EPA Announces $20 Billion in Clean Energy Grants to Selected Nonprofits
The U.S. Environmental Protection Agency announced its selection for $20 billion in grant awards under two competitions within the historic $27 billion Greenhouse Gas Reduction Fund (GGRF), which was created under the Inflation Reduction Act.
The EPA chose three nonprofits under the National Clean Investment Fund and five nonprofits under the Clean Communities Investment Accelerator to create a national clean financing network.
Agreement to prioritize climate goals
Collectively, the nonprofits have committed to help make significant impact toward the Biden-Harris administration’s climate goals.
The eight nonprofits have agreed to leverage nearly $7 in private capital for every $1 of federal investment and over $14 billion of capital dedicated to low-income and disadvantaged communities. This makes this the single largest non-tax investment within the Inflation Reduction Act to build a clean energy economy while benefiting communities historically left behind.
Selectees announced
The eight selected applicants commit to delivering on the three objectives of the Greenhouse Gas Reduction Fund: reducing climate and air pollution; delivering benefits to communities, especially low-income and disadvantaged communities; and mobilizing financing and private capital.
The National Clean Investment Fund (NCIF) selectees:
- Climate United Fund
- Coalition of Green Capital
- Power Forward Communities
The Clean Communities Investment Accelerator (CCIA) selectees:
- Opportunity Finance Network
- Inclusiv
- Justice Climate Fund
- Appalachian Community Capital
- Native CDFI Network
The selectees have supported thousands of individuals, businesses, and community organizations. The financing provided now allows these eight selected nonprofits to increase their work with community organizations, individuals, and businesses.
The EPA is hosting informational webinars as part of the program’s commitment to public transparency, with additional webinars to be announced soon.
- National Clean Investment Fund webinar: Wednesday, April 10, 1 – 1:30 p.m. ET
- Clean Communities Investment Accelerator webinar: Thursday, April 11, 1 – 1:30 p.m. ET.
How we can help
The Inflation Reduction Act creates major opportunities. Learn how tax-exempt entities can get the new cash-based green energy credits.
CLA’s energy tax services team can help your organization navigate the IRA and capture available benefits.
Written by Kristen Donlevy
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