WASHINGTON — The Biden administration has outlined how states and nonprofit groups can apply for $27 billion in funding from a “green bank” that will provide low-cost financing for projects intended to cut planet-warming greenhouse gas emissions.
Rogelio V. Solis, AP file photo
Environmental Protection Agency Administrator Michael Regan speaks on Sept. 7, 2022, in Jackson, Miss.
The so-called Greenhouse Gas Reduction Fund, created by Congress in the landmark climate law approved last year, will invest in clean energy projects nationwide, with a focus on low-income and disadvantaged communities.
The Environmental Protection Agency expects to award $20 billion in competitive grants to as many 15 nonprofit groups that will work with local banks and other financial institutions to invest in projects that reduce pollution and lower energy costs for families.
Another $7 billion will be awarded to states, tribes and municipalities to deploy a range of solar energy projects, including residential rooftop solar, community solar and solar storage.
EPA Administrator Michael Regan said the green bank — modeled after similar banks established in states such as Connecticut, New York and California — will unlock billions of dollars in private investment to enable neighborhoods and communities “that have never participated in the clean-energy economy to participate in full force” in creating green jobs.
Low-income and disadvantaged communities “who pay the largest percent of their income toward energy bills have been left out of the investment game (and) have not seen the infusion of private capital to help them realize opportunities … for lots of reasons,” said Regan, the first Black man to head the EPA.
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EPA outlines $27B ‘green bank’ for clean energy projects
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A problem the size of climate change requires a solution equally vast in scale. One of the most important actions an environmentally conscious individual can take is to vote and influence elected officials to pass legislation to combat greenhouse gas emissions.
But one should not underestimate the effect one individual can have daily. Thanks in large part to the "knock-on" effect, in the case of sustainability, an individual's actions hardly ever stay in a vacuum. There are many ways a single household can be more environmentally friendly; moreover, evidence shows that neighbors will likely take notice and follow suit in many places.
Between the kitchen and bathroom, the average American uses 156 gallons of water per day. Additionally, many homes are not optimized for insulation, unwittingly using excess energy on heating and cooling.
There are many ways that homeowners can make changes—or mindfully construct when building anew—in their homes to conserve resources, and the Energy Basics Training Tool can be a useful starting point. Even those who rent can still take sustainable steps. For instance, rather than replacing windows with double-glazed glass, renters can add clear sheeting to windows during the wintertime.
Making such upgrades to your home doesn't just help the environment; it can also save a household a significant amount of cash in the long run by cutting down on energy and water expenses. A more sustainable home can also claim a higher selling price when it's time to put it on the market.
Enviro Friendly identified ways to upgrade your home to save money by compiling info from the Department of Energy's Office of Energy Efficiency and Renewable Energy.
Phuttharak // Shutterstock
A problem the size of climate change requires a solution equally vast in scale. One of the most important actions an environmentally conscious individual can take is to vote and influence elected officials to pass legislation to combat greenhouse gas emissions.
But one should not underestimate the effect one individual can have daily. Thanks in large part to the "knock-on" effect, in the case of sustainability, an individual's actions hardly ever stay in a vacuum. There are many ways a single household can be more environmentally friendly; moreover, evidence shows that neighbors will likely take notice and follow suit in many places.
Between the kitchen and bathroom, the average American uses 156 gallons of water per day. Additionally, many homes are not optimized for insulation, unwittingly using excess energy on heating and cooling.
There are many ways that homeowners can make changes—or mindfully construct when building anew—in their homes to conserve resources, and the Energy Basics Training Tool can be a useful starting point. Even those who rent can still take sustainable steps. For instance, rather than replacing windows with double-glazed glass, renters can add clear sheeting to windows during the wintertime.
Making such upgrades to your home doesn't just help the environment; it can also save a household a significant amount of cash in the long run by cutting down on energy and water expenses. A more sustainable home can also claim a higher selling price when it's time to put it on the market.
Enviro Friendly identified ways to upgrade your home to save money by compiling info from the Department of Energy's Office of Energy Efficiency and Renewable Energy.
