DETROIT, 4th April, 2024 (WAM) -- The U.S. Environmental Protection Agency (EPA) on Thursday awarded US$20 billion in federal "green bank" grants to eight community development banks and nonprofit organisations, Associated Press (AP) reported.
These grants will support projects combating climate change in disadvantaged communities and helping Americans save money and reduce their carbon footprints.
The money could fund tens of thousands of eligible projects ranging from residential heat pumps and other energy-efficient home improvements to larger-scale projects such as electric vehicle charging stations and community cooling centres, according to senior administration officials.
Vice President Kamala Harris, EPA Administrator Michael Regan and other officials planned to announce the grant selections during a visit to Charlotte, North Carolina on Thursday.
Recipients were awarded competitive grants from two of the three programmes overseen by the “green bank” created in the Biden administration’s landmark climate law, the Inflation Reduction Act, passed in 2022.
Formally known as the Greenhouse Gas Reduction Fund, the US$27 billion bank is one of many federal efforts to invest in solutions that cut planet-warming greenhouse gas emissions and address human-caused climate change, a topic President Joe Biden has emphasised in his presidency and reelection campaign.
The bank’s goals are to reduce climate and air pollution and mobilise public and private capital in the communities that need it most.
As part of Thursday's news, the US$14 billion National Clean Investment Fund programme granted money to three nonprofits that will partner with states and the private sector to provide affordable financing for projects across the country.
The US$6 billion Clean Communities Investment Accelerator also granted money to five institutions that will work with other groups to establish hubs that make funding and technical assistance accessible to community lenders.
Recipients committed to spending US$7 in private sector funding for each US$1 from the federal investment money, to “reduce or avoid” 40 million metric tonnes of carbon dioxide each year and earmark 70 percent of the money for disadvantaged and low-income communities.