MN HF2336

Creates the Minnesota Climate Innovation Finance Authority as a public body to provide grants, loans, credit enhancements, and other financing for clean energy projects, greenhouse gas emissions reduction projects, and other qualified projects to leverage private investment.

Establishes an 11-member board of directors consisting of five state commissioners/designees and six governor-appointed members with expertise in labor, climate impact, community financing, sustainable development, environmental justice, and investment management.

Requires the authority to develop a strategic plan by December 15, 2024, and every two years thereafter, with a goal that at least 40 percent of direct benefits flow to environmental justice communities and establish annual performance targets.

Mandates prevailing wage requirements for projects with budgets of $100,000 or more, preference for projects with project labor agreements, and compliance with federal consumer protection laws for residential borrowers.

Appropriates $45,000,000 from the general fund in fiscal year 2024 to the authority for clean energy financing and project investments, with authority to spend up to 25 percent for start-up purposes before adopting required plans.