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EPA outlines $27B ‘green bank’ for clean energy projects
Enviro Friendly
One of the lowest-lift changes you can make in your household is to replace traditional incandescent light bulbs with energy-efficient ones. These include fluorescent, LED, and halogen bulbs.
Compact fluorescent lights use roughly 75% less energy than incandescent bulbs and can last 10 times longer; LED lights also use 75% less energy and last up to 25 times longer; and halogen bulbs use around 25% less energy and can last about three times longer than traditional bulbs. Many cities and states offer rebates or cost offsets to those switching to energy-efficient lights; search for yours on the Energy Star Rebate Finder.
Enviro Friendly
One of the lowest-lift changes you can make in your household is to replace traditional incandescent light bulbs with energy-efficient ones. These include fluorescent, LED, and halogen bulbs.
Compact fluorescent lights use roughly 75% less energy than incandescent bulbs and can last 10 times longer; LED lights also use 75% less energy and last up to 25 times longer; and halogen bulbs use around 25% less energy and can last about three times longer than traditional bulbs. Many cities and states offer rebates or cost offsets to those switching to energy-efficient lights; search for yours on the Energy Star Rebate Finder.
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EPA outlines $27B ‘green bank’ for clean energy projects
Kathie Nichols // Shutterstock
Wastewater from any source—other than toilets—can be recycled for many nonpotable uses. These include farming, irrigation, construction, and powering factories and mills.
Grey water systems can be installed in private homes for relatively low prices. These systems collect and purify excess water from the washing machine, shower, sinks, and other household sources and reuse it for irrigation on the property. Doing so can cut a household water bill from 30% to 70%.
Kathie Nichols // Shutterstock
Wastewater from any source—other than toilets—can be recycled for many nonpotable uses. These include farming, irrigation, construction, and powering factories and mills.
Grey water systems can be installed in private homes for relatively low prices. These systems collect and purify excess water from the washing machine, shower, sinks, and other household sources and reuse it for irrigation on the property. Doing so can cut a household water bill from 30% to 70%.
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EPA outlines $27B ‘green bank’ for clean energy projects
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Many aren't aware that windows take up 8.6% of energy use in their homes and that poorly installed windows can allow excess cold or heat in, racking up your energy bill.
Homeowners can have the glass double-glazed; ensure frames are properly fitted and insulated; install dynamic facades that adapt to sunlight; and otherwise optimize performance. These actions help windows guard the inside of your home against oppressive sun or cold, which can drain cooling and heating systems from season to season.
However, before upgrading your windows, reference the National Fenestration Rating Council's guide, as the right selection can vary depending on the materials, layout, and environment in and around your home. Besides reducing personal energy bills, by improving the performance of windows on a widespread scale, U.S. annual energy use overall could decrease by 1.7%, and CO2 emissions could fall by 1.9% in 2050.
New Africa // Shutterstock
Many aren't aware that windows take up 8.6% of energy use in their homes and that poorly installed windows can allow excess cold or heat in, racking up your energy bill.
Homeowners can have the glass double-glazed; ensure frames are properly fitted and insulated; install dynamic facades that adapt to sunlight; and otherwise optimize performance. These actions help windows guard the inside of your home against oppressive sun or cold, which can drain cooling and heating systems from season to season.
However, before upgrading your windows, reference the National Fenestration Rating Council's guide, as the right selection can vary depending on the materials, layout, and environment in and around your home. Besides reducing personal energy bills, by improving the performance of windows on a widespread scale, U.S. annual energy use overall could decrease by 1.7%, and CO2 emissions could fall by 1.9% in 2050.
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EPA outlines $27B ‘green bank’ for clean energy projects
monte_a // Shutterstock
Low-flow faucets can reduce the water used and the energy required to heat water. Though removing your old faucets and fitting in new ones may be a hassle, doing so can save 700 gallons—or 40 showers' worth—of water annually.
