- Green Housing Public-Private Partnership Act aims to subsidize housing projects that meet the state’s sustainability standards.
- As homeowners reduce carbon emissions, they will be rewarded with Green Coins. The token-generated funds will be used to fund new housing developments for the state.
- Rep. Carlos Tobon believes decentralization of utilities holds the greatest promise.
Rhode Island legislators have proposed a new housing bill. The housing bill will use a state-issued digital currency known as the “Green coin” to incentivize lower residential carbon emissions.
The Green Housing Public-Private Partnership Act aims to subsidize housing projects that meet the state’s sustainability standards. As homeowners reduce carbon emissions, they will be rewarded with Green Coins. The token-generated funds will be used to fund new housing developments for the state.
Rep. Carlos Tobon introduced the bill alongside nine other nonpartisan legislators. He observed that the state has a 25,000-unit housing demand. Among the many possible alternatives for making the housing business more sustainable, Tobon found that the decentralization of utilities held the greatest promise. Green cents will be awarded to household members if they reduce carbon emissions by using solar and geothermal energy sources, for instance.
The bill mentions, “Any revenue generated by the state pursuant to this section because of its status as a twenty-five percent (25%) interest owner, shall be deposited in a restricted receipt account for the purposes of funding future projects under this chapter”.
The bill also introduces the carbon offset reward coin’s economic side. As a result of the widespread use of sustainable homes, legislators expect the value of the green currency to rise. The state intends to use the initiative to fund new housing projects in the future by holding approximately 25% of the tokens.
Rhode Island has long sought methods to benefit from blockchain technology. Last year, state officials proposed laws to create a favorable regulatory environment for blockchain businesses. Supporters of the law contended that the government needed to step in to compete in the booming market.
Two Republican House representatives, David Place and Blake Filippi introduced the Rhode Island Economic Growth Blockchain Act earlier this year.
“The state of Rhode Island recognizes that in order to compete in the economy of the twenty-first century, it must provide one of the best business environments in the country.”
The bill, however, did not become law, only making a 25 percent advance and dying in committee. Other states in the United States, meantime, have been racing to implement digital asset technology. States like Texas and Wyoming are well-known examples.