Recently, Vice President Kamala Harris and EPA Administrator Michael Regan announced a $6.97 billion investment from the National Clean Investment Fund (NCIF) to Climate United, a national non-profit focused on delivering the benefits of green technologies to communities across the county. The coalition, composed of Calvert Impact, the Community Preservation Corporation (CPC), and Self-Help, was one of several entities competing to manage a portion of the NCIF, one of three programs under the $27 billion Greenhouse Gas Reduction Fund (GGRF). Below is a roundup of press highlights:
New York Times: Environmental Protection Agency Gives $20 Billion in ‘Green Bank’ Grants
The $20 billion comes from the 2022 Inflation Reduction Act, President Biden’s signature climate law, which included $27 billion for a program known as the Greenhouse Gas Reduction Fund.
The biggest grants under the program include $6.97 billion to a coalition called Climate United Fund, which is led by Calvert Impact, a nonprofit investment firm. The Coalition for Green Capital, a nonprofit founded by Reed Hundt, a former chairman of the Federal Communications Commission, was awarded $5 billion. Power Forward America, which is made up of five climate and housing organizations, was awarded $2 billion.
Washington Post: U.S. approves $20 billion to help poor communities go green
Vice President Harris and EPA Administrator Michael Regan will deliver remarks on the program Thursday in Charlotte, where they will meet with residents of the historically Black community Grier Heights. The community is home to 49 energy-efficient affordable houses financed and built by Self-Help, a partner of Climate United, which will use a $6.97 billion award to support climate-friendly projects in homes, small businesses, schools and other organizations.
“This is a game changer for us and our partners to accelerate and scale the work that we’re doing,” said Beth Bafford, the CEO of Climate United.
E&E News: US starts ‘green bank’ to finance community climate projects
Climate United hopes to spur lenders to make loans for carbon-cutting upgrades like electric appliances, heat pumps and vehicle charging when they originate mortgages for houses, apartment complexes and office buildings.
“There are trillions of dollars of mortgages originated every year,” Bafford said in a recent interview. “If you don’t incorporate deep decarbonization investments through that process, we are never going to get to decarbonization at the scale that we need to actually make a dent in our buildings emissions.”
Axios: Biden admin doles out $20B in “green bank” funding
Bloomberg Law: White House Activates $20 Billion Climate Kickstarter Program
Heatmap: The Biden Administration Is Unleashing $20 Billion for Green Banks
Climate United’s work delivers benefits like cleaner air, quality jobs, lower energy bills, and increased energy security—all while accelerating our path to a clean energy future. In alignment with the Biden Administration’s Justice40 initiative, Climate United has committed to deploy at least 60 percent of funds in low-income and disadvantaged communities, at least 20 percent in rural communities, and at least 10 percent in Native communities.
One of the biggest and most significant direct spending programs within the Inflation Reduction Act, the GGRF presents a once-in-a-lifetime opportunity to reduce carbon pollution while building a stronger economy for all Americans.
Climate United applied with the support of more than 350 organizations — many of whom the coalition partners have worked closely with in the past on green community solutions. This large and growing network will bolster Climate United’s ability to drive lasting structural changes in communities across the U.S. Organizations include local and state-based green banks, credit unions, Minority Depository Institutions (MDIs), Community Development Financial Institutions (CDFIs), environmental justice organizations, labor and workforce organizations, and private capital providers, among others, who will each play a critical role in ensuring that the program meets its goals.
The NCIF made two additional awards to Power Forward Communities and the Coalition for Green Capital. Awards for the Clean Communities Investment Accelerator were made to many Climate United collaborators, including Opportunity Finance Network, Inclusiv, the Native CDFI Network, Appalachian Community Capital, and the Justice Climate Fund.
The Climate United partners have a strong track record. They have collectively deployed more than $30 billion in financing to promote economic opportunity, clean energy and climate solutions, spurring private investment and creating measurable impact in Justice40 communities.
The Climate United team has spent the last five months hosting listening sessions and connecting with partners across the country to gather feedback and input on their implementation strategy, including stops in Durham, North Carolina, Milwaukee, Wisconsin, New York City, and Rapid City, South Dakota.
Learn more at www.WeAreClimateUnited.org.