Some faucets may already qualify as low-flow; accessories that screw onto your current faucet can measure the flow rate. For those that exceed maximum levels, low-flow models can be purchased at a local hardware store and installed independently or with the help of a plumber. In a growing number of states, particularly those that experience frequent droughts, low-flow faucets are becoming mandated, and traditional models are no longer available on the market.
monte_a // Shutterstock
Low-flow faucets can reduce the water used and the energy required to heat water. Though removing your old faucets and fitting in new ones may be a hassle, doing so can save 700 gallons—or 40 showers' worth—of water annually.
Some faucets may already qualify as low-flow; accessories that screw onto your current faucet can measure the flow rate. For those that exceed maximum levels, low-flow models can be purchased at a local hardware store and installed independently or with the help of a plumber. In a growing number of states, particularly those that experience frequent droughts, low-flow faucets are becoming mandated, and traditional models are no longer available on the market.
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EPA outlines $27B ‘green bank’ for clean energy projects
Juice Verve // Shutterstock
Particularly if you have an older home, your home probably needs to be optimized for energy efficiency. Installing new insulation may cost money in the short term, but it can save an average of 15% annually on heating and cooling bills.
The first step in insulating your home is conducting or hiring a professional for an energy audit to identify areas with no or low R-value (which measures the thickness and depth of insulation).
The Department of Energy's Home Energy Saver can help you plan how much insulation will cost in your situation and what rate of return to expect. Some homeowners may be eligible for tax incentives to fund part of the installation cost.
This story originally appeared on Enviro Friendly and was produced and distributed in partnership with Stacker Studio.
Juice Verve // Shutterstock
Particularly if you have an older home, your home probably needs to be optimized for energy efficiency. Installing new insulation may cost money in the short term, but it can save an average of 15% annually on heating and cooling bills.
The first step in insulating your home is conducting or hiring a professional for an energy audit to identify areas with no or low R-value (which measures the thickness and depth of insulation).
The Department of Energy's Home Energy Saver can help you plan how much insulation will cost in your situation and what rate of return to expect. Some homeowners may be eligible for tax incentives to fund part of the installation cost.
This story originally appeared on Enviro Friendly and was produced and distributed in partnership with Stacker Studio.
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A quick guide to climate change jargon: What experts mean by mitigation, carbon neutral and 6 other key terms
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Photo Credit: Jim Cork / Shutterstock
Since President Joe Biden and a new Congress took office earlier this year, federal policymakers have been working to speed up the U.S. transition to clean and renewable energy sources. One of Biden’s first actions in office was to rejoin the Paris Climate Accord, the 2016 agreement in which countries pledged to significantly reduce their CO2 emissions. The Biden Administration followed this up with aggressive carbon reduction targets and the American Jobs Plan proposal, which includes provisions to modernize the power grid, incentivize clean energy generation, and create more jobs in the energy sector. Much of Biden’s agenda builds on prior proposals like the Green New Deal, which would achieve emissions reductions and create jobs through investments in clean energy production and energy-efficient infrastructure upgrades.
The transition to renewables has taken on greater urgency in recent years with the worsening effects of climate change. Carbon emissions from non-renewable sources like coal, oil, and natural gas are one of the primary factors contributing to the warming of the atmosphere, and climate experts project that to limit warming, renewable energy must supply 70 to 85% of electricity by midcentury.
Renewable energy still represents less than a quarter of total annual electricity generation in the U.S., but the good news is that renewable energy has been responsible for a steadily increasing share of electricity generation over the past decade. Most of the upward trajectory comes from exponential growth in the production of solar and wind power. In 1990, solar power generated only 367,087 megawatt-hours of electricity, while wind power was responsible for 2,788,600 megawatt-hours. Since then, technological improvements and public investment in wind and solar helped lower costs and make them viable competitors to non-renewable sources. By 2020, solar production had reached 89,198,715 megawatt-hours, while wind produced 337,938,049 megawatt-hours of electricity.
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Photo Credit: Jim Cork / Shutterstock
Since President Joe Biden and a new Congress took office earlier this year, federal policymakers have been working to speed up the U.S. transition to clean and renewable energy sources. One of Biden’s first actions in office was to rejoin the Paris Climate Accord, the 2016 agreement in which countries pledged to significantly reduce their CO2 emissions. The Biden Administration followed this up with aggressive carbon reduction targets and the American Jobs Plan proposal, which includes provisions to modernize the power grid, incentivize clean energy generation, and create more jobs in the energy sector. Much of Biden’s agenda builds on prior proposals like the Green New Deal, which would achieve emissions reductions and create jobs through investments in clean energy production and energy-efficient infrastructure upgrades.
