A bill “S.

283- National Climate Bank Act” was introduced in the Senate of the United States
on 02/08/2021 in light of the October 2018 report titled ‘Special Report on Global Warming
of 1.5 degrees Celsius’ by the Inter-governmental Panel on Climate Change and the
November 2018 Fourth National Climate Assessment report. According to the reports:
1. Over the past century, human activity is the dominant cause of climate change.
2. A changing climate is causing sea levels to rise and an increase in wildfires, severe
storms, droughts, and other extreme weather even that pose a threat to human life, heathy
communities, critical infrastructure.
3. If the global warming reaches or crosses 2 degrees Celsius beyond pre-industrialisation
levels, it will cause:
a. mass migration from the regions most affected by climate change;
b. more than $500 billion will be lost in annual economic output in the United
States by the year 2100;
c. wildfires to burn at least twice as much forest area in the western US that was
typically burned by wildfires in the years preceding 2019, by 2050
d. a rise of damage to $1000 billion worth of public infrastructure and coastal
real estate in the US.
4. Keeping of global temperature below 1.5 degrees Celsius above pre-industrialisation
levels will require reduction in greenhouse gas emissions from human sources of 40 to
60% from 2010 levels by 2030.
5. Investments in renewable energy and usage of green banks will enhance investments in
new emerging technologies.
6. Market-based clean energy financial tools that are used by the existing State and local
green banks can be used to open markets for greater investments and increase
opportunities for private sector.
7. The Federal Government can accelerate the deployment of clean energy technologies by
creating a dedicated financial institution that can support the work of existing green
banks, thereby increasing overall clean energy investment.
The bill aims to establish a ‘National Climate Bank’ in the District of Columbia within 1 year
from the date of enactment of the bill. The Bank will be green bank which will be an
independent, non-profit entity outside of the Federal Government.

Links
https://www.congress.gov/search?searchResultViewType=expanded&q={%22congress%22:
[%22117%22],%22source%22:[%22legislation%22],%22search
%22:%22climate+change+manufacture%22}
https://www.congress.gov/bill/117th-congress/senate-bill/283?q=%7B%22search%22%3A
%5B%22climate+change+manufacture%22%5D%7D&s=1&r=13
https://news.climate.columbia.edu/2019/06/20/climate-change-economy-impacts/
https://www.tandfonline.com/doi/full/10.1080/20430795.2020.1724864
https://www.forbes.com/sites/miltonezrati/2018/06/15/competition-between-banks-and-
alternative-lenders-the-public-wins/?sh=645bba11bf26
https://www.mckinsey.com/business-functions/risk/our-insights/banking-imperatives-for-
managing-climate-risk#
https://www.thehindubusinessline.com/opinion/climate-change-risk-bank-sustainability/
article34491780.ece
https://www.weforum.org/agenda/2020/09/four-tools-for-increasing-sustainable-energy-
financing/
https://www.ijert.org/green-banking-in-india-a-study-of-various-strategies-adopt-by-banks-
for-sustainable-development