SPRINGFIELD – To address ongoing efforts in mitigating the climate crisis, State Senator Rachel Ventura and State Representative Nabeela Syed spearheaded legislation to support green infrastructure loans for municipalities and counties, which passed the House Revenue and Finance Committee on Thursday.

“The costliness and unpredictability of abnormally large and powerful storms in the recent years due to the climate crisis has sent a clear signal for the state and local government to invest in climate resilience projects to protect Illinoisans from future disasters,” said Ventura (D-Joliet). “Meeting our state's clean energy goals and tackling the climate crisis requires real investment in our communities. That’s why expanding low-cost financial options for local governments is critical to accelerating the transition to clean energy.”

Senate Bill 2306 aims to expand the scope of clean energy projects under the Climate Bank Loan Financing Act to include storm resilience, nature-based solutions, and water and climate risk mitigation. This may include federal or other funds that can be used for clean water, drinking water and wastewater treatment, or climate resilience projects.

Additionally, it enables local governments to seek financing from the Illinois Finance Authority and issue bonds to support the development or maintenance of climate resilience projects.

"We are standing at the intersection of two fundamental needs for Illinois: the need for preventative and restorative green infrastructure in the face of a growing climate crisis, and the need to take advantage of economic opportunities in an emerging technological sector; this measure addresses both of those needs," said State Representative Nabeela Syed (D-Inverness). "There are thousands of potential good-paying jobs in clean energy technology and millions of dollars in revenue for Illinoisans. Investing in those projects will help deliver on that economic windfall while working to prepare communities for the prospects of increasingly powerful storms and unusually frequent flooding."

“Illinois has historically led the way on climate progress nationwide, and it’s more critical than ever that we continue to invest in innovative tools to address climate change, like the expanded funding mechanisms for nature-based climate solutions in this commonsense legislation,” said Jen Walling, executive director for the Illinois Environmental Council.

Senate Bill 2306 moves to the full House for further action.