EPA Announces Details of $27 Billion Greenhouse Gas Reduction Fund to Finance Clean Energy Projects

EPA has announced new details about the design of the Greenhouse Gas Reduction Fund (GGRF), a national-scale competitive grant program created by the President's Inflation Reduction Act. This program will leverage public and private investment with a $27 billion fund to finance clean energy projects, reduce pollution and energy costs, increase energy security and create good-paying jobs. The GGRF will invest in thousands of clean energy projects, build the capacity of community lenders to drive local economic growth, and deploy cost-saving solar energy on rooftops and in communities across the country.

This program is part of the Investing in America agenda and is intended to support low-income and disadvantaged communities and places that have historically shouldered the burden of harmful pollution. EPA will hold three complementary grant competitions under the GGRF program and will require rigorous transparency, risk management, and accountability measures of grantees to ensure that the investment is spent efficiently and in accordance with the law. EPA released this framework after months of stakeholder engagement efforts and will formally kick off the application process in June 2023. The GGRF is a transformative action created in the Inflation Reduction Act to make access to reliable and clean solar power easier for millions of Americans. This initiative is poised to be one of the most significant vehicles for delivering lasting support to environmental justice communities.

This press release was originally published by the EPA

About EPA:

The US Environmental Protection Agency (EPA) is an independent agency established to protect human health and the environment by developing and enforcing regulations, conducting environmental research, and promoting partnerships with stakeholders. The EPA's mission is to ensure that all Americans have access to clean air, water, and land.