Healey Announces Climate Bank to Boost Green Building

Photo courtesy of Alexius Horatiusc

HYANNIS – As part of the Commonwealth’s ongoing mission to reach net-zero greenhouse gas emissions by 2050, Governor Maura Healey has announced a new program to help fund environmentally forward construction across the state. 

The Massachusetts Community Climate Bank will direct federal grants and private donations towards making new developments more efficient and retrofitting older homes. 

It also includes benefits for first-time homebuyers to help alleviate the housing crisis. 

“It is the country’s first Climate Bank. It is dedicated to housing, especially affordable housing. In particular we’re centering environmental justice for folks hit hardest by the climate impacts and high energy costs,” said Healey during the announcement Tuesday. 

“One study estimates that here in Massachusetts, buildings account for nearly 27 percent of greenhouse gas emissions, but in many of our gateway cities and environmental justice communities those numbers rise to almost 70 percent,” Healey said. 

Barnstable is an example of a state-designated gateway city. 

Seeded by $50 million dollars in state funding, the program will also leverage money from the Inflation Reduction Act. 

The initiative is part of the statewide plan to reach net-zero greenhouse gas emissions by 2050, which also includes a ban on the sale of new gas-powered cars in Massachusetts that will go into effect in 2035. 

About Grady Culhane

Grady Culhane is a Cape Cod native from Eastham. He studied media communications at Cape Cod Community College and joined the CapeCod.com News Center in 2019.

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