Treasurer Mike Pieciak Convenes Vermont Leaders Across Industries to Coordinate Climate-Related Financing | Office of the State Treasurer Skip to main content

Treasurer Mike Pieciak Convenes Vermont Leaders Across Industries to Coordinate Climate-Related Financing

June 13, 2024

Montpelier, VT - Today, Treasurer Pieciak and other leaders from state agencies, financial institutions, non-profits, and environment and energy sectors met to coordinate their efforts to fund climate infrastructure and resilience projects. They discussed a variety of programs worth potentially hundreds of millions of dollars to Vermonters, including an uncapped Federal program that could benefit towns and non-profits. Treasurer Pieciak also highlighted his office’s new program providing low-cost capital in this space.  

It was the first in a series of meetings to improve information sharing and coordination among organizations working to fund climate infrastructure and resilience projects across the state. The Legislature requested the effort last year, and extensive feedback gathered by the Treasurer’s Office last fall confirmed the need. 

Treasurer Pieciak said, “Vermont is paying attention to the significant Federal programs that address climate change, and we are also focused on potential investments that can improve community resilience across our state. To ensure Vermont capitalizes on this historic funding opportunity, we must work across sectors and share information and guidance freely.”  

The Treasurer continued, “By funding clean energy, weatherization, and resilience projects, we can position Vermont as a national climate leader and make lasting investments in our communities.” 

Today’s meeting featured two panel discussions highlighting awards made to date, and how and when to access major funding programs. All told, the speakers represented more than $200 million in secured or potential funding. Attendees also discussed programs like Direct Pay (a/k/a Elective Pay), an uncapped federal program that could benefit municipalities, non-profits, rural energy coops, and other organizations, but without a central organizing force is at risk of being under-utilized.  

Treasurer Pieciak also highlighted efforts by his Office to finance Vermont’s climate resiliency. Governor Scott recently signed into law S.310, which allows the Treasurer to lend up to 2.5% of the state’s average cash on hand to support climate infrastructure and resilience projects.  

“At minimal cost to Vermont taxpayers, the 2.5% program will provide nearly $50 million to projects that make Vermont more resilient to climate change, reduce our state’s carbon footprint, and benefit our economy,” said Treasurer Pieciak. “I’m grateful for the Legislature and the Governor’s bipartisan support of this proposal. Our team is eager to get these funds to work.” 

The next climate infrastructure financing meeting will be held this fall and Vermonters are encouraged to complete a survey to inform future agendas. Future meetings will highlight additional programs and opportunities, and all meetings are open to the public. You can learn more about the Treasurer’s climate infrastructure financing efforts here