The energy efficiency account is hereby created in the state treasury. The sums deposited in the energy efficiency account shall be appropriated and expended for loans, loan guarantees, and grants for projects that encourage the establishment and use of innovative and sustainable industries for renewable energy and energy efficiency technology. The balance of state funds, federal funds, and loan repayments, from the energy recovery act account, are deposited in this account. Moneys in the account may also be appropriated and expended for loans, loan guarantees, and grants for projects that achieve reductions in greenhouse gas emissions for emissions-intensive, trade-exposed industries.