The transition to renewables has taken on greater urgency in recent years with the worsening effects of climate change. Carbon emissions from non-renewable sources like coal, oil, and natural gas are one of the primary factors contributing to the warming of the atmosphere, and climate experts project that to limit warming, renewable energy must supply 70 to 85% of electricity by midcentury.
Renewable energy still represents less than a quarter of total annual electricity generation in the U.S., but the good news is that renewable energy has been responsible for a steadily increasing share of electricity generation over the past decade. Most of the upward trajectory comes from exponential growth in the production of solar and wind power. In 1990, solar power generated only 367,087 megawatt-hours of electricity, while wind power was responsible for 2,788,600 megawatt-hours. Since then, technological improvements and public investment in wind and solar helped lower costs and make them viable competitors to non-renewable sources. By 2020, solar production had reached 89,198,715 megawatt-hours, while wind produced 337,938,049 megawatt-hours of electricity.
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A quick guide to climate change jargon: What experts mean by mitigation, carbon neutral and 6 other key terms
But this evolution is uneven across the U.S., a product of differences in states’ economies, public policy toward renewables, and perhaps most importantly, geographic features. Even among states that lead in renewable energy production, these factors contribute to different mixes of renewable sources. For instance, Texas—the nation’s top producer of renewable energy—generates most of its renewable electricity from wind turbines. Runner-up Washington and fourth-place Oregon take advantage of large rivers in the Pacific Northwest to generate more hydroelectric power than any other state. And California, which is third in total renewable production, has been a long-time leader in solar energy thanks in part to an abundance of direct sunlight.
But this evolution is uneven across the U.S., a product of differences in states’ economies, public policy toward renewables, and perhaps most importantly, geographic features. Even among states that lead in renewable energy production, these factors contribute to different mixes of renewable sources. For instance, Texas—the nation’s top producer of renewable energy—generates most of its renewable electricity from wind turbines. Runner-up Washington and fourth-place Oregon take advantage of large rivers in the Pacific Northwest to generate more hydroelectric power than any other state. And California, which is third in total renewable production, has been a long-time leader in solar energy thanks in part to an abundance of direct sunlight.
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A quick guide to climate change jargon: What experts mean by mitigation, carbon neutral and 6 other key terms
Meanwhile, states that lag behind in renewable generation include several states without the size or geographic features to scale up production, like Delaware, Rhode Island, and Connecticut, along with states whose economies are more traditionally dependent on fossil fuels, like Mississippi and Alaska.
To determine the states producing the most renewable energy, researchers at Commodity.com used data from the U.S. Energy Information Administration to calculate the percentage of total electricity generated from renewable sources. Renewable energy sources include: wind, solar, geothermal, biomass, and hydroelectric. In the event of a tie, the state with the greater five-year growth in renewable electricity production, between 2015 and 2020, was ranked higher.
Here are the states that produce the most renewable energy.
Meanwhile, states that lag behind in renewable generation include several states without the size or geographic features to scale up production, like Delaware, Rhode Island, and Connecticut, along with states whose economies are more traditionally dependent on fossil fuels, like Mississippi and Alaska.
To determine the states producing the most renewable energy, researchers at Commodity.com used data from the U.S. Energy Information Administration to calculate the percentage of total electricity generated from renewable sources. Renewable energy sources include: wind, solar, geothermal, biomass, and hydroelectric. In the event of a tie, the state with the greater five-year growth in renewable electricity production, between 2015 and 2020, was ranked higher.
Here are the states that produce the most renewable energy.
