Virginia 2024 Regular Session Status: In Committee

HB 968 — Virginia Green Infrastructure Bank; created, report.

Last action — Left in Appropriations

  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House of Delegates
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there are no live odds of enactment. It would have to be reintroduced in the current session to move again.

Summary

Virginia Green Infrastructure Bank; created.Creates the Virginia Green Infrastructure Bank, an authorityto promote and catalyze investment in qualified projects that reducegreenhouse gas emissions, assist climate-impacted communities, andpromote environmental justice. The bill requires the Bank to be governedby a board of directors with the authority to hire a president and create a nonstock corporation to carry out the powers and dutiesof the bank.

Bill Text

What changed in the latest version

262 added · 199 removed

Plain-language change summary

The amendment to Bill HB 968 replaces the Virginia Green Infrastructure Bank with the newly established Virginia Clean Energy Innovation Authority. This change aims to better focus efforts on accelerating the deployment of clean energy projects and reducing greenhouse gas emissions. By providing financial support through grants and loans, the Authority intends to overcome barriers to clean energy access, particularly in low-income communities. This shift is significant as it aims to create a more targeted and effective approach to clean energy innovation in Virginia.

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SESSION INTRODUCED 24101531D I HOUSE BILL NO.
SESSION HOUSE SUBSTITUTE 24107351D HOUSE BILL NO.
968 Offered January 10, 2024 N Prefiled January 9, 2024 T A Bconsisting of sections numbered 45.2-1735 through 45.2-1741, relating to Virginia Greenered R0, Infrastructure Bank;
968 AMENDMENT IN THE NATURE OF A SUBSTITUTE (Proposed by the House Committee on Agriculture, Chesapeake and Natural Resources on February 7, 2024) (Patron Prior to Substitute––Delegate Lopez) A BILL to amend the Code of Virginia by adding in Chapter 22 of Title 2.2 an article numbered 13, Innovation Authority;
created.
established;
–––––––––– O Patrons––Lopez, Bennett-Parker, Clark, Henson, Martinez and Simonds;
report.hrough 2.2-2390, relating to Virginia Clean Energy Be it enacted by the General Assembly of Virginia:
Senators:
Favola and SalimD –––––––––– Referred to Committee on Labor and Commerce U –––––––––– C Be it enacted by the General Assembly of Virginia:
numbered 10, consisting of sections numbered 45.2-1735 through 45.2-1741, as follows:cle E ARTICLE 10.
D Virginia Green Infrastructure Bank.
§ 45.2-1735.
Virginia Green Infrastructure Bank.
There is hereby created as an independent authority for public benefit the Virginia Green Infrastructure Bank.
The Bank shall further the public interest by:
Reducing greenhouse gas emissions, mitigating climate change, adapting to the impacts resulting from climate change, and implementing climate resiliency measures;
That the Code of Virginia is amended by adding in Chapter 22 of Title 2.2 an article numbered 13, consisting of sections numbered 2.2-2378 through 2.2-2390, as follows:
3.
Article 13.
Significantly increasing the pace and amount of investment in qualified projects at the state and local level by catalyzing and mobilizing private capital through public and philanthropic investment and other financial products designed to reduce the asset risk to private investors;
§ 2.2-2378.
6 4.
Virginia Clean Energy Innovation Authority.n Authority.
Improving the standard of living of residents of the Commonwealth by promoting the more 8 efficient and lower-cost development of qualified projects and providing financing for qualified projects that will create high-paying, long-term jobs;
H The Virginia Clean Energy Innovation Authority is created as a public body corporate and as a political subdivision of the Commonwealth.
5.
The purpose of the Authority is to accelerate the deployment of clean energy projects, greenhouse gas emissions reduction projects, and other qualified projects through the strategic deployment of public and private funds in the form of grants, loans, credit enhancements, and other financing mechanisms in order to leverage existing public and private sources project adoption, especially in low-income communities.ified projects and to overcome financialSbarriers to § 2.2-2379.
Enabling climate-impacted communities to benefit from and afford projects and investments that reduce emissions;
Definitions.
standard contractual terms, and measurement and verification protocols for qualified projects;ds, 7.
E As used in this article, unless the context requires a different meaning:
Achieving a level of financing support for qualified projects necessary to help abate climate change;
"Authority" means the Virginia Clean Energy Innovation Authority.
8.
"Board" means the Board of Directors of the Virginia Clean Energy Innovation Authority.
Conducting low-cost procurements in the Commonwealth that will lower greenhouse gas :
