EPA unveil $20 billion to finance the fight against climate change

illuminem summarizes for you the essential news of the day. Read the full piece here in The Washington Post or enjoy below

🗞️ Driving the news: Today, the Environmental Protection Agency (EPA) is initiating two grant competitions, allocating $20 billion from the Greenhouse Gas Reduction Fund, to foster clean-energy projects across the US
• The move comes amid challenges such as low staffing levels and opposition from House Republicans

🔭 The context: The “green bank” is a central part of the Inflation Reduction Act and acts as a significant tool for funding clean-energy initiatives, though it's often misunderstood

🌎 Why it matters for the planet: The initiative is designed to reduce the perceived risk of clean-energy investments for potential investors, thereby advancing the shift toward green technology
• Several states have already set up their own green banks, showing significant success in leveraging public funds to attract private investment
• The implementation of a national green bank can help stimulate clean-energy businesses, particularly in disadvantaged communities

⏭️ What’s next: The EPA has divided the program into three grant competitions, two of which are being launched today:
• The National Clean Investment Fund will provide $14 billion in grants to a few "national clean financing institutions" that will collaborate with the private sector to fund thousands of clean-energy projects, focusing at least 40% of the funds on low-income and disadvantaged communities
• The Clean Communities Investment Accelerator will provide $6 billion in grants to several "hub nonprofit organizations", which will offer funding and technical support to community lenders, with all the funds targeting low-income and disadvantaged communities

💬 One quote: “We have $20 billion to design a very effective program that, by the way, will go in all districts — red, blue, and independent districts,” Regan said. “This is about investing in America.”

Click for more news covering the latest on Climate Change