Sierra Club Celebrates $20 Billion in Clean Technology Financing Made Possible By Inflation Reduction Act
Washington, DC – RealEstateRama – Vice President Kamala Harris and U.S. Environmental Protection Agency (EPA) Administrator Michael Regan will visit Charlotte, North Carolina to announce $20 billion in funding will be awarded through two Greenhouse Gas Reduction Fund competitions to advance clean technology projects in communities across the country. These competitive grant programs—the National Clean Investment Fund (NCIF) and the Clean Communities Investment Accelerator (CCIA)—will help mobilize private capital into clean technology projects to create jobs and lower energy costs for American families, especially in low-income and disadvantaged communities, while cutting pollution to protect people’s health and tackle the climate crisis.
The $14 billion in NCIF awards will support three national clean financing institutions, enabling them to partner with the private sector to provide accessible, affordable financing for tens of thousands of clean technology projects nationwide. These national nonprofits will enable individuals, families, nonprofits, governments, small businesses, and others to access the capital they need to deploy clean technology projects in their homes, businesses, and communities—reducing pollution while creating jobs, accelerating our progress toward energy security, and lowering energy costs. The announced selectees are Climate United Fund ($6.97 billion award), Coalition for Green Capital ($5 billion award), and Power Forward Communities ($2 billion award).
The $6 billion in CCIA funding awarded will support five hub nonprofit organizations, enabling them to provide funding and technical assistance to public, not-for-profit, and non-profit community lenders working in low-income and disadvantaged communities. At least 70 percent of the funds announced today—more than $14 billion of capital—will be invested in low-income and disadvantaged communities. The selectees are Opportunity Finance Network ($2.29 billion award), Inclusiv ($1.87 billion award), Native CDFI Network ($400 million award), Justice Climate Fund ($940 million award), and Appalachian Community Capital ($500 million award).
Examples of projects that could be funded include: community-owned solar projects via direct investment that power public buildings and low income housing and reduce utility bills; small business loans for fleet electrification allowing a local employer to cut fuel costs; single-family home loans for improvements like energy efficient windows, a heat-pump, and other weatherization improvements; existing building decarbonization loans to electrify and retrofit including repairs, weatherization, clean energy, and appliances; and more.
In response to the announcement, the Sierra Club issued the following statements:
“Today’s announcement is a game-changer in ensuring meaningful clean energy and clean technology investments are possible in every community in America — particularly in low-income communities, communities of color, and areas that far too often are overlooked. By making this kind of capital available, the Biden-Harris administration is showing that a clean energy future that puts people first is a reality that is within our grasp. This is another major victory for President Biden’s Inflation Reduction Act and one of the many reasons the Sierra Club fought so hard to make this law a reality. I thank Vice President Harris and Administrator Regan for their continued work in implementing this landmark law,” said Ben Jealous, Executive Director of the Sierra Club
“The Greenhouse Gas Reduction Fund offers an incredible opportunity to equip communities with the tools they need to reduce pollution and improve health through meaningful investments. I am excited for the potential of this fund to bring real dollars to real people, especially for communities that are too often overlooked and underfunded, and have been disproportionately burdened by pollution,” said Mikaela Curry, Regional Field Manager for the Sierra Club in North Carolina, South Carolina, and Tennessee
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About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with millions of members and supporters. In addition to protecting every person’s right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.
