The programmes aim to stimulate clean-technology projects across the US, prioritising lower-income communities
14 July 2023 - 12:14
byagency staff
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Washington — The US Environmental Protection Agency (EPA) on Friday launched two competitive grant programmes with $20bn in funding that aim to spark clean-energy investments across the country, especially in low-income communities.
The programmes, part of the $27bn Greenhouse Gas Reduction Fund (GGRF) established by President Joe Biden’s Inflation Reduction Act last year, are the latest move by his administration to support projects that reduce planet-warming emissions.
The $14bn National Clean Investment Fund (NCIF) will provide grants to two or three national clean financial institutions, enabling them to partner with the private sector to provide financing to tens of thousands of clean technology projects nationwide, the White House said.
“Students, small-business owners and community leaders with innovative ideas to reduce our emissions and accelerate our clean-energy transition will now see their projects become reality, all while creating ... a clean-energy economy that works for all,” vice-president Kamala Harris said in a release.
A $6bn Clean Communities Investment Accelerator (CCIA) competition will provide grants to support up to seven non-profit groups that will deliver funding and technical assistance to build the clean-financing capacity of local lenders working in lower-income and disadvantaged communities.
The $27bn fund was proposed as a way to scale up the model of more than 20 green banks in states including Michigan and Maryland that invest in programmes such as residential solar and installation of efficient heat pumps and electric vehicle (EV) chargers.
The non-profit green banks help reduce risk of projects in lower-income communities by providing a financial backstop and help attract private sector investment.
Michael Regan, the EPA administrator, said Biden’s fund will spur private investment into clean technology and “expand economic opportunity for communities that have been left behind”.
In June, the administration launched a $7bn grant programme to give low-income communities access to residential solar panels.
The deadline for applying to the programmes launched on Friday is October 12.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
US launches $20bn in clean-energy initiatives
The programmes aim to stimulate clean-technology projects across the US, prioritising lower-income communities
Washington — The US Environmental Protection Agency (EPA) on Friday launched two competitive grant programmes with $20bn in funding that aim to spark clean-energy investments across the country, especially in low-income communities.
The programmes, part of the $27bn Greenhouse Gas Reduction Fund (GGRF) established by President Joe Biden’s Inflation Reduction Act last year, are the latest move by his administration to support projects that reduce planet-warming emissions.
The $14bn National Clean Investment Fund (NCIF) will provide grants to two or three national clean financial institutions, enabling them to partner with the private sector to provide financing to tens of thousands of clean technology projects nationwide, the White House said.
“Students, small-business owners and community leaders with innovative ideas to reduce our emissions and accelerate our clean-energy transition will now see their projects become reality, all while creating ... a clean-energy economy that works for all,” vice-president Kamala Harris said in a release.
A $6bn Clean Communities Investment Accelerator (CCIA) competition will provide grants to support up to seven non-profit groups that will deliver funding and technical assistance to build the clean-financing capacity of local lenders working in lower-income and disadvantaged communities.
The $27bn fund was proposed as a way to scale up the model of more than 20 green banks in states including Michigan and Maryland that invest in programmes such as residential solar and installation of efficient heat pumps and electric vehicle (EV) chargers.
The non-profit green banks help reduce risk of projects in lower-income communities by providing a financial backstop and help attract private sector investment.
Michael Regan, the EPA administrator, said Biden’s fund will spur private investment into clean technology and “expand economic opportunity for communities that have been left behind”.
In June, the administration launched a $7bn grant programme to give low-income communities access to residential solar panels.
The deadline for applying to the programmes launched on Friday is October 12.
Reuters
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