FOR IMMEDIATE RELEASE
April 4, 2024
Biden-Harris Administration Announces Historic $20 Billion in Awards to Expand Access to Clean Energy and Climate Solutions and Lower Energy Costs for Communities Across the Nation
Vice President Harris and Administrator Regan to visit Charlotte, North Carolina to announce selectees under the Inflation Reduction Act’s Greenhouse Gas Reduction Fund
First-of-its-kind national network to fund tens of thousands of climate and clean energy projects across America, especially in communities historically left behind and overburdened by pollution
This historic investment will support a wide range of climate and clean energy projects, including distributed clean power generation and storage, net-zero retrofits of homes and small businesses, and zero-emission transportation, all of which can lower energy costs for families and improve housing affordability while tackling the climate crisis. Collectively, the selected applicants have committed to reducing or avoiding up to 40 million metric tons of carbon pollution annually over the next seven years, contributing toward the Biden-Harris Administration’s historic climate goals. In addition, selectees plan to mobilize almost $7 of private capital for every $1 of federal funds—approximately $150 billion total—ensuring that today’s awards will have a catalytic, ongoing effect on the deployment of climate and clean energy technologies at scale, particularly in underserved communities.
At least 70% of the funds announced today—over $14 billion of capital—will be invested in low-income and disadvantaged communities, including historic energy communities that have powered our nation for over a century, communities with environmental justice concerns, communities of color, low-income communities, rural communities, Tribal communities, and more. This makes the Greenhouse Gas Reduction Fund the single largest non-tax investment within the Inflation Reduction Act to build a clean energy economy while benefiting communities historically left behind.
Meanwhile, Republicans in Congress are already attempting to roll back these historic investments. Last month, the House of Representatives passed H.R. 1023, which would repeal the EPA’s Greenhouse Gas Reduction Fund. On March 19, President Biden issued a Statement of Administration Policy with his intent to veto that bill if it were to pass the Senate and come to his desk.
