accelerating investment in clean energy . We turned that vision into reality by establishing the Greenhouse Gas Reduction Fund through the Inflation Reduction Act – and today ’ s deployment of $ 20 billion from that Fund is a pivotal moment in America ’ s fight to confront the climate crisis while driving inclusive economic growth . These funds will serve as a catalyst for private investment in job-creating projects to cut carbon emissions , spur clean energy innovation , and advance environmental justice in underserved communities that have borne the brunt of climate change . Today ’ s investments are just the beginning – they will be multiplied seven times over to turbocharge our transition to a clean energy economy ,” said U . S . Senator Chris Van Hollen , who first introduced legislation to create a national green bank in 2009 when he was a member of the U . S . House of Representatives .
“ These awards are making clean energy financing accessible to low-income and underserved communities that have for far too long carried the brunt of environmental pollution , helping us attack the climate crisis head on and creating jobs while lowering energy costs . These investments will fund projects that otherwise would not have been possible , and will mobilize nearly seven times as much in private capital . I ’ m proud to have helped author and pass the Greenhouse Gas Reduction Fund and look forward to continuing to invest in the most impactful and urgent projects to reach our climate and environmental justice goals ,” said Congresswoman Debbie Dingell ( MI-06 ).
Selected Applicant Information
The eight selected applicants across the National Clean Investment Fund and Clean Communities Investment Accelerator will create a first-of-its- national clean financing network that will finance climate and clean energy projects , especially in low-income and disadvantaged communities .
National Clean Investment Fund ( NCIF ) Selectees
Under the $ 14 billion National Clean Investment Fund , the three selected applicants will establish national clean financing institutions that deliver accessible , affordable financing for clean technology projects nationwide , partnering with private-sector investors , developers , community organizations , and others to deploy projects , mobilize private capital at scale , and enable millions of Americans to benefit from the program through energy bill savings , cleaner air , job creation , and more . Additional details on each of the three selected applicants , including the narrative proposals that were submitted to EPA as part of the application process , can be found on EPA ’ s Greenhouse Gas Reduction Fund NCIF website .
All three selected applicants surpassed wthe program requirement of dedicating a minimum of 40 % of capital to low-income and disadvantaged communities . The three selected applicants are :
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26 MAY 2024 | FUEL OIL NEWS | www . fueloilnews . com