The Joe Biden administration said on Friday that $20 billion from a federal “green bank” will be made available for sustainable energy initiatives like home heat pumps, EV charging stations, and community cooling centers.
The White House said that two programs, each worth $14 billion and $6 billion, will provide nonprofits, community development banks, and other organizations with competitive grants to fund renewable energy projects with an emphasis on underserved neighborhoods.
$20 Billion Boost For Clean Energy Projects
The investments come after a $7 billion Solar for All program for home and community solar installations in low-income neighborhoods was introduced last month.
The Greenhouse Gas Reduction Fund, formerly known as the Green Bank, was established by Congress in last year’s climate law and will be in charge of directing all three projects.
According to the EPA, up to three national clean financing institutions will receive grants from the $14 billion National Clean Investment Fund, allowing them to collaborate with states and the private sector to offer cheap financing for tens of thousands of clean technology projects around the country.
Up to seven charity organizations may receive funds from the $6 billion Clean Communities Investment Accelerator, which will partner with other organizations to help offer access to the investments required to develop clean technology projects.
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Funding Clean Technology And Infrastructure Upgrades
According to the EPA, hundreds of community lenders, credit unions, housing finance organizations, and other organizations will fund clean technology initiatives in low-income and underserved neighborhoods.
Regan claims that the green bank may provide funding for cooling centers in hot urban areas as well as electric vehicle charging stations, building retrofits, and the installation of effective heating and cooling systems.
According to Regan and other officials, the green bank, which was designed after banks similar to those founded in Connecticut, New York, and California, is anticipated to attract billions of dollars in private investment.
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