"Community navigator" means an organization that works to facilitate access to clean energy Sroject fin"Credit enhancement" means a pool of capital set aside to cover potential losses on loans and other investments made by financing entities.
35 emissions;
"Credit enhancement" includes loan loss reserves and loan guarantees.
36 9.
B "Department" means the Department of Energy.
Prioritizing environmental justice for climate-impacted communities;
S "Energy storage system" means a system that absorbs, stores, and discharges electricity.
and / 37 10.
"EnTrgy inputs.
Receiving and implementing funding and resources to improve zero-emission and low-emission 38 energy infrastructure in the Commonwealth and to support the other purposes set forth in this section.
system" does not include fossil fuel storage or power-to-gas storage that directly uses fossil fuel "Greenhouse gas emissions" means emissions of carbon dioxide, methane, nitrous oxide, I 36 hydrofluorocarbons, perfluorocarbons, and sulfur hexafluoride emitted by anthropogenic sources.T 37 "Loan loss reserves" means a pool of capital set aside to reimburse a private lender if a customer / 38 defaults on a loan, up to an agreed-upon percentage of loans originated by the private lender.
As used in this article, unless the context requires a different meaning:
U 39 "Local workers" means Virginia residents who permanently reside within 150 miles of the locaTion of a p"Microgrid system" means an electrical grid that (i) serves a discrete geographical area froE distributed energy resources and (ii) can operate independently from the central electric grid on a temporary or permanent basis.
"Alternative fuel vehicle project" means any project, technology, product, service, function, or measure, or an aggregation thereof, that supports the development and deployment of alternative fuels used for electricity generation, alternative fuel vehicles, and related infrastructure, including infrastructure for electric vehicle charging stations.
"President" means the president of the Board of Directors of the Authority.
"Alternative fuel vehicle project" shall not include any technology that involves the combustion of fossil fuels, including petroleum and petroleum products.
"Qualified project" means a project, technology, product, service, or measure promoting energy greenhouse gas emissions;
"Board" means the Board of Directors of the Virginia Green Infrastructure Bank.
(ii) reduces energy use without diminishing the level of service;
"Cash for carbon program" means any project or program using market mechanisms to expedite the acquire carbon assets for the purpose of reducing emissions, and invest in communities negativelyacilities, affected by the loss of such facilities or assets, including market mechanisms such as (i) reverse auctions;
(iii) increases the deployment of renewable or noncarbon-emitting energy projects, energy storage systems, district heating, smart grid technologies, or microgrid systems;
(ii) securitizations;
(iv) replaces existing fossil-fuel-baseH technology with an end-use electric technology;
(iii) the offering of bidder's credits to facilities that pose significant environmental justice or health concerns, particularly in low-income, minority, and distressed neighborhoods;
(v) supports the development and deployment of electric veBicle charging stations and associated infrastructure, electric buses, and electric fleet vehicles;
and (iv) the provision of investment and technical assistance to the local community and site of such facility, including, where necessary, in cooperation with the Administrator of the federal Environmental Protection Agency or any other federal, state, or local authorities.
(6i) reduces water use or protects, restores, or preserves the quality of the Commonwealth's surface waters Hr the electricity or when system reliability is not jeopardized.emand in response to changes in the p1ice of "Renewable energy" means electric energy generated by a source that is considered a renewable energy standard eligible source under the provisions of § 56-585.5.
"Clean agriculture project" means any agricultural project that reduces net greenhouse gas regenerative agriculture.mate resiliency, including reforestation, afforestation, forestry management, and HB968 2 of 4 "Climate-impacted communities" means (i) communities of color, which includes any geographically distinct area in which the population of color is higher than the average population of color in the Commonwealth;
"Securitization" means the conversion of an asset composed of individual loans into marketable securities.
(ii) communities that are already or are likely to be among the first communities to experience the direct negative impacts of climate change;
"Smart grid" means a digital technology that allows for two-way communication between a utility HB968H1 2 of 5 and the utility's customers and enables the utility to control power flow and load in real time.
(iii) distressed neighborhoods, demonstrated by indicators of need including poverty, childhood obesity, academic failure, and juvenile delinquency, adjudication, or incarceration rates;
