California should start a state-run bank to finance economic development that’s less polluting and more environmentally friendly, financed by auctions of greenhouse-gas carbon credits, Lieutenant Governor Gavin Newsom said.
The Green Infrastructure Bank, which would make low-interest loans to local governments or private business for projects that would help reduce greenhouse-gas emissions, would have the authority to sell tax-exempt and taxable municipal revenue bonds, according to legislation sponsored by Newsom, a Democrat and former San Francisco mayor.
