White House Awards $20 Billion to Nation’s First ‘Green Bank’ Network

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https://insideclimatenews.org/news/04042024/biden-administration-green-bank-network-disadvantaged-communities/

By Kristoffer Tigue, Inside Climate News. 

Excerpt: The Biden administration on Thursday announced it was creating the nation’s first “green bank” network, an historic $20 billion investment aimed at making clean energy affordable to low-income and rural residents. ...Under the Environmental Protection Agency’s Greenhouse Gas Reduction Fund—also known as the country’s first national green bank—eight community development banks and nonprofit organizations will receive that federal funding to go toward rooftop solar installations, energy efficiency upgrades and other projects that help reduce greenhouse gas emissions. The Inflation Reduction Act created the green bank in 2022 with an initial federal investment of $27 billion. ...The groups, which consist of Coalition for Green Capital, Power Forward Communities, Appalachian Community Capital, Climate United, Justice Climate Fund, Opportunity Finance Network, Inclusiv and Native CDFI Network, have committed to spend $7 in private investment for every $1 of government funding. ...At least 70 percent of those funds will go to low-income and disadvantaged communities, the administration said, while 20 percent will go to rural communities and more than 5 percent will go to tribal communities.... 

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