Tuesday’s announcement by the Biden administration outlined how non-profit groups and states can apply to $27 billion in Finance from “green bank” It will offer low-cost financing to projects that reduce the planet’s warming greenhouse gas emissions.
Congress established the Greenhouse Gas Reduction Fund. in the landmark climate law approved last year, Will you invest? in Clean energy projects across the country, including a focus on low-income and disadvantaged communities.
Environmental Protection Agency anticipates awarding $20 billion in As many as 15 charities can receive competitive grants that allow them to partner with financial institutions and local banks to make investments in Families can save money and reduce their carbon footprint by participating in projects to lower their energy bills.
An additional $7 billion State, tribal, and municipal governments will be eligible to receive funding to fund a variety of solar energy projects including community, residential, and commercial solar.
EPA Administrator Michael Regan said the green bank — modeled after similar banks established in states such as Connecticut, New York and California — will unlock billions of dollars in Private investments to support neighborhoods and communities “that have never participated in the clean-energy economy to participate in full force” in creating green jobs.
Community members with low-income or disadvantaged status “who pay the largest percent of their income toward energy bills have been left out of the investment game (and) have not seen the infusion of private capital to help them realize opportunities … for lots of reasons,” Regan is the first Black leader of the United States. EPA.
“What we are focused on here is ensuring that this $27 billion opportunity is thought-out in a way that allows for that community, that population, to be along for the ride,” He added. ”Obviously, if this had been done before, there would be no reason for the Greenhouse Gas Reduction Fund. We are charged with bringing private capital off the sideline.”
The program expects to begin making grant awards this summer and has already received nearly 400 responses to preliminary inquiries, said Jahi Wise, the program’s acting director.
Republicans can still apply for grants even before they are granted. in Congress has taken aim at green banks, calling them a taxpayer-funded institution “slush fund” This is ripe to be abused.
Rep. Gary Palmer, R-Ala., said he will sponsor a bill to repeal the fund, which he said will benefit Wall Street firms but “doesn’t help the American people with their utility bills.
“Will this $27 billion slush fund lower the cost of heating for these American families?” Palmer asked.
Sean Kelly (a spokeswoman for House Energy and Commerce Chair Cathy McMorris Rodgers R-Wash.) stated the fund “allocates an incredible amount of authority and resources” To the EPAYet, there are no measures that will ensure transparency or accountability. in What the resource is used for.
“In other words, this provision creates a taxpayer-funded slush fund for Wall Street and heightens the risk for overspending, fraud and abuse,” Kelly in Make a statement. “That is not a responsible way to allocate these resources.”
Democrats were more optimistic and called the fund a historic chance to lower greenhouse gas emissions, preserve public health, and provide economic opportunity. in Community members who are poor and have limited resources.
“For years, we’ve fought to take the idea of a national climate bank from a vision to a reality. With today’s action from the EPA, we’re one step closer,” D-Md. Sen. Chris Van Hollen was among those who supported the green bank, as well as Ed Markey from Massachusetts and other Democrats.
Markey and Van Hollanden spoke out in They will make a commitment to work together EPA to make sure the nationality of this new fund in The scope has a significant impact “multiplier effect” With private investments and involves diverse stakeholders “communities that have been historically underserved” Banks and other financial institutions.
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