Resolution 975 – In Support of a Green Bond Program
To Fuel Washington State’s Economic Recovery and To Fund Climate Solutions
WHEREAS we have 10 years to limit global warming to 1.5°C to mitigate irreversible, devastating global climate impacts; and the pollution that negatively affects air and water quality while disproportionately impacting low-income neighborhoods and communities of color;
WHEREAS the COVID-19 pandemic has led to an economic recession with record-high unemployment rates and a Washington State budget shortfall in the billions of dollars, and without immediate investment in our communities the negative economic impacts will linger for years;
WHEREAS this is an economically opportune time to issue green bonds due to record high demand and low interest rates and a green bond program like the Washington STRONG proposal would potentially avail more than $16 billion dollars for direct investment in our communities to fund “shovel-ready” climate mitigation and adaptation projects creating upwards of 150,000 family-wage union jobs across the state over a 10 year timeframe;
WHEREAS criteria for investments should be required by the terms of the bond and should be set by the Washington State Academy of Sciences to ensure a fiscally-sound climate finance program that has a measurable positive impact and is effective in reducing CO2 emissions;
WHEREAS green recovery proposals that have been crafted by coalitions of tribal nations, frontline most impacted communities, environmental justice organizations, and labor organizations are the most likely to result in a just transition; and green bond programs have been successfully implemented before in Washington State funding habitat restoration, farmland preservation, energy efficiency projects, and clean water;
THEREFORE BE IT RESOLVED that the Washington State Democratic Party Central Committee supports green bond programs like the Washington STRONG proposal, and legislation to this effect, to have bill number added when available, which will be repaid through a carbon tax crafted to protect low – and moderate income households in addition to vulnerable sectors and will be tied to statutory greenhouse goals, and
THEREFORE BE IT FURTHER RESOLVED that the Washington State Democratic Party Central Committee calls on our legislators to direct funds from green recovery bond programs using the WA State Health Disparities Map, recommendations from the Environmental Justice Task Force, and emerging socioeconomic data from the coronavirus crisis to inform decision-making and prioritize spending on communities that have historically been most impacted by environmental harm and economic harm, by prioritizing hiring community members for those projects; and
THEREFORE BE IT FINALLY RESOLVED that this resolution shall be forwarded to Governor Inslee, Lt. Governor Heck, Speaker Jinkins, Senate Majority Leader Billig, and the Washington State Democratic Central Committee (WSDCC).
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Submitted to WSDCC by WSD Environment and Climate Caucus (ECC) 2020 December 28
For questions – contact ECC Steve Verhey; Chair verheys@hotmail.com (509) 899-4956 or Angie Homola; ECC Resolutions Chair angiehomolad2@gmail.com (360) 632-3016.
Approved by WSD ECC 2020 December 17. Submitted to ECC on 2020 December 03 by Emily Knudsen, Chair of the 37th LD Environment and Climate Caucus (emily.pco1944@gmail.com // (206) 696-4233) and Aaron Tam, member of WA ECC (aarontam15@gmail.com// (971) 801-0156), on 2020 December 07.
- https://www.un.org/press/en/2019/ga12131.doc.htm
- https://www.doh.wa.gov/DataandStatisticalReports/WashingtonTrackingNetworkWTN/InformationbyLocation/WashingtonEnvironmentalHealthDisparitiesMap
- https://www.seattletimes.com/seattle-news/politics/state-budget-picture-improves-but-uncertainty-looms-as-more-covid-19-restrictions-return-to-washington/
- https://www.climatebonds.net/system/tdf/reports/cbi_q3_2020_report_01c.pdf?file=1&type=node&id=54810&force=0
- https://housedemocrats.wa.gov/lekanoff/2020/12/07/lekanoff-shewmake-and-lovelett-announce-the-washington-strong-recovery-bond-program/
- https://www.carbonwa.org/wastrong-details
- https://www.lowcarbonprosperity.org/wp-content/uploads/2020/06/Building-Back-Better-Investing-in-a-Resilient-Recovery-for-Washington-State-Website.pdf
- https://www.tre.wa.gov/wp-content/uploads/2016A_2FA.pdf
- https://housedemocrats.wa.gov/lekanoff/2020/12/07/lekanoff-shewmake-and-lovelett-announce-the-washington-strong-recovery-bond-program/
- https://www.carbonwa.org/wastrong