§ 2.2-2380.
(iv) low-income communities, defined as any census block group in which 30 percent or more of the population are low-income individuals;
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and (v) rural areas, which includes any area other than a city or town with a population greater than 50,000 or an urbanized area adjacent to such a city or town.
"Climate-resilient infrastructure" means any project that constructs or enhances infrastructure so that such infrastructure is planned, designed, and operated in a manner that anticipates, prepares for, and adapts to changing climate conditions and can withstand, respond to, and recover rapidly from disruptions caused by changing climate conditions.
"Demand response project" means any project, technology, product, service, function, or measure, or an aggregation thereof, that changes the usage of electricity by retail customers in the Commonwealth from normal consumption patterns in response to (i) changes in the price of electricity or (ii) incentive payments designed to lower electricity use at times of high market prices or when system reliability is jeopardized.
"Electrification" means the installation, construction, or use of end-use electric technology that replaces existing fossil fuel-based technology.
"Energy efficient project" means any project, technology, product, service, function, or measure, or an aggregation thereof, that (i) results in the reduction of energy use required to achieve the existing level of electric energy service or output or (ii) substantially reduces greenhouse gas emissions.
"Energy efficient project" does not include any project relating to power generation facilities that involve the combustion of fossil fuels, including petroleum or petroleum products.
"Procurement" means the purchase, lease, or acquisition of real or personal property on a bid, negotiated, or open market basis, including through a sole-source procurement or in such other manner as the Board or President determines to be appropriate and in the best interest of advancing the purposes of this article.
"Qualified clean energy project" means any alternative fuel vehicle project, demand response project, electrification, energy efficient project, renewable energy project, cash for carbon program, or system efficiency project.
"Qualified project" means any qualified clean energy project, climate-resilient infrastructure, climate change mitigation or adaptation project, or any other project identified by the Board as consistent with the purposes of this article.
"Renewable energy" has the same meaning as provided in § 56-576.
"Renewable energy project" means the development, construction, deployment, alteration, or repair of any project, technology, product, service, function, or measure that generates electric power from renewable energy.
"System efficiency project" means the development, construction, deployment, alteration or repair of any distributed generation system, energy storage system, smart grid technology, advanced battery system, microgrid system, fuel cell system, or combined heat and power system.
"Virginia Green Infrastructure Bank" or "Bank" means the nonstock corporation established pursuant to this article to carry out the provisions of this article.
§ 45.2-1737.
The Bank shall be governed by a Board of Directors consisting of nine voting members to be appointed as follows:
The Bank shall be governed by a Board of Directors consisting of 12 voting members.
(i) six nonlegislative citizen members appointed by the Governor, subject to approval by the General Assembly, who shall have expertise in real estate, finance, or project development, or legal expertise in zero-emission and low-emission energy generation, infrastructure, transportation, agriculture, stormwater management, housing, or environmental justice;
Members shall be appointed as follows:
(ii) the Director of the Department or his designee, who shall serve ex officio with voting privileges;
two members of the House of Delegates, to be appointed by the Speaker of the House of Delegates;
(iii) the Director of the Virginia Economic Development Partnership Authority or his designee, who shall serve ex officio with voting privileges;
one member of the Senate, to be appointed by the Senate Committee on Rules;
and (iv) the State Treasurer, or his designee, who shall serve ex officio with voting privileges.
five nonlegislative citizen members to be appointed by the Governor, subject to approval by the General Assembly, who shall be citizens of the Commonwealth and have expertise in real estate, finance, or project development or legal expertise in zero-emission and low-emission energy generation, infrastructure, transportation, agriculture, stormwater management, or housing;
In appointing nonlegislative citizen members, the Governor shall consider whether such appointments reflect the gender, ethnic, and geographical diversity of the Commonwealth and its climate-impacted communities.
the Director of the Department or his designee, who shall serve ex officio with voting privileges;
