Reminder – CUs Interested in the Green House Gas Reduction Grant – Showcase your interest by September 15th
Posted by Ryan Fitzgerald on September 11, 2023
As part of the Inflation Reduction Act that was signed into law in 2022, the Environmental Protection Agency (EPA) was appropriated $27 billion to administer a Green House Gas Reduction Fund (GGF) with the goal of lowering energy costs, reducing greenhouse gas emission, and boosting economic growth and revitalization in communities across the country. Through the program, the Biden Administration is hoping to utilize community financial institutions and private funding organizations to bolster the impact of the fund. The GGRF is comprised of three separate grant programs, including:
- Solar For All – $7 Billion will be awarded to governmental entities, tribal governments, municipalities, and eligible nonprofit recipients to expand the number of low-income and disadvantaged communities that have shovel ready solar distribution program that can be quickly implemented.
- National Clean Investment Fund (NCIF) – $14 billion will be provided to 2 to 3 national nonprofit “clean financing” institutions capable of partnering with the private sector to provide accessible, affordable financing for tens of thousands of clean technology / energy projects across the country.
- Clean Communities Investment Accelerator (CCIA)– $6 billion in grants will be provided to 2 to 7 collective nonprofits that will deliver funding and technical assistance to build the clean financing capacity of local community lenders, working in low-income and disadvantaged communities, to deploy capital and investment in clean technology projects.
SOURCE: Greenhouse Gas Reduction Fund
Several non–profit entities, including Ecority and Inclusiv, are partnering with credit unions to help expand green lending and provide cooperative community support through the grant funds that have been made available. Friday, September 15th is the deadline to showcase your credit union’s general interest in supporting the program and potentially being considered for an award in the communities you serve.
If you or your credit union team are interested in learning more about the GGRF, please click this link to the EPA’s website, for general information, or click the partner links above to get more information about the financial services organizations that are preparing grant applications to take part in this program.