The $20 billion, made available through the $27 billion
Greenhouse Gas Reduction Fund (GGRF) created in the 2022
Inflation Reduction Act, will largely be invested in projects
ranging from home energy retrofitting programs to off-grid
renewable energy in communities that have not had access to
green financing.
The selected organizations will create a national clean
financing network that will help kickstart projects over the
next seven years that are expected to reduce or avoid up to 40
million metric tons of climate pollution annually.
“The grantees announced today will help ensure that families,
small businesses, and community leaders have access to the
capital they need to make climate and clean energy projects a
reality in their neighborhoods,” Harris said in a statement.
The EPA plans to get the money to the organizations by September
this year. The GGRF has been a target of congressional
Republicans, who passed a resolution this year attempting to
repeal what they have called a climate "slush fund."
Three non-profit coalitions comprised of community development
financial institutions, local green banks and other community
lending organizations were chosen to distribute $14 billion from
a National Clean Investment Fund (NCIF), that aims to support
affordable clean technology projects nationwide.
Another five groups have been chosen to administer the $6
billion Clean Communities Investment Accelerator, which will
provide funding and technical assistance to community lenders
working to back clean technology projects in low-income and
disadvantaged communities.
Of the $20 billion, at least $4 billion will be dedicated to
investment in rural communities and $1.5 billion will be
directed to programs benefiting tribal nations.
The grantees are expected to mobilize almost $7 of private
capital for every $1 of federal funds they spend.
(Reporting by Valerie Volcovici; Editing by Aurora Ellis)
[© 2024 Thomson Reuters. All rights
reserved.]
Copyright 2022 Reuters. All rights reserved. This material may
not be published, broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|