Nonlegislative citizen members shall be citizens of the Commonwealth.
the Director of the Virginia Economic Development Partnership Authority or his designee, who shall serve ex officio with voting privileges;
the chief executive officer of the Virginia Innovative Nuclear Hub or his designee, who shall serve ex officio with voting privileges;
and the State Treasurer, or his designee, who shall serve ex officio with voting privileges.
No nonlegislative citizen member shall be eligible to serve more than two terms.
No nonlegislative citizen member shall be eligible to serve more than two consecutive three-year terms.
Members of the Board shall receive such compensation for the performance of their duties as of 4 provided in § 2.2-2813.
Members of the Board shall receive such compensation for the performance of their duties as provided in § 2.2-2813.
Funding foI the costs of compensation and expenses of the members shall be provided by the Bank.
Funding for the costs of compensation and expenses of the members shall be provided by the Authority.
N citizen members.
D.
The Board shall annually elect a chairman and vice-chairman from among its nonlegislative citizen members.
The Board shall meet at least quarterly or at the call of Rhe chairman.
The Board shall meet at least quarterly or at the call of the chairman.
The Board shall appoint a president of the Bank, who shall not be a member of the Board, and who shall serve at the pleasure of the Board and carry out such powers and duties conferred upoD him by the Board.
The Board shall appoint a president of the Authority, who shall not be a member of the Board, and who shall serve at the pleasure of the Board and carry out such powers and duties conferred upon him by the Board.
The president shall employ or retain such agents or employees as may be necessary to fulfill the duties of the Bank conferred upon the President, subject to the Board's approval.
§ 2.2-2381.
Employees of the Bank shall be eligible for membership in the Virginia Retirement System and participation in all of Ehe health and related insurance and other benefits, including premium conversion and flexible benefits, available to state employees as provided by law.
Powers and duties of the president.
The President shall also exercise such powers and duties relating to the Bank as may be delegated to him by the Board, including powers and duties involving the exercise of discretion.
The president shall employ or retain such agents or employees as may be necessary to fulfill the duties of the Authority conferred upon the president, subject to the Board's approval.
The President shall also exercise and perform such other powers and duties as may§ 45.2-1739.
Employees of the Authority shall be eligible for membership in the Virginia Retirement System and participation in all of the health and related insurance and other benefits, including premium conversion and flexible benefits, available to state employees as provided by law.
Powers and duties of the Bank.conferred or imposed upon him by law.
The president shall also exercise such powers and duties relating to the Authority as may be delegated to him by the Board, including powers and duties involving the exercise of discretion.
The president shall also exercise and perform such other powers and duties as may be lawfully delegated to him or as may be conferred or imposed upon him by law.
§ 2.2-2382.
Powers and duties of the Authority.
The Bank is granted all powers necessary or convenient for the carrying out of its purposes pursuant to this article, including the power to:
The Authority is granted all powers necessary or convenient for the carrying out of its purposes pursuant to this article, including the power to:
H 3.
3.
Acquire, purchase, hold, use, lease, or otherwise dispose of any real or personal propert9 or any interest therein;
Acquire, purchase, hold, use, lease, or otherwise dispose of any real or personal property or any interest therein;
8 sale of products of, or services rendered by the Bank to pay its expenses;ges for the use of property of, the 5.
4.
Fix, alter, charge, and collect rates, rentals, fees, and other charges for the use of property of, the sale of products of, or services rendered by the Authority to pay its expenses;
5.
Employ, at its discretion, such agents and employees as may be necessary, and to fix their compensation to be payable from funds made available to the Bank.
Employ, at its discretion, such agents and employees as may be necessary, and to fix their compensation to be payable from funds made available to the Authority.
Such agents and employees may reside within and without the Commonwealth and the United States and are not required to be citizens of the Commonwealth.
Such agents and employees may reside within or outside of the Commonwealth and the United States and are not required to be citizens of the Commonwealth.
Legal services for the Bank shall be provided by the Attorney General in acc7.
Legal services for the Authority shall be provided by the Attorney General in accordance with Chapter 5 (§ 2.2-500 et seq.);
