EPA prepares to distribute $20 billion for green projects in underserved areas

The U.S. Environmental Protection Agency is set to announce the nonprofit lenders that will distribute $20 billion for environmental projects, focusing on low-income communities.

Jean Chemnick reports for Politico.

In short:

The funding, part of President Joe Biden's 2022 climate law, includes $14 billion for the National Clean Investment Fund and $6 billion for the Clean Communities Investment Accelerator.
The aim is to finance green energy and efficiency projects, with significant benefits directed towards disadvantaged communities.
Over 1,200 Community Development Financial Institutions (CDFIs) will play a crucial role in this initiative, focusing on community-driven and affordable housing projects.

Key quote:

"This program is really EPA’s attempt to inject green capital into the capillaries of our financial system in terms of all these smaller community lenders all across the country."

— Adam Kent, director of the Green Finance Program at the Natural Resources Defense Council

Why this matters:

Targeting underserved communities with green finance, this trend intends to address climate change and energy efficiency at a grassroots level, potentially transforming the landscape of community lending in the U.S. This approach indicates a shift toward community partnerships that emphasize sustainability and create opportunities for environmental change.

www.politico.com

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