- The US government has announced eight organisations that will oversee the spending of $20 billion in grants.
- The selected organisations will create a national clean financing network that will help kickstart projects over the next seven years.
The US government has announced eight organisations that will oversee the spending of $20 billion in grants. This grant will enable them to fund tens of thousands of clean energy and transportation projects in disadvantaged communities across the United States.
The investment in the projects ranged from home energy retrofitting programs to off-grid renewable energy in communities without access to green financing. Also, the selected organisations will create a national clean financing network that will help kickstart projects over the next seven years to reduce or avoid up to 40 million metric tons of climate pollution annually.
Moreover, three non-profit coalitions comprised of community development financial institutions, local green banks and other community lending organisations will distribute $14 billion from a National Clean Investment Fund (NCIF) to support affordable clean technology projects nationwide.
Another five groups will administer the $6 billion Clean Communities Investment Accelerator, providing funding and technical assistance to community lenders working to back clean technology projects in low-income and disadvantaged communities.
Furthermore, of the $20 billion, at least $4 billion will be invested in rural communities, and $1.5 billion will be used for programs benefiting tribal nations. The grantees are expected to mobilise almost $7 of private capital for every $1 of federal funds they spend.