New $20B investment for America's Clean Energy Initiatives
A Landmark Investment Fuels America's Sustainable Future
In an unparalleled initiative to advance America's clean energy agenda, the Biden administration declared a striking $20 billion investment on Friday. This sizable funding, designed to fuel an array of green projects, signifies a crucial stride towards an increasingly sustainable nation. Notably, this cash injection will facilitate the establishment of electric vehicle charging points, enable energy-efficient housing overhauls, and supply communities with battery backup power.
Channelled through two substantial grant competitions, this ambitious endeavor aims to bolster communities long overlooked by significant investments. Today's climate-conscious policy makers understand that to combat environmental issues, we must address social and economic inequities too.
Harris remarked, "The President and I set ambitious goals to cut our greenhouse gas emissions by half by 2030 and reach net-zero emissions by 2050 — the investments announced today move our nation towards achieving these goals and a cleaner, healthier future for generations to come."
Administered via the National Clean Investment Fund and the Clean Communities Investment Accelerator, the funding divides into $14 billion and $6 billion parcels. These financial resources stem from the EPA's Greenhouse Gas Reduction Fund, made possible through the Inflation Reduction Act passed last year.
With an emphasis on supporting low-income and disadvantaged communities, both competitions concentrate their funding where the need is acute. The $14 billion competition promises at least 40 percent of funds to these areas, while the $6 billion competition earmarks its entirety for them.
The selection process commences on October 12, with decisions expected by March 2024. The early announcement grants potential grantees ample time to prepare their applications and plan projects, the inception of which could be as soon as July 2024. For the applicants' benefit, the EPA plans to hold public webinars on the competitions in the coming weeks.
Vice President Harris's address concludes the Biden administration's Investing in America tour — an extensive campaign through which senior officials journeyed across the nation, drumming up support for the President's economic policies.
The Greenhouse Gas Reduction Program, under which these competitions fall, embodies the Biden-Harris Administration's Justice40 Initiative. This initiative seeks to ensure that at least 40% of the benefits from specific federal investments benefit disadvantaged communities - those marginalized, underserved, and overburdened by pollution.
