EPA Unveils $20 Billion Fund Aimed at Catalyzing Clean Energy Initiatives and Generating Job Opportunities

Environmental Protection Agency Launches $20 Billion Competitions to Reduce Carbon Emissions and Create Jobs

The Environmental Protection Agency (EPA) has recently launched two national competitions worth a combined $20 billion. These competitions are projected to not only create jobs but also help the United States reduce carbon emissions. It is worth noting that the Republican majority in the House had repeatedly failed to defund this initiative.

The $14 billion National Clean Investment Fund, as announced by the White House, will fund up to three nonprofit national financing organizations. These organizations, in collaboration with private sector groups, will fund thousands of clean technology projects across the United States. At least 40% of the funding will be targeted towards low-income and disadvantaged communities, including tribal communities and areas with environmental justice concerns. This has been a long-standing focus of the Biden administration.

In addition, $6 billion will be allocated to the Clean Communities Investment Accelerator, which will support up to seven nonprofit organizations that fund and assist local clean technology projects. All of this funding will be directed towards low-income and disadvantaged communities.

Vice President Kamala Harris emphasized the intention of the investment in her remarks, stating, “When the President and I invest in climate, we intend to invest in jobs, invest in families, and invest in America.” The EPA described these investments as part of President Joe Biden’s “Investing in America” agenda, which refers to investments in industry and infrastructure made during his presidency.

The funds for these competitions come from the Greenhouse Gas Reduction Fund, which was created by the 2022 Inflation Reduction Act. It is important to note that this law passed Congress with only Democratic votes and faced unified opposition from Republicans in both houses.

Republicans have consistently tried to kill the fund since taking a narrow majority in the House following the 2022 midterm elections. The Lower Energy Costs Act, introduced by Majority Leader Steve Scalise, aimed to repeal the entirety of the fund. However, environmental groups, including the Environmental Defense Fund and the Sierra Club, criticized the legislation for prioritizing polluters over people.

The White House Office of Management and Budget labeled the bill a “thinly veiled license to pollute” and emphasized that repealing the fund would hinder efforts to lower energy costs and boost economic development in urban communities. Senate Majority Leader Chuck Schumer further dismissed the bill in a speech, describing it as “dead on arrival.”

House Republicans also attempted to kill the fund through the Limit, Save, Grow Act of 2023, which passed in the House but was never voted on in the Democratic-led Senate. Ultimately, the Fiscal Responsibility Act, which raised the debt ceiling without cuts to environmental investments, was signed into law by President Biden on June 3.

Despite Republican opposition, analysis from consulting firm McKinsey & Company suggests that the fund has the potential to reduce greenhouse gases by 850 metric megatons and create one million jobs over a 10-year period. The fund could also attract billions of dollars in private investments, helping the U.S. achieve the goal of net-zero carbon emissions by 2050.

The EPA is currently accepting applications for both grant programs until October 12 from nonprofits that provide funding for low- and zero-emissions projects. This initiative highlights the Biden administration’s commitment to combatting climate change and building a clean energy economy.

Published with permission of The American Independent Foundation.

Original Story at americanindependent.com – 2023-07-17 19:48:36