According to a press release from the U.S. Environmental Protection Agency (EPA), under the Greenhouse Gas Reduction Fund (GGRF) section of last year’s historic Inflation Reduction Act, Tribes, municipalities, and eligible nonprofits will soon be able to apply for $27 billion in grant funding from a green bank to help finance projects that facilitate the nation’s transition to renewable energy and reduce pollution.
For the GGRF awards, which will concentrate on low-income and disadvantaged communities, the EPA has provided instructions on how to apply.
The EPA will hold two grant competitions: a $7 billion competition for the Zero-Emissions Technology Fund and a $20 billion general and low-income assistance competition.
According to Vermont Senator Bernie Sanders, the Inflation Reduction Act is a significant and essential investment in renewable energy and energy efficiency at a time when we are facing the existential crisis of climate change.
Helping households install solar panels on their roofs makes a lot of sense when people all over the country are struggling to make ends meet while coping with the increasingly severe effects of climate change. This will enable them to produce their own electricity, reduce carbon pollution, and contribute to the creation of millions of good jobs.
According to The Associated Press, fifteen nonprofit organizations are anticipated to get funds totaling roughly $20 billion for initiatives to reduce household energy expenditures and pollution.
In order to collaborate with community financing institutions like green banks, community development financial institutions, credit unions, housing finance agencies, and others, eligible nonprofit organizations will receive grants from the EPA’s Greenhouse Gas Reduction Fund through a competitive process.
In order to invest in projects that lessen pollution and lower energy costs for families, particularly those in low-income and disadvantaged communities that have had unequal access to private capital for far too long, these organizations will work together to leverage public funds with private capital, according to a press release.
$7 billion in grants will be given to tribes, states, municipalities, and qualified nonprofit organizations for a range of solar energy projects, including as rooftop solar for low-income and disadvantaged groups’ houses, community solar, solar power storage, and renovations. The competition is anticipated to award up to 60 grants.
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Tom Carper, a senator from Delaware and the chairman of the Senate Environment and Public Works Committee, stated in the news release that every town should be able to reap the rewards of the investments we make in addressing climate change.
In order to promote the GGRF to communities around the country, a Community Roundtable series was also announced.
According to Michigan Representative Debbie Dingell, the $27 billion allocated in the Inflation Reduction Act for a national greenhouse gas decrease fund is the single-largest investment in clean energy, environmental justice, and a reduction in carbon emissions in American history.
The announcement made today is the first significant step towards creating a just clean energy economy.
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By the start of this summer, the EPA intends to launch the GGRF award contests.
The Greenhouse Gas Reduction Fund is one of the tangible steps taken as a direct result of the Inflation Reduction Act to make access to dependable and clean solar power easier for millions of Americans, according to New York Senator and Majority Leader Chuck Schumer, as quoted by The Hill. This is a huge step forward for bringing clean energy to communities that are too often left behind.