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A quick guide to climate change jargon: What experts mean by mitigation, carbon neutral and 6 other key terms
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Photo Credit: Tami Story Photography / Shutterstock
- Percentage of electricity generated from renewables: 28.9%
- 5-year change in renewable electricity production: +115.7%
- Total electricity generated from renewables (MWh): 10,648,740
- Largest renewable energy source: Wind
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Photo Credit: Tami Story Photography / Shutterstock
- Percentage of electricity generated from renewables: 28.9%
- 5-year change in renewable electricity production: +115.7%
- Total electricity generated from renewables (MWh): 10,648,740
- Largest renewable energy source: Wind
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A quick guide to climate change jargon: What experts mean by mitigation, carbon neutral and 6 other key terms
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Photo Credit: Roman Sorokin / Shutterstock
- Percentage of electricity generated from renewables: 30.8%
- 5-year change in renewable electricity production: +8.3%
- Total electricity generated from renewables (MWh): 1,931,545
- Largest renewable energy source: Hydroelectric Conventional
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Photo Credit: Roman Sorokin / Shutterstock
- Percentage of electricity generated from renewables: 30.8%
- 5-year change in renewable electricity production: +8.3%
- Total electricity generated from renewables (MWh): 1,931,545
- Largest renewable energy source: Hydroelectric Conventional
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A quick guide to climate change jargon: What experts mean by mitigation, carbon neutral and 6 other key terms
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Photo Credit: Bogdan Denysyuk / Shutterstock
- Percentage of electricity generated from renewables: 30.9%
- 5-year change in renewable electricity production: +77.4%
- Total electricity generated from renewables (MWh): 16,724,964
- Largest renewable energy source: Wind
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Photo Credit: Bogdan Denysyuk / Shutterstock
- Percentage of electricity generated from renewables: 30.9%
- 5-year change in renewable electricity production: +77.4%
- Total electricity generated from renewables (MWh): 16,724,964
- Largest renewable energy source: Wind
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A quick guide to climate change jargon: What experts mean by mitigation, carbon neutral and 6 other key terms
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Photo Credit: northlight / Shutterstock
- Percentage of electricity generated from renewables: 38.1%
- 5-year change in renewable electricity production: +87.0%
- Total electricity generated from renewables (MWh): 16,084,768
- Largest renewable energy source: Wind
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Photo Credit: northlight / Shutterstock
- Percentage of electricity generated from renewables: 38.1%
- 5-year change in renewable electricity production: +87.0%
- Total electricity generated from renewables (MWh): 16,084,768
- Largest renewable energy source: Wind
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A quick guide to climate change jargon: What experts mean by mitigation, carbon neutral and 6 other key terms
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Photo Credit: Bob Pool / Shutterstock
- Percentage of electricity generated from renewables: 39.7%
- 5-year change in renewable electricity production: +91.9%
- Total electricity generated from renewables (MWh): 32,687,539
- Largest renewable energy source: Wind
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Photo Credit: Bob Pool / Shutterstock
- Percentage of electricity generated from renewables: 39.7%
- 5-year change in renewable electricity production: +91.9%
- Total electricity generated from renewables (MWh): 32,687,539
- Largest renewable energy source: Wind
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A quick guide to climate change jargon: What experts mean by mitigation, carbon neutral and 6 other key terms
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Photo Credit: Virrage Images / Shutterstock
- Percentage of electricity generated from renewables: 42.6%
- 5-year change in renewable electricity production: +38.9%
- Total electricity generated from renewables (MWh): 82,239,832
- Largest renewable energy source: Solar Thermal and Photovoltaic
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Photo Credit: Virrage Images / Shutterstock
- Percentage of electricity generated from renewables: 42.6%
- 5-year change in renewable electricity production: +38.9%
- Total electricity generated from renewables (MWh): 82,239,832
- Largest renewable energy source: Solar Thermal and Photovoltaic
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A quick guide to climate change jargon: What experts mean by mitigation, carbon neutral and 6 other key terms
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Photo Credit: Kyle T Perry / Shutterstock
