EPA Allots $20 Billion In Green Bank Grants

by | Apr 5, 2024 | Daily News, Environmental News

Home » Environmental News » EPA Allots $20 Billion In Green Bank Grants

On Thursday, the Environmental Protection Agency (EPA) allocated $20 billion in federal funds to eight community development banks and nonprofit organizations, establishing what are commonly referred to as “green bank” grants. These funds are earmarked for initiatives aimed at addressing climate change in marginalized communities while also assisting Americans in cutting costs and minimizing their carbon emissions. Senior administration officials have indicated that the grants could support a wide array of projects, spanning from individual home upgrades like residential heat pumps to more extensive endeavors such as the installation of electric vehicle charging infrastructure and the establishment of community cooling centers.

Green Bank Grants

The allocation is poised to facilitate tens of thousands of eligible projects, offering opportunities for both residential and community-based initiatives. Through these endeavours, the aim is to enhance energy efficiency, promote sustainability, and bolster resilience, particularly in areas disproportionately affected by environmental challenges. By providing funding for diverse projects, ranging from household improvements to larger-scale infrastructure developments, the initiative seeks to address climate change while also fostering economic and environmental benefits for communities across the nation.

These two programs under the Greenhouse Gas Reduction Fund are transformative! They promote clean energy financing and solutions that will directly support communities and organizations previously overlooked in the shift towards renewable energy,” remarked Regional Administrator Lisa F. Garcia. “The $20 billion Green Bank Grants allocated to these eight recipients demonstrates how the Inflation Reduction Act is investing now to ensure a cleaner, healthier planet for future generations, ” she added.

Vice President Kamala Harris and EPA Administrator Michael S. Regan will unveil the chosen recipients from these two grant competitions during an event in Charlotte, North Carolina. While there, they will engage with a homeowner residing in a historically Black community, where a local nonprofit organization called Self-Help collaborated with community allies to finance, renovate, and construct energy-efficient, affordable residences for families with low to moderate incomes.

Through this collaboration, the first-time homeowner now enjoys significantly reduced energy expenses and resides in a healthy and comfortable environment to raise their family. The Vice President’s announcement of these selections aims to extend these benefits to more families. Notably, one of the selections disclosed today will enable Self-Help and its partners, as part of the Climate United Fund’s initiative, to implement similar home efficiency projects in over 30,000 households nationwide.

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  • Sarah Tancredi

    Sarah Tancredi is an experienced journalist and news reporter specializing in environmental and climate crisis issues. With a deep passion for the planet and a commitment to raising awareness about pressing environmental challenges, Sarah has dedicated her career to informing the public and promoting sustainable solutions. She strives to inspire individuals, communities, and policymakers to take action to safeguard our planet for future generations.

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