On IRA’s 1-Year Anniversary, Toasting A Game-Changing Finance Program

As we celebrate the 1-year anniversary of the Inflation Reduction Act (IRA) and its unprecedented and game-changing advances, it’s important to highlight how one finance program created by the IRA stands to deliver benefits in communities across the country for years to come. One of the most promising tools for scaling equitable climate action created under the IRA is called the Greenhouse Gas Reduction Fund (GGRF)[1].

This $27 billion fund is a first-of-its-kind program at the Environmental Protection Agency (EPA) focused on rapidly deploying clean energy projects to areas of our country that have thus far been overlooked in the clean energy transition.

It will provide catalytic financial support to nonprofit lenders, states, municipalities, and Tribal Governments for projects that reduce or avoid greenhouse gas emissions and other air pollution. And it will deliver benefits like energy savings, job and business growth, and health improvements. Almost 70% of funds will flow to low-income and disadvantaged communities, and the $27 billion is estimated to mobilize hundreds of billions[5] of additional capital—both critical components in meeting our country’s 2050 net zero target more equitably.

For more information about GGRF’s specific programs, see here[6].

Download: The Benefits and Examples of the Greenhouse Gas Reduction Fund, GGRF — Infographic (PDF)[7]

Republished from NRDC Expert Blog[8]. By Adam Kent,[9] Senior Advisor, Green Finance Center, People & Communities Program

About the Greenhouse Gas Reduction Fund

The Inflation Reduction Act authorized EPA to implement the Greenhouse Gas Reduction Fund, a historic $27 billion investment to mobilize financing and private capital to combat the climate crisis and ensure American economic competitiveness. The Greenhouse Gas Reduction Fund will deliver lower energy costs and economic revitalization to communities, particularly those that have historically been left behind.

The Greenhouse Gas Reduction Fund will be implemented via three grant competitions, as described below. EPA recently released the Notices of Funding Opportunity for these competitions: the $14 billion National Clean Investment Fund, the $6 billion Clean Communities Investment Accelerator, and the $7 billion Solar for All competition.

Republished from U.S. EPA[10].


I don’t like paywalls. You don’t like paywalls. Who likes paywalls? Here at CleanTechnica, we implemented a limited paywall for a while, but it always felt wrong — and it was always tough to decide what we should put behind there. In theory, your most exclusive and best content goes behind a paywall. But then fewer people read it! We just don’t like paywalls, and so we’ve decided to ditch ours. Unfortunately, the media business is still a tough, cut-throat business with tiny margins. It’s a never-ending Olympic challenge to stay above water or even perhaps — gasp — grow. So …

Click here to read original article

Leave A Reply

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More