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

By illuminem briefings 🌎

Jul 17 2023 Β· 2 min read

Illuminem Voices

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


πŸ—žοΈ 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

πŸ”­ 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

πŸ’¬ 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


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