The bill updates the Massachusetts Clean Energy Center's (MassCEC) mandate to include a focus on the climatetech industry, expanding its purview beyond just clean energy. This change aims to enhance economic impact within the Commonwealth and support the state's goal of achieving net zero emissions by 2050. As part of this initiative, MassCEC is now required to produce an annual Climatetech Industry Report, which will provide baseline data on the growth of the climatetech sector, including job creation and business development.

The report highlights that Massachusetts has approximately 162,940 climatetech workers across three segments: Clean Energy, Greenhouse Gas Mitigation Goods and Services, and Climate Impact Prevention, Mitigation, and Repair. The climatetech industry significantly contributes to the state's economy, generating $17.3 billion in Gross State Product (GSP) and supporting a total of 304,683 jobs when considering direct, indirect, and induced employment. The report also notes that 10,569 businesses are involved in climatetech activities, with a substantial portion being small enterprises. In 2024, the industry saw $4.4 billion in investments and $72 million in public grant funding, indicating a strong commitment to innovation and growth in this sector.