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iBank asks Legislature to remove sunset for Climate Catalyst Fund amid federal funding uncertainty
Summary
The state financing authority iBank urged the Assembly panel to remove the program sunset for the Climate Catalyst revolving fund so the agency can leverage upcoming federal grants and build a permanent green-bank lending platform; lawmakers asked for more detail and requested the fund27s private-sector partner to appear for questions.
Scott Wu, Executive Director of the California Infrastructure and Economic Development Bank (iBank), told the subcommittee that iBank's Climate Catalyst Revolving Loan Fund (often called "Catalyst") has been appropriated $322 million over several years but had most of that money swept back during state budget shortfalls; $25 million remains invested with a private fund and roughly $15 million of program income remains in iBank accounts.
"In total, Kalas…
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