Testimony of Scott Williamson
Sierra Club District of Columbia Chapter
Budget Hearing on the Green Finance Authority
Committee on Transportation and the Environment
June 13, 2025
Councilmember Allen, thank you for the opportunity to testify at this budget hearing on the Green Finance Authority (the “Green Bank”). My name is Scott Williamson, and I am a member of the Sierra Club District of Columbia Chapter. The Sierra Club is America’s largest and most influential grassroots environmental organization, with millions of members and supporters. In DC, we represent about 7,000 residents across all eight wards.
The Sierra Club remains strongly in support of the Green Finance Authority’s mission to drive private investment in clean, efficient, and green infrastructure projects in the District. In addition, the Green Bank’s commitment to identifying projects that advance equity considerations throughout the District has been consistent and effective for several years. We strongly urge the Council to continue its trend of allocating funds toward the Green Bank’s capitalization target, and to adhere to the statutory requirement that it commit at least $10 million to this task each year until the bank is fully capitalized.
The Green Finance Authority’s enabling legislation calls for the Council to direct revenues—at least $10 million per year—from the Sustainable Energy Trust Fund (SETF) to the Green Finance Authority for the purpose of gradually capitalizing the institution over the course of several years. The institution is not yet capitalized to its target of $100 million and therefore is still relying on increments of new capital each year when developing its project pipeline. Given the long lead time of building projects such as those the Green Bank finances, and its need to be a credible partner in project development, steady funding increments are critical.
A no-funding or low-funding scenario, even for just one year, would have long lasting impacts. Without sufficient funding, the Green Bank would have to walk away from projects already in its pipeline. This would damage the credibility of the bank as it attempts to work with developers and lenders in the future, who would presumably now associate political risk with the Green Bank's involvement. We understand that this is a difficult year for budgeting but strongly recommend that the Green Bank's allocation be handled with care for its stability and its existing project pipeline.
Thank you for the opportunity to testify and for considering our views.