Apply for and accept gifts, grants, aid, and donations from any source to be expended in furtherance of accomplishing the objectives of the Bank.
7.
All federal funding accepted under this subdivision shall be accepted and expended by the Bank in accordance with such terms and conditions as are prescribed by the United States and are consistent with state law, and all state funding accepted under this subdivision shall be accepted and expended in accordance with such terms and conditions as prescribed by the Commonwealth;
Apply for and accept gifts, grants, aid, and donations from any source to be expended in furtherance of accomplishing the objectives of the Authority.
8.
All federal funding accepted under this subdivision shall be accepted and expended by the Authority in accordance with such terms and conditions as are prescribed by the United States and are consistent with state law, and all state funding accepted under this subdivision shall be accepted and expended in accordance with such terms and conditions as prescribed by the Commonwealth;
Adopt, alter, and repeal bylaws, rules, and regulations governing the transaction of the Bank's bus9.
of 5 business, exercises of its powers, and performance of its duties;
Seek to qualify as a community development financial institution under 12 U.S.C.
andng the transaction of the Authority's 9.
§ 4702.
Seek to qualify as a State Energy Financing Institution.
In carrying out its powers and duties pursuant to this article, the Bank shall:
In carrying out its powers and duties pursuant to this article, the Authority shall:
Ensure that within three years of the Bank's creation and thereafter, investments are made on a portfolio basis such that returns are sufficient to cover ongoing portfolio losses and operating expenses to ensure that the Bank is self-sustaining, with the exception of any specific funds or mandates provided to the Bank where it may invest without a high certainty or requirement or return;
Serve as a financial resource to reduce the upfront and total costs of implementing qualified projects;
2.
3.
Leverage private investment in qualified projects through financing mechanisms that support, enh3.
Ensure that financing terms and conditions offered are well suited to qualified projects;
Report annually to the General Assembly;
Ensure that the Bank is audited annually by an independent certified accountant;
Strategically prioritize the use of the Authority's funds to leverage private investment in qualified projects, with the aim of achieving a high ratio of private to public money invested through funding mechanisms that support, enhance, and complement private lending and investment;
Direct at least 20 percent of its investment activity to serve climate-impacted communities;
Coordinate with existing federal, state, local, utility, and other programs to ensure that the Aut6.
6.
Stimulate demand for qualified projects by (i) contracting with the Department to provide, including through subcontracts with community navigators, information to project participants about federal, state, local, utility, and other Authority financial assistance for qualifying projects and technical information on energy conservation and renewable energy measures;
Prioritize qualified projects according to benefits conferred on consumers and climate-impacted communities;
(ii) forming partnerships with contractors and informing contractors about the Authority's financing programs;
(iii) developing communities;
and (iv) incentivizing financing entities to increase activity in underserved markUts;
Comply with all applicable requirements of the Consumer Protection Act (15 U.S.C.
Finance projects in all regions of the Commonwealth;
§ 1601 et seq.);
8.
projects in the Commonwealth;opt a work program to serve and support the deployment of qualified HB968 4 of 4 9.
Develop participant eligibility standards and other terms and conditions for financial suSport provided by the Authority;
Develop rules, policies, and procedures for determining the eligibility of borrowers and other terms and conditions of the Bank's financing support before providing financing support for any qualified project;
9.
10.
Develop and administer (i) policies to collect reasonable fees for Authority services andE(ii) risk man10.
Develop consumer protection standards to be enforced on all investments to ensure the Bank and its partners are lending responsibly, transparently, and in the financial interests of borrowers;
Develop consumer protection standards governing the Authority's investments to ensure that financial support is provided responsibly and transparently and is in the financial interest of participating project owners;
11.
S 11.
Assess reasonable fees for financing support and risk management activities to cover the reasonable costs of the Bank;
Develop methods to accurately measure the impact of the Authority's activities, particularly on low-income communities and on greenhouse gas emissions reductions;
12.
U Authority's programs;nt and sufficient staff with the appropriate skills and qualifications to Barry out the 13.
