good way to fund our renewable energy future.”

Public banks can benefit taxpayers by creating more financing options for public infrastructure projects and affordable housing, increasing low-cost student loans, and boosting small-business lending opportunities. Public banks can also reduce energy costs for ratepayers by increasing funding for clean energy technologies and expediting the transition to a low-carbon economy.

“Financing using the state bank will allow moneys to go out at much lower rates than using private financing. By keeping costs down, it will help save ratepayers money and fund renewable energy projects. This will make wind and solar technologies even more cost-effective than fossil fuel projects,” said Jeff Tittel. “The state bank can also invest in innovative new technologies like battery storage and electric vehicle charging stations. A state bank with a green component will save the public money while investing in projects that benefit the environment and help us combat climate change.”