BILL NUMBER: SB 1121INTRODUCED BILL TEXT INTRODUCED BY Senator De Len FEBRUARY 19, 2014 An act relating to the California Green Bank. LEGISLATIVE COUNSEL'S DIGEST SB 1121, as introduced, De Len. The California Green Bank. Existing law establishes various programs throughout the state to promote energy efficiency, reduce greenhouse gases, and encourage private economic development. This bill would state the intent of the Legislature to enact legislation that would establish the California Green Bank to coordinate, align, and enhance the state's efforts to provide energy finance programs for advanced energy technologies and projects throughout the state. Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. (a) It is the intent of the Legislature to enact legislation that would establish the California Green Bank to coordinate, align, and enhance the state's efforts to provide energy finance programs for advanced energy technologies and projects throughout the state by accomplishing all of the following: (1) Reducing rates and decreasing costs for California ratepayers while expanding the accessibility and affordability of clean energy for all Californians. (2) Increasing private investment in clean energy projects that currently are not able to obtain financing in traditional capital markets at a reasonable cost by providing a variety of financial tools to stimulate private investment. (3) Achieving California's environmental and economic objectives by reducing greenhouse gas emissions and increasing investments in disadvantaged communities. (4) Facilitating efficient, low-cost private financing markets for clean energy projects. (5) Supporting California's unique position as a worldwide leader in clean energy innovation by helping to bring innovative technologies to market. (b) It is the intent of the Legislature to enact legislation that would establish a board of directors for the California Green Bank to be composed of appointees by the Governor, the Legislature, the Treasurer, the Department of Finance, the California Public Utilities Commission, the California Energy Commission, and the California Air Resources Board, who possess expertise in financing and green investments. The legislation would further provide for the creation of governing documents for the California Green Bank and the position of an executive director to manage and conduct the business of the California Green Bank, subject to the direction of its board.