$20 Billion Allocated by Biden for Nationwide Expansion of Clean Energy

Vice President Harris and Administrator Regan Announce Greenhouse Gas Reduction Fund Recipients

Vice President Harris and Administrator Regan to visit Charlotte, North Carolina to announce selectees under the Inflation Reduction Act‘s Greenhouse Gas Reduction Fund


Today, Vice President Kamala Harris and EPA Administrator Michael Regan will announce selections for $20 billion in awards to stand up a national financing network that will fund tens of thousands of climate and clean energy projects across the country, especially in low-income and disadvantaged communities, as part of President Biden’s Investing in America agenda. This investment is part of the Environmental Protection Agency’s Greenhouse Gas Reduction Fund, a first-of-its-kind and national-scale $27 billion program funded through President Biden’s Inflation Reduction Act to combat the climate crisis by catalyzing public and private capital for projects that slash harmful climate pollution, improve air quality, lower energy costs, and create good-paying jobs. This program will ensure communities across the country have access to the capital they need to participate in and benefit from a cleaner, more sustainable economy.

Announcement Details

Vice President Kamala Harris and EPA Administrator Michael Regan will be joined by Governor Roy Cooper, Mayor Vi Lyles, and Congresswoman Alma Adams to announce the selections under these two grant competitions in Charlotte, North Carolina.

Climate and clean energy Projects

This historic investment will support a wide range of climate and clean energy projects, including distributed clean power generation and storage, net-zero retrofits of homes and small businesses, and zero-emission transportation, all of which can lower energy costs for families and improve housing affordability while tackling the climate crisis. Collectively, the selected applicants have committed to reducing or avoiding up to 40 million metric tons of carbon pollution annually over the next seven years, contributing toward the Biden-Harris Administration’s historic climate goals. In addition, selectees plan to mobilize almost $7 of private capital for every $1 of federal funds-approximately $150 billion total-ensuring that today’s awards will have a catalytic, ongoing effect on the deployment of climate and clean energy technologies at scale, particularly in underserved communities.

Justice40 Initiative

The Greenhouse Gas Reduction Program advances the Biden-Harris Administration’s Justice40 Initiative, which sets the goal that 40% of the overall benefits from certain federal climate, clean energy, and other investments flow to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution. At least 70% of the funds announced today-over $14 billion of capital-will be invested in low-income and disadvantaged communities, including historic energy communities that have powered our nation for over a century, communities with environmental justice concerns, communities of color, low-income communities, rural communities, Tribal communities, and more. This makes the Greenhouse Gas Reduction Fund the single largest non-tax investment within the Inflation Reduction Act to build a clean energy economy while benefiting communities historically left behind.

Opposition and Support

Meanwhile, Republicans in Congress are already attempting to roll back these historic investments. Last month, the House of Representatives passed H.R. 1023, which would repeal the EPA’s Greenhouse Gas Reduction Fund. On March 19, President Biden issued a Statement of Administration Policy with his intent to veto that bill if it were to pass the Senate and come to his desk.

Greenhouse Gas Reduction Fund Selectees

National Clean Investment Fund (NCIF)

Under the $14 billion National Clean Investment Fund (NCIF), selected applicants will partner with the private sector, community organizations, and others to provide accessible, affordable financing for new clean technology projects nationwide. While EPA required that at least 40 percent of NCIF funds flow to low-income and disadvantaged communities, each selected applicant significantly surpassed that requirement. Therefore, almost 60 percent of NCIF funds will flow to the communities that need it most.

Selected Applicants

  • Climate United Fund ($6.97 billion award)
  • Coalition for Green Capital ($5 billion award)
  • Power Forward Communities ($2 billion award)

Clean Communities Investment Accelerator (CCIA)

Through the $6 billion Clean Communities Investment Accelerator (CCIA), selected applicants will establish hubs that provide funding and technical assistance to community lenders working to finance clean technology projects in low-income and disadvantaged communities-leading to near-term deployment of climate and clean energy projects while building the capacity of community lenders to finance projects at scale for years to come. 100 percent of CCIA funds will flow to low-income and disadvantaged communities.

Selected Applicants

  • Opportunity Finance Network ($2.29 billion award)
  • Inclusiv ($1.87 billion award)
  • Native CDFI Network ($400 million award)
  • Justice Climate Fund ($940 million award)

Read More of this Story at www.miragenews.com – 2024-04-04 09:02:00

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