Virginia Law

A. No later than December 15, 2026, and every four years thereafter, the Bank shall adopt a long-term investment strategy to ensure that the Bank's paramount goal to reduce greenhouse gas emissions is reflected in all of the Bank's operations. The investment strategy shall address:

1. The types of qualified projects the Bank should focus on;

2. Gaps in current qualified project financing that present the greatest opportunities for successful action by the Bank;

3. How the Bank can best position itself to maximize its impact without displacing, subsidizing, or assuming risk that should be shared with financing entities;

4. Financing tools that will be most effective in achieving the Bank's goals;

5. Partnerships the Bank should establish with other organizations to increase the likelihood of success; and

6. How values of economic and geographic balance can be integrated into all investment operations of the Bank.

B. In developing an investment strategy, the Bank shall consult, at a minimum, with similar organizations in other states, lending authorities, state agencies, utilities, environmental and energy policy nonprofits, and other organizations that can provide valuable advice on the Bank's activities. The Bank shall consult with the Bank Advisory Board, the Department of Environmental Quality, and the Department of Conservation and Recreation to identify and incorporate flood resilience and water quality projects into the investment strategy.

C. The long-term investment strategy shall contain provisions ensuring that:

1. Bank investments are not made solely to reduce private risk; and

2. Private financing entities do not unilaterally control the terms of investments to which the Bank is a party.

D. The Bank shall submit a draft long-term investment strategy for comment to each of the groups and individuals with whom the Bank consults pursuant to subsection B and to the General Assembly and shall post the draft strategy on the Bank's website. The Bank shall accept written comments on the draft strategy for at least 30 days and shall consider the comments in preparing the final long-term investment strategy.

2026, cc. 1125, 1126.