to be more options for families that will make these new appliances affordable and bring the benefits to them too .”
Together , the eight selected applicants have committed to delivering on the three objectives of the Greenhouse Gas Reduction Fund : reducing climate and air pollution ; delivering benefits to communities , especially low-income and disadvantaged communities ; and mobilizing financing and private capital . As part of this collective effort , selected applicants have committed to :
• Fund projects that will reduce or avoid greenhouse gas emissions by up to 40 million metric tons of CO2 equivalent per year — equivalent to the emissions of nearly 9 million typical passenger vehicles — making a significant contribution to the President ’ s climate goals of reducing emissions 50 to 52 percent below 2005 levels in 2030 and achieving net-zero emissions by no later than 2050 .
• Dedicate over $ 14 billion toward low-income and disadvantaged communities , including over $ 4 billion for rural communities as well as almost $ 1.5 billion for Tribal communities — ensuring that program benefits flow to the communities most in need and advance the President ’ s Justice40 Initiative .
• Achieve a private capital mobilization ratio of nearly 7 times , with every dollar in grant funds leveraged for almost seven dollars in private funds over the next seven years — turning $ 20 billion of public funds into $ 150 billion of public and private investment to maximize the impact of public funds . These commitments have been taken or derived from the application packages that selected applicants submitted to EPA and adjusted for the amount of funding received . Moving forward , EPA will work with selected applicants to revise their application packages into workplans that reflect formal commitments through the award agreements . Read what the eight selected applicants have committed to deliver on in their application packages .
“ After more than a decade of hard work , our vision to create a national climate bank is a reality . Thanks to the $ 20 billion we secured in the Inflation Reduction Act , the Greenhouse Gas Reduction Fund will draw on the experience of public , semi-public , and non-profit community leaders to unleash tens of billions of dollars to deliver more than money , but also justice , to disadvantaged communities . As the single largest climate investment in the Inflation Reduction Act , the Greenhouse Gas Reduction Fund will cut emissions , protect health , and create job and economic opportunities so that communities won ’ t just survive but thrive for generations to come . Even more than money , the Greenhouse Gas Reduction Fund is delivering hope – hope for justice and for a livable future . I applaud the Environmental Protection Agency ’ s work to quickly stand up this critical program while ensuring transparency and collaboration ,” said U . S . Senator Edward J . Markey , Chair , Senate EPW Subcommittee on Clean Air , Climate , and Nuclear Safety , and co-author of the National Climate Bank Act .
“ Fifteen years ago , we laid out our vision for a national climate bank that would bolster our efforts to combat global warming by www . fueloilnews . com | FUEL OIL NEWS | MAY 2024 25