HB1444 creates the Virginia Clean Energy Innovation Bank to finance "qualified projects" with taxpayer money. Additionally, at least 40 percent of the Bank's direct benefits must flow to "historically economically disadvantaged" communities. The bank is directed to seek federal status as a state energy financing institution, maximize Inflation Reduction Act authorities, hire staff, adopt a biennial strategic plan and four-year investment strategy, and report to the General Assembly.

The Virginia Senate passed HB1444 on March 10, 2026 by a vote of 40 to 0. We have assigned minuses to the ayes because creating a state "green bank" forces taxpayers to fund politically favored energy projects, and expands government's role in the free market. Targeted subsidies pick winners and crowd out private capital, while privileging certain technologies.