$20 B for clean energy in US communities
The $20 billion will be invested in projects such as home energy retrofitting programs and off-grid renewable energy in communities without access to green financing.
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USA, Charlotte: Vice President Kamala Harris and Environmental Protection Agency Administrator (EPA) Michael Regan have announced eight organizations that will oversee the spending of $20 billion in grants to fund clean energy and transportation projects in disadvantaged communities across the US. The $20 billion will mostly be invested in projects ranging from home energy retrofitting programs to off-grid renewable energy in communities without access to green financing.
The selected organizations will create a national clean financing network to help kickstart projects over the next seven years that are expected to reduce or avoid up to 40 million metric tons of climate pollution annually. The EPA aims to get the money to the organizations by September this year.
Three non-profit coalitions comprised of community development financial institutions, local green banks and other community lending organizations were selected to distribute $14 billion from a National Clean Investment Fund (NCIF). The fund’s aim is to support affordable clean technology projects nationwide. Five other groups were selected to administer the $6 billion Clean Communities Investment Accelerator, to provide funding and technical assistance to community lenders working to back clean technology projects in low-income communities. At least $4 billion is to be dedicated to investment in rural communities and $1.5 billion will be aimed at programs benefiting tribal nations.
Source: Reuters