Ceres convenes business leaders on Beacon Hill to highlight climate bank’s role in affordability and economic growth

BOSTON, MA—Ceres convened business leaders, academic experts, and government officials on Beacon Hill today to spotlight how a state climate bank could help address Massachusetts’ affordability challenges by unlocking financial innovation, expanding access to clean energy, and accelerating investment in climate mitigation and resilience projects for businesses and households. 

Massachusetts policymakers are currently considering legislation to create a climate bank, known as An Act Creating a Climate Bank in Massachusetts (S.786 / H.3937). The bill would create a quasi-independent public authority that would foster financial innovation to invest in climate mitigation and resilience projects and accelerate the deployment of clean energy. 

The Ceres-hosted event featured speakers with deep expertise in climate finance, including representatives from Amalgamated Bank, Boston University School of Law, and the Connecticut Green Bank. Participants discussed how Massachusetts stands to benefit from establishing a climate bank that would drive long-term impacts by channeling low-cost capital to businesses and households—helping reduce energy costs, accelerate clean energy adoption, and strengthen community resilience.  

“With affordability concerns looming large, a climate bank is a smart economic strategy that also advances the state’s legacy as a national leader on smart climate and energy policy,” said Rishi Reddi, Senior Policy Advisor at Ceres. "Leading businesses increasingly view clean energy investments as critical infrastructure upgrades that can reduce long-term operating costs, strengthen resilience, and support competitiveness. A dedicated climate bank would provide a vital mechanism to help businesses access low-cost capital to modernize facilities and thrive in a changing economy.” 

“A Massachusetts Climate Bank would accelerate deployment of private capital in clean energy across the Commonwealth,” said Nicole Steele, Director of Climate Policy, Amalgamated Bank. “Amalgamated has already taken a leadership role in Massachusetts, convening the state’s first PACE symposium with MassDevelopment and helping execute one of the state’s early C-PACE transactions with Marder Seafood. These efforts show how targeted financing can move projects forward, lower energy costs, and deliver tangible community benefits. To scale that impact, a climate bank must be built on strong, long-term capitalization. With sustained funding, a Massachusetts Climate Bank could expand access to affordable financing and enable more residents and businesses to participate in the clean energy transition.”

“Massachusetts has a significant opportunity to leverage private capital to accelerate the transition to a cleaner, more resilient economy,” said Madison Condon, Associate Professor, Boston University School of Law. “The Massachusetts Climate Bank would create a dedicated financing mechanism to support climate mitigation and resilience projects while helping businesses and communities across the Commonwealth access the capital needed to invest in clean energy. Strengthening infrastructure against extreme weather and other climate-related risks will reduce long-term costs, protect economic activity, and support a competitive Massachusetts economy.” 

Ceres experts and members have met with policymakers on Beacon Hill throughout the legislative session to urge the Massachusetts Legislature to pass the bill this year. And in written testimony submitted in November, Ceres CEO and President Mindy Lubber emphasized the importance of leveraging private capital to accelerate Massachusetts’ clean energy transition. 

“Private capital is one of the last largely untapped financial resources in Massachusetts for funding the transition to a cleaner energy economy and building resilience,” Lubber wrote in her written testimony. 

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About Ceres  

Ceres is a nonprofit advocacy organization working to accelerate the transition to a cleaner, more just, and resilient economy. With data-driven research and expert analysis, we inspire investors and companies to act on the world's sustainability challenges and advocate for market and policy solutions. Together, our efforts transform industries, unlock new business opportunities, and foster innovation and job growth – proving that sustainability is the bottom line. For more information, visit ceres.org.