Why the Greenhouse Gas Reduction Fund is a game-changer for climate and equity
Hi Friend,
Building our clean energy future equitably and justly means putting money and resources into the hands of communities that need it the most.
The Greenhouse Gas Reduction Fund (GGRF) within the Inflation Reduction Act (IRA) was created to do just that—and last week, the Environmental Protection Agency (EPA) announced a game-changing $20 billion in GGRF awards to a selection of nonprofit green banks and community lenders.
That means the largest grant program in EPA history is ready to fund community-led projects around the country.
More than two-thirds of GGRF funding will go directly to low-income, BIPOC, Tribal, and rural communities, who have traditionally faced barriers in accessing the capital needed to invest in large-scale projects to cut pollution, lower energy bills, and build robust clean energy economies.
WHAT'S THE GGRF, AND WHY ARE WE SO EXCITED?
We call the GGRF a "force multiplier program" because of how it taps into private capital. The combined power of public funding and private co-investment is estimated to 12x the initial funding and spur $250 billion in clean energy and climate investment in just 10 years.
This moment is one we should all be so proud of. I'm personally thrilled to hit this milestone, as Evergreen has been an advocate for the GGRF (then referred to as a green bank or clean energy accelerator) since 2020. Evergreen action-takers, like you, submitted comments to EPA to help shape its program design. And together with our partners across the climate movement, we offered guidance to ensure the program truly delivered on its vision of equity.
This is a huge step forward in addressing environmental injustices—and it's one more way President Biden’s IRA is delivering for all Americans and propelling our clean energy transition.
Onward,
Lena Moffitt
Executive Director
Evergreen Collaborative
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