- Percentage of electricity generated from renewables: 44.2%
- 5-year change in renewable electricity production: +117.6%
- Total electricity generated from renewables (MWh): 24,117,519
- Largest renewable energy source: Wind
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Photo Credit: Kyle T Perry / Shutterstock
- Percentage of electricity generated from renewables: 44.2%
- 5-year change in renewable electricity production: +117.6%
- Total electricity generated from renewables (MWh): 24,117,519
- Largest renewable energy source: Wind
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A quick guide to climate change jargon: What experts mean by mitigation, carbon neutral and 6 other key terms
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Photo Credit: Flaxphotos / Shutterstock
- Percentage of electricity generated from renewables: 59.4%
- 5-year change in renewable electricity production: +16.8%
- Total electricity generated from renewables (MWh): 13,872,119
- Largest renewable energy source: Hydroelectric Conventional
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Photo Credit: Flaxphotos / Shutterstock
- Percentage of electricity generated from renewables: 59.4%
- 5-year change in renewable electricity production: +16.8%
- Total electricity generated from renewables (MWh): 13,872,119
- Largest renewable energy source: Hydroelectric Conventional
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A quick guide to climate change jargon: What experts mean by mitigation, carbon neutral and 6 other key terms
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Photo Credit: Jim Cork / Shutterstock
- Percentage of electricity generated from renewables: 59.4%
- 5-year change in renewable electricity production: +85.6%
- Total electricity generated from renewables (MWh): 35,437,099
- Largest renewable energy source: Wind
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Photo Credit: Jim Cork / Shutterstock
- Percentage of electricity generated from renewables: 59.4%
- 5-year change in renewable electricity production: +85.6%
- Total electricity generated from renewables (MWh): 35,437,099
- Largest renewable energy source: Wind
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A quick guide to climate change jargon: What experts mean by mitigation, carbon neutral and 6 other key terms
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Photo Credit: steve estvanik / Shutterstock
- Percentage of electricity generated from renewables: 67.5%
- 5-year change in renewable electricity production: +9.5%
- Total electricity generated from renewables (MWh): 42,928,468
- Largest renewable energy source: Hydroelectric Conventional
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Photo Credit: steve estvanik / Shutterstock
- Percentage of electricity generated from renewables: 67.5%
- 5-year change in renewable electricity production: +9.5%
- Total electricity generated from renewables (MWh): 42,928,468
- Largest renewable energy source: Hydroelectric Conventional
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A quick guide to climate change jargon: What experts mean by mitigation, carbon neutral and 6 other key terms
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Photo Credit: Nick Fox / Shutterstock
- Percentage of electricity generated from renewables: 75.0%
- 5-year change in renewable electricity production: +5.6%
- Total electricity generated from renewables (MWh): 87,109,288
- Largest renewable energy source: Hydroelectric Conventional
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Photo Credit: Nick Fox / Shutterstock
- Percentage of electricity generated from renewables: 75.0%
- 5-year change in renewable electricity production: +5.6%
- Total electricity generated from renewables (MWh): 87,109,288
- Largest renewable energy source: Hydroelectric Conventional
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A quick guide to climate change jargon: What experts mean by mitigation, carbon neutral and 6 other key terms
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Photo Credit: Charles Knowles / Shutterstock
- Percentage of electricity generated from renewables: 76.1%
- 5-year change in renewable electricity production: +15.0%
- Total electricity generated from renewables (MWh): 13,456,149
- Largest renewable energy source: Hydroelectric Conventional
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Photo Credit: Charles Knowles / Shutterstock
- Percentage of electricity generated from renewables: 76.1%
- 5-year change in renewable electricity production: +15.0%
- Total electricity generated from renewables (MWh): 13,456,149
- Largest renewable energy source: Hydroelectric Conventional
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A quick guide to climate change jargon: What experts mean by mitigation, carbon neutral and 6 other key terms
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Photo Credit: Danita Delimont / Shutterstock
- Percentage of electricity generated from renewables: 76.7%
- 5-year change in renewable electricity production: -1.7%
- Total electricity generated from renewables (MWh): 7,674,956
- Largest renewable energy source: Hydroelectric Conventional
