Written by Valery Borkovich
WASHINGTON (Reuters) – Vice President kamala harris and Environmental Protection Agency Administrator Michael Regan on Thursday overseeing the disbursement of $20 billion in grants to fund tens of thousands of clean energy and transportation projects in disadvantaged communities across the country. Eight organizations were announced.
The $20 billion available through the $27 billion Greenhouse Gas Reduction Fund (GGRF) created by the Inflation Reduction Act of 2022 will be largely sourced from the Home Energy Retrofit Program, which will help communities hitherto without access. It will be invested in projects ranging from off-grid renewable energy. Towards green finance.
The selected organizations will build a national clean finance network and help kick-start projects that are expected to reduce or avoid up to 40 million tonnes of climate pollution per year over the next seven years.
“The grants announced today will help ensure families, small businesses and community leaders have access to the funding they need to make climate change and clean energy projects happen in their neighborhoods,” Harris said in a statement. It will be helpful.”
EPA plans to deliver the funds to each organization by September of this year. GGRF has been a target of Republicans in Congress, who passed a resolution this year seeking to eliminate what they call a “slush fund” for climate action.
Three nonprofit coalitions of community development financial institutions, local green banks, and other community lending organizations have created the National Clean Investment Fund (NCIF), which aims to support affordable clean technology projects across the United States. was selected to distribute $14 billion from
Five additional groups have been selected to manage the $6 billion Clean Communities Investment Accelerator, which will provide funding and technical assistance to community lenders supporting clean technology projects in low-income and disadvantaged communities. Become.
Of the $20 billion, at least $4 billion would go toward investments in rural areas and $1.5 billion would go toward programs benefiting tribal nations.
Grant recipients are expected to mobilize approximately $7 in private capital for every $1 in federal funds.
(Reporting by Valerie Volcovici; Editing by Aurora Ellis)
