Special to the Times
Boston City Councilor Gabriela Coletta Zapata (District 1) chaired and sponsored a hearing to discuss funding coastal resilience strategies and establishing a climate bank. The hearing focused on exploring the establishment of a financial institution at the municipal level to assist in mobilizing resources and funding projects addressing climate change. It is estimated to cost the City of Boston approximately four billion dollars to fortify Boston’s waterfront. Boston currently relies on various pots of funding to design and implement climate solutions and needs to seek alternative and sustainable funding sources for resilience projects.
“Boston faces significant risks from climate change, including sea level rise, coastal flooding, and storm surges: we need the resources and capital to move urgently to protect our city and strengthen our climate resiliency. Establishing a municipal climate bank is necessary to secure Boston’s future from climate change. By leveraging private and public investment, we can fund critical infrastructure, create green jobs, and build a more resilient and equitable city. I’m grateful to everyone who shared their perspectives on how Boston can continue leading climate resiliency projects while securing sustainable funding to support these efforts. I look forward to continuing the conversation,” said Coletta Zapata.
During the hearing, Councilors were joined by administration members, including Brian Swett, Chief Climate Officer, Christopher Osgood, Director of the Office of Climate Resilience, and Nayeli Rodriguez, Deputy Director of the Office of Climate Resilience. The administration highlighted the 2030 Climate Action Plan, which will serve as an implementation roadmap for 2026-2030, outlining high-priority actions for the City of Boston and its partners to implement. The Action Plan will include concise action steps for city departments and partners, quantitative metrics to measure progress over time meaningfully, and climate justice tools to support implementation. Additionally, the administration broke down the current funding landscape for Boston’s climate resilience work and invited private property owners on the waterfront to join their efforts. Boston relies on city funding, state and federal grants, Army Corps partnerships, and third-party investment.
Additionally, Councilors heard from an advocates panel that stressed how the creation of a municipal climate bank could support expanding the scale of investments that can reach a variety of residents, attracting private capital to amplify the impact of public investment, and enhancing the capacity to design, build, maintain and operate resilience projects. The discussion included examples of successful climate banks, such as the DC Green Bank which has leveraged public funds to attract private investment in clean energy, infrastructure resilience, and renewable energy initiatives.
Public testimony included numerous community activists and community organizations that stressed the need to create a climate bank to provide sustainable funding for local projects seeking to bolster climate resilience across Boston neighborhoods. Organizations noted that local projects are witnessing funding challenges that hinder the ability for projects to be completed.
The hearing also covered various funding mechanisms for climate banks, including low-interest loans, grants, revolving funds, and green bonds, which have been successfully utilized in other cities and internationally. The Massachusetts Community Climate Bank (MCCB) was highlighted as an example of a state-level initiative that finances energy-efficient housing projects. Participants emphasized the importance of a municipal climate bank in providing financial tools that will ensure long-term sustainability and scalability of Boston’s climate resilience initiatives.
Other municipalities have successfully established municipal banks that offer grants, loans, and investment opportunities for projects that enhance climate resilience, reduce greenhouse gas emissions, and promote renewable energy. Climate banks prioritize equitable access to funding, helping to create green jobs and drive economic development. Councilor Coletta Zapata proposed creating a municipal climate bank to assist Boston with advancing climate goals and building resilient communities by engaging stakeholders, funding necessary infrastructure solutions, and improving urban resilience. Since being elected to the Boston City Council, Coletta Zapata has made securing investments for critical climate resilience projects one of her fundamental priorities.
The City will continue to explore strategies for structuring a green bank that ensures community-driven decisions and equitable investment, balances long-term sustainability with immediate funding needs, establishes scale and project eligibility criteria, makes resilience projects more attractive for private sector investment, and explores new financing tools. This docket will remain in Committee for further discussion.