Collect and make available to the public in a centralized database on a website maintained by the Bank information regarding rates, terms, and conditions of all financing support transactions, unless the disclosure of such information includes a trade secret, confidential commercial information, or confidential financial information;
Apply for, either as a direct or subgrantee applicant, and accept Greenhouse Gas ReductiSn Fund grants authorized by the federal Clean Air Act, 42 U.S.C.
13.
§ 7434(a);
Prepare and make publicly available a quarterly report on the financing activities of the Bank that specifies the investments made in climate-impacted communities as required by this section;
Work with market and program participants to provide information regarding best practices for overseeing qualified projects and information regarding other appropriate consumer protections;
Act under its powers as a state energy financing institution under 42 U.S.C.
and 15.
§ 16511, collaborate with the U.S.
Department of Energy Loan Programs Office to ensure that authorities made availabIe und15.
Ensure that Authority contracts with all third-party administrators, contractors, ands;
and subcontractors contain required covenants, representations, and warranties specifying that contracted third parties are agents of the Authority and that all acts of contracted third parties are considered acts of the Authority, provided that the act is within the contracted scope of work;
and T 16.
§ 45.2-1740.
1.
Nonstock corporation to assist economic development.
Employ credit enhancement mechanisms that reduce financial risk for financing entities byE providing assurance that a limited portion of a loan or other financial instrument is assumed by the Authority via a loan loss reserve, loan guarantee, or other mechanism;
The Board may establish nonprofit, nonstock corporations under Chapter 10 (§ 13.1-801 et seq.) of Title 13.1 as public instrumentalities exercising public and essential governmental functions to assist the Board and the Bank in fulfilling the purposes of this article.
2.
The board of directors of any such corporation shall be composed of the President of the Bank and the members of the Board.
Co-invest in a qualified project by providing senior or subordinated debt, equity, or other mechanisms in conjunction with other investment, co-lending, or financing;
The Board shall require any such corporation to report to it at least annually on its activities.
secure additional private investment through securitization or similar resale of the Authority's interest in a completed qualified project;
§ 45.2-1741.
and 4.
Capitalization.
Expend up to 25 percent of funds appropriated to the Authority for start-up purposes, whiBh may be used for financing programs and project investments authorized under this article, prior to 6doption of the strategic plan required pursuant to § 2.2-2384 and the investment strategy required pursHant to § 2§ 2.2-2383.
The Bank shall initially be capitalized by gifts, grants, donations, and appropriations.
Authority lending practices;
Of the initial capitalization, 25 percent may be used for operational and start-up expenses, and the remaining amount shall be used solely as investment capital for qualified projects financed by the Bank.
consumer protection.
The Board should identify and seek additional sources of funding for the Bank.
1 A.
In determining the projects in which the Authority will participate, the Authority shall give preference to projects that maximize the creation of high-quality employment and apprenticeship opportunities for local workers:
B.
The Authority shall require, for all projects for which the Authority provides financing, that:
1.
Financing is not offered without first ensuring that the participants meet the Authority's HB968H1 4 of 5 underwriting criteria;
and 2.
Any loan made to a homeowner for a project on the homeowner's residence complies with all applicable state and federal consumer lending laws.
§ 2.2-2384.
Strategic plan.
A.
By December 15, 2024, and each December 15 in even-numbered years thereafter, the Authority shall develop and adopt a strategic plan that prioritizes the Authority's activities over the next two years.
The strategic plan shall (i) identify targeted underserved markets for qualified projects in Virginia;
(ii) develop specific programs to overcome market impediments through access to Authority financing and technical assistance;
and (iii) develop outreach and marketing strategies designed to make potential project developers, participants, and communities aware of financing and technical assistance available from the Authority, including the deployment of community navigators.
B.
Elements of the strategic plan shall be informed by the Authority's analysis of the market for qualified projects and by the Authority's experience under the previous strategic plan, including the degree to which performance targets were or were not achieved by each financing program.
In addition, the Authority shall actively seek input regarding activities that should be included in the strategic plan from stakeholders, the general public, and participants, including via meetings required pursuant to § 2.2-2386.
