background image

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

author image

By illuminem briefings 🌎

· 2 min read


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

 

Did you enjoy this illuminem voice? Support us by sharing this article!
author photo

About the author

illuminem's editorial team - providing you with concise summaries of the most important sustainability news of the day.

Follow us on Linkedin, Twitter​ & Instagram

Other illuminem Voices


Related Posts


You cannot miss it!

Weekly. Free. Your Top 10 Sustainability & Energy Posts.

You can unsubscribe at any time (read our privacy policy)