EPA Aims $27 Billion Climate Fund Toward Disadvantaged Communities
WASHINGTON, D.C. – In a significant step forward implementing the portion of the Inflation Reduction Act devoted to spending, the Environmental Protection Agency is issuing guidance today on its Greenhouse Gas Reduction Fund (GHGRF), announcing it will hold two grant competitions through this fall with a focus on assisting low-income and marginalized communities.
- One competition will make up to 60 awards for a total of $7 billion to deploy zero emission technologies to benefit states, municipalities, Tribal governments, and others for residential and community solar, storage and related upgrades.
- A second competition will disburse $20 billion to 2-15 non-profit lenders, including community-based lenders and green banks. Importantly, the lending program will not vest control in one single entity, but instead will rely on a network of multiple financial institutions with proven track records of community-based and green lending.
Sarah Dougherty, Director of the Green Finance Center at NRDC, made the following statement:
“EPA is putting its money where its mouth is. In a matter of months, it will begin to commit tens of billions of dollars to low-income and marginalized communities all over the country. If applied effectively, these investments can improve millions of people’s lives, catalyzing mainstream, and not just ‘green’ investments and helping build a more equitable clean energy future. Using multiple lenders is a smart approach to ensure the funds reach communities that need this money the most, rural, and urban.”
A blog with further details on the administration of the GHGRF will be posted here.
NRDC (Natural Resources Defense Council) is an international nonprofit environmental organization with more than 3 million members and online activists. Since 1970, our lawyers, scientists, and other environmental specialists have worked to protect the world's natural resources, public health, and the environment. NRDC has offices in New York City, Washington, D.C., Los Angeles, San Francisco, Chicago, Bozeman, MT, and Beijing. Visit us at www.nrdc.org and follow us on Twitter @NRDC.