More than 100 Lawmakers Urge Banking Regulators to Revise Basel III Tax Equity Provisions to Not Imperil Clean Energy Transition

December 18, 2023

WASHINGTON, D.C. – Led by U.S. Congressman Sean Casten (IL-06), 106 lawmakers sent a letter today to Federal Reserve Chairman Jerome Powell, Federal Deposit Insurance Commission Chairman Martin Gruenberg, and Acting Comptroller of the Currency Michael Hsu, urging the agencies to revise tax equity provisions in the proposed Basel III rules that could imperil the clean energy transition. Following is a statement from Lesley Hunter, Senior Vice President of Programs and Sustainable Finance for the American Council on Renewable Energy (ACORE):

“Tax equity is a predominant source of financing in the U.S. renewable energy market, and it is critical that federal agencies immediately clarify a risk weight for renewable energy tax equity reflective of these investments’ loan-like characteristics, low-risk profile, and overwhelmingly positive historical returns. Near-term action is essential to avoid stifling crucial financing for the renewable sector at a time when it is needed most.”

For more information on renewable energy tax equity investments, click here.

To download ACORE’s letter on the impact of these proposed bank regulatory capital requirements on tax equity investment in clean energy, click here.

About ACORE:
For more than 20 years, the American Council on Renewable Energy (ACORE) has been the nation’s premier pan-renewable nonprofit organization. ACORE unites finance, policy, and technology to accelerate the transition to a renewable energy economy. For more information, please visit www.acore.org.

Media Contacts:
Alex Hobson
Sr. Vice President, Communications
American Council on Renewable Energy
hobson@acore.org | 202.830.3592 (o) | 202.594.0706 (c)

Dylan Helms
Associate, Communications
American Council on Renewable Energy
helms@acore.org | 202.935.6491 (o) | 727.290.8804 (c)

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