C.
The Authority shall establish annual targets in a strategic plan for each financing program regarding the number of projects, level of Authority investments, greenhouse gas emissions reductions, and installed generating capacity or energy savings the Authority hopes to achieve.
D.
The Authority's targets and strategies shall be designed to ensure that no less than 40 percent of the direct benefits of Authority activities flow to Justice40 communities or other mandated recipients where required as part of a federal grant program.
§ 2.2-2385.
Investment strategy;
content;
process.
A.
No later than December 15, 2024, and every four years thereafter, the Authority shall adopt a long-term investment strategy to ensure that the Authority's paramount goal to reduce greenhouse gas emissions is reflected in all of the Authority's operations.
The investment strategy shall address:
1.
The types of qualified projects the Authority should focus on;
2.
Gaps in current qualified project financing that present the greatest opportunities for successful action by the Authority;
3.
How the Authority can best position itself to maximize its impact without displacing, subsidizing, or assuming risk that should be shared with financing entities;
4.
Financing tools that will be most effective in achieving the Authority's goals;
and 5.
Partnerships the Authority should establish with other organizations to increase the likelihood of success.
B.
In developing an investment strategy, the Authority shall consult, at a minimum, with similar organizations in other states, lending authorities, state agencies, utilities, environmental and energy policy nonprofits, and other organizations that can provide valuable advice on the Authority's activities.
C.
The long-term investment strategy shall contain provisions ensuring that:
1.
Authority investments are not made solely to reduce private risk;
and 2.
Private financing entities do not unilaterally control the terms of investments to which the Authority is a party.
D.
The Board shall submit a draft long-term investment strategy for comment to each of the groups and individuals with whom the Board consults pursuant to subsection B and to the General Assembly and shall post the draft strategy on the Authority's website.
§ 2.2-2386.
Public outreach.
The Authority shall:
1.
Maintain a public website that provides information about the Authority's operations, current financing programs, and practices, including rates, terms, and conditions;
the number and amount of investments by project type;
the number of jobs created;
the financing application process;
and other information;
2.
Periodically issue an electronic newsletter to stakeholders and the public containing information on the Authority's products, programs, and services and key Authority events and decisions;
and 3.
Hold quarterly meetings accessible online to update the general public on the Authority's activities, report progress being made in regard to the Authority's strategic plan and long-term investment strategy, and invite audience questions regarding Authority programs.
§ 2.2-2387.
Form and audit of accounts and records.
A.
The accounts and records of the Authority showing the receipt and disbursement of funds from whatever source derived shall be in such form as the Auditor of Public Accounts prescribes.
B.
The accounts and records of the Authority are subject to an annual audit by the Auditor of Public Accounts or his legal representative.
§ 2.2-2388.
Exemption from taxes or assessments.
of 5 people of the Commonwealth, for the increase of their commerce and prosperity, and for theefit of the improvement of their health and living conditions, and as the operation and maintenance of projects by the performance of essential governmental functions, the Authority shall not be required to pay anytitute taxes or assessments upon any project or any property acquired or used by the Authority under the provisions of this article or upon the income therefrom, including sales and use taxes on tangible local taxation.
The exemption granted in this section shall not be construed to extend to personsate and conducting on the premises of a facility businesses for which local or state taxes would otherwise be req§ 2.2-2389.
Exemption of Authority from personnel and procurement procedures.
The provisions of the Virginia Personnel Act (§ 2.2-2900 et seq.) and the Virginia Public Procurement Act (§ 2.2-4300 et seq.) shall not apply to the Authority in the exercise of any power con§ 2.2-2390.
Annual report.
H The Authority shall submit to the Governor and the General Assembly an annual executive summary the General Assembly.
The executive summary shall be submitted as a report document as provided inion of the procedures of the Division of Legislative Automated Systems for the processing of legislatiUe shall include information regarding efforts supported by the Authority.site.
The executive summary S E S U B S T I T U T E H 8 1
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Action History

