'EPA announces $20 billion initiative under the Inflation Reduction Act for green projects in low-income and pollution-affected communities. 🌎 ClimateAction Cleantech
The EPA said it was setting up two programs, one with $14 billion in funding and the other with $6 billion, that would in turn each set up a handful of institutions that would partner with private-sector entities to finance green projects, which could include heat pumps, electric vehicle charging stations, building upgrades, and other similar items.
The two programs add to a separate $7 billion program announced in June to boost solar power in places deemed low-income or disadvantaged, according to the EPA.The entities and private-sector partners that use the funds will have more discretion in financing projects than the federal government has under other provisions of the law meant to reduce emissions, such as the subsidies for electric vehicles and clean power.
“It’s been over a decade since we first put the idea of creating a national climate bank on paper," Sen. Chris Van Hollen said."Today, that idea is becoming a reality."
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