Special to the Times-Free Press
Boston City Councilor Gabriela Coletta Zapata introduced a hearing order regarding the establishment of a Municipal Climate Bank in Boston. It is estimated that it will cost the City of Boston up to three billion dollars to fortify its forty-seven mile coastline against sea-level rise and storm surge. Various pots of funding are necessary to design and implement nature-based and gray infrastructure engineering solutions across the entirety of the coastline. Coletta Zapata’s hearing order will discuss the establishment of a financial institution with the City of Boston to assist in mobilizing resources and funding projects addressing climate change.
“The Climate Crisis is our next big challenge. Boston needs the resources and capital to move swiftly to protect its coastal communities and fortify the coastline to protect our residents and businesses that stand to be displaced. We must close funding gaps to move forward on solution implementations before it’s too late. A municipal Climate Bank will give us the capital and resources to stimulate our local economies, create green and blue jobs, and spur economic development while addressing the urgent need for climate action,” said Coletta Zapata.
The hearing will focus on five key points: funding sources, project selection criteria, governance structure, policy integration, and public engagement. This will allow Councilors to explore various funding mechanisms such as public funding, grants, and private partnerships; discuss criteria for selecting projects that the Climate Bank will finance, emphasizing equity and community involvement; consider the governance and operational framework for the Climate Bank; understand how it might work alongside city departments to align funding with broader climate action plans and sustainability goals, and; evaluate strategies for involving residents and stakeholders in the development and implementation of the climate bank.
In the US, other municipalities have successfully implemented municipal banks to help foster sustainable development and combat climate change effectively. Climate banks assist with capital, such as grants, loans, or investment opportunities, for projects that enhance climate resilience, reduce greenhouse gas emissions, or promote renewable energy. Additionally, climate banks help create green jobs and stimulate economic development while financing green projects. Climate banks prioritize equitable access to funding while ensuring that marginalized communities benefit from climate initiatives and have a voice in decision-making processes.
Creating a municipal climate bank can assist Boston with advancing climate goals and building resilient communities by engaging stakeholders, funding necessary infrastructure solutions, and improving urban resilience. The climate bank can support financing various initiatives, such as sustainable transportation projects, green infrastructure, and community resilience programs.
Recently, Coletta Zapata held a hearing regarding implementing coastal resilience strategies for Boston’s Waterfront. During the hearing, Councilors learned about the scope of work for the newly established Office of Climate Resilience and efforts to find funding sources to fortify all forty-seven miles of Boston’s coastline. The hearing highlighted that the administration is actively reviewing how to finance infrastructure projects, given that right now, city officials rely heavily on federal agencies or private developers.
A hearing will be scheduled in the upcoming months and posted on the Councilor’s social media channels. For additional information, please contact the Office of Councilor Gabriela Coletta by phone at (617) 635-3200 or by email at gabriela.ramirez@boston.gov.