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Photo Credit: Danita Delimont / Shutterstock
- Percentage of electricity generated from renewables: 76.7%
- 5-year change in renewable electricity production: -1.7%
- Total electricity generated from renewables (MWh): 7,674,956
- Largest renewable energy source: Hydroelectric Conventional
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A quick guide to climate change jargon: What experts mean by mitigation, carbon neutral and 6 other key terms
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Photo Credit: marekuliasz / Shutterstock
- Percentage of electricity generated from renewables: 80.5%
- 5-year change in renewable electricity production: +55.0%
- Total electricity generated from renewables (MWh): 11,388,457
- Largest renewable energy source: Hydroelectric Conventional
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Photo Credit: marekuliasz / Shutterstock
- Percentage of electricity generated from renewables: 80.5%
- 5-year change in renewable electricity production: +55.0%
- Total electricity generated from renewables (MWh): 11,388,457
- Largest renewable energy source: Hydroelectric Conventional
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A quick guide to climate change jargon: What experts mean by mitigation, carbon neutral and 6 other key terms
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Photo Credit: Colin D. Young / Shutterstock
- Percentage of electricity generated from renewables: 99.9%
- 5-year change in renewable electricity production: +9.0%
- Total electricity generated from renewables (MWh): 2,155,177
- Largest renewable energy source: Hydroelectric Conventional
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Photo Credit: Colin D. Young / Shutterstock
- Percentage of electricity generated from renewables: 99.9%
- 5-year change in renewable electricity production: +9.0%
- Total electricity generated from renewables (MWh): 2,155,177
- Largest renewable energy source: Hydroelectric Conventional
“What we are focused on here is ensuring that this $27 billion opportunity is thought-out in a way that allows for that community, that population, to be along for the ride,” he added. ”Obviously, if this had been done before, there would be no reason for the Greenhouse Gas Reduction Fund. We are charged with bringing private capital off the sideline.”
The program expects to begin making grant awards this summer and has already received nearly 400 responses to preliminary inquiries, said Jahi Wise, the program’s acting director.
Even before the grants are awarded, Republicans in Congress have taken aim at the green bank, calling it a taxpayer-funded “slush fund” ripe for abuse.
Rep. Gary Palmer, R-Ala., said he will sponsor a bill to repeal the fund, which he said will likely benefit Wall Street firms but “doesn’t help the American people with their utility bills.
“Will this $27 billion slush fund lower the cost of heating for these American families?” Palmer asked.
A spokesman for House Energy and Commerce Chair Cathy McMorris Rodgers, R-Wash., said the fund “allocates an incredible amount of authority and resources” to the EPA, yet lacks measures to ensure accountability or transparency in how the resources are used.
“In other words, this provision creates a taxpayer-funded slush fund for Wall Street and heightens the risk for overspending, fraud and abuse,” spokesman Sean Kelly said in a statement.
Democrats were much more optimistic, calling the fund a historic opportunity to cut greenhouse gas emissions, protect public health and create economic opportunity in disadvantaged and under-resourced communities.
“For years, we’ve fought to take the idea of a national climate bank from a vision to a reality. With today’s action from the EPA, we’re one step closer,” said Sen. Chris Van Hollen, D-Md., who pushed for the green bank along with Massachusetts Sen. Ed Markey and other Democrats.
Markey and Van Hollen said in a statement that they will work with EPA to ensure the new fund is national in scope, has a substantial “multiplier effect” with private investment and includes diverse stakeholders, including “communities that have been historically underserved” by banks and other financial institutions.
The EPA’s announcement surprised some observers, who had considered the Coalition for Green Capital, a Washington-based non profit, as the likely choice to become the nation’s de facto green bank, parceling out grants on behalf of the EPA. The politically influential group works with Connecticut and other states to accelerate investment in clean energy technologies.
Instead, the EPA will issue grants directly to anywhere from two to 15 nonprofits, Regan said.
Reed Hundt, chairman and CEO of the green capital group, applauded the EPA’s announcement, saying the new fund will help fight climate change and create good-paying jobs.
Hundt, a lawyer and longtime ally of former Vice President Al Gore, said in a statement Tuesday that the coalition and its partners “appreciate the attention and care given to this program by the EPA.” The group welcomes the opportunity to participate in the next steps outlined by the agency, he said.
