The Environmental Protection Agency has awarded $20 billion in federal green bank grants to combat climate change and help Americans reduce their carbon footprints. The funds will be used for projects such as energy-efficient home improvements, electric vehicle charging stations, and community cooling centers. The grants were announced by Vice President Kamala Harris in North Carolina, a key battleground state in the upcoming elections.
The green bank overseeing the grants was established by President Joe Biden’s Inflation Reduction Act, with the goal of reducing greenhouse gas emissions and addressing climate change. Part of the funding will go towards the National Clean Investment Fund program and the Clean Communities Investment Accelerator. Recipients of the grants have committed to leveraging private sector funding to reduce carbon dioxide emissions and support disadvantaged communities that are often left out by commercial banks and investors.
Among the recipients of the grants are the Coalition for Green Capital, Power Forward Communities, and Appalachian Community Capital, who will work on various projects in partnership with state and local entities. Additionally, the Solar for All program will provide funding for residential and community solar projects in states, tribes, and municipalities. Maryland Senator Chris Van Hollen highlighted the importance of the green bank in reducing greenhouse gas emissions and engaging all communities in the clean energy revolution.
While the green bank has received support from Democrats and environmental advocates, it has faced opposition from Republicans in Congress who have raised concerns about its transparency and accountability. House Republicans passed a bill to repeal the bank and other aspects of the president’s climate agenda. However, state green banks like Connecticut’s have demonstrated success in tracking the impact of their programs, and the national program aims to expand these efforts on a larger scale.
Advocates like Katherine Hamilton believe that the national green bank could model successful state green banks while reaching more communities and accelerating the energy transition. The initiative is seen as a critical part of the national strategy to combat climate change and transition to clean energy. The Associated Press’ climate solutions reporter Alexa St. John provided coverage of the grants and highlighted the financial support from private foundations for the agency’s climate and environmental reporting.