  1. Left in Appropriations

  2. Subcommittee recommends laying on the table (8-Y 0-N)

  3. Assigned App. sub: Commerce Agriculture & Natural Resources

  4. Referred to Committee on Appropriations

  5. Committee substitute printed 24107351D-H1

  6. Reported from Agriculture, Chesapeake and Natural Resources with substitute (12-Y 10-N)

  7. House committee, floor amendments and substitutes offered

  8. Subcommittee recommends referring to Committee on Appropriations

  9. Subcommittee recommends reporting with substitute (6-Y 4-N)

  10. House committee, floor amendments and substitutes offered

  11. Impact statement from DPB (HB968)

  12. Assigned ACNR sub: Natural Resources

  13. Referred to Committee on Agriculture, Chesapeake and Natural Resources

  14. Referred from Labor and Commerce

  15. Referred to Committee on Labor and Commerce

  16. Prefiled and ordered printed; offered 01/10/24 24101531D

Sponsors

Sponsorship breakdown

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1 sponsors · 7 co-sponsors · 140 not signed on · 10 voted No

Sponsors (1)

Co-sponsors (7)

Not signed on (140)

140 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Reported from Agriculture, Chesapeake and Natural Resources with substitute (12-Y 10-N)

Passed 12 Yea · 10 Nay
Party YeaNayPresentNot Voting
Unaffiliated 121000
Total 121000
% of votes cast 55%45%0%0%
How each member voted (22)
Member Party Vote
Alfonso H. Lopez — Yea
Amy J. Laufer — Yea
Bulova, David L. — Yea
Charniele L. Herring — Yea
Chris S. Runion — Nay
Dan I. Helmer — Yea
Fowler, Hyland F."Buddy," Jr. — Nay
Jackie H. Glass — Yea
Kathy K.L. Tran — Yea
Kent, Hillary Pugh — Nay
Marshall, Daniel W., III — Nay
Michael J. Webert — Nay
Nadarius E. Clark — Yea
Orrock, Robert D., Sr. — Nay
Paul E. Krizek — Yea
Phil M. Hernandez — Yea
R. Lee Ware — Nay
Robert S. Bloxom, Jr. — Nay
Rodney T. Willett — Yea
Shelly A. Simonds — Yea
Thomas C. Wright, Jr. — Nay
Tony O. Wilt — Nay

Official roll call →

Subcommittee recommends reporting with substitute (6-Y 4-N)

Passed 6 Yea · 4 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 6401
Total 6401
% of votes cast 55%36%0%9%
How each member voted (11)
Member Party Vote
Alfonso H. Lopez — Not Voting
Charniele L. Herring — Yea
Chris S. Runion — Nay
Jackie H. Glass — Yea
Kathy K.L. Tran — Yea
Paul E. Krizek — Yea
Phil M. Hernandez — Yea
R. Lee Ware — Nay
Robert S. Bloxom, Jr. — Nay
Rodney T. Willett — Yea
Thomas C. Wright, Jr. — Nay

Official roll call →

Subjects

environment
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Frequently asked questions

What does HB 968 do?
Virginia Green Infrastructure Bank; created.Creates the Virginia Green Infrastructure Bank, an authorityto promote and catalyze investment in qualified projects that reducegreenhouse gas emissions, assist climate-impacted communities, andpromote environmental justice. The bill requires the Bank to be governedby a board of directors with the authority to hire a president and create a nonstock corporation to carry out the powers and dutiesof the bank.
Who sponsors HB 968?
HB 968 is sponsored by Alfonso H. Lopez, Elizabeth B. Bennett-Parker, Nadarius E. Clark, Rozia A. Henson, Jr., Marty Martinez, Shelly A. Simonds, Barbara A. Favola, and Saddam Azlan Salim.
What is the current status of HB 968?
This bill died with 2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 968?
Track HB 968 free on One Click Politics — get push/email alerts when it moves.

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