A national green bank inspired by the model of local green banks already present in the United States
(sustainabilityenvironment.com) – The Greenhouse Gas Reduction Fund, the first greenhouse gas reduction fund created by the Inflation Reduction Act, comes to life. This is announced by the US Environmental Protection Agency (EPA) announcing a coordinated strategy to involve stakeholders. Part of the broader effort of the Biden administration to combat climate change and environmental injustice, the new Green Bank aims to finance sustainable projects in the disadvantaged communities of the country, both economically, socially and environmentally.
“The Greenhouse Gas Reduction Fund represents an unprecedented opportunity to accelerate the adoption of greenhouse gas reduction technologies and position the United States to compete and win the 21st century economy,” said EPA director Michael S. Regan. “In designing such an ambitious program, the Agency looks forward to listening to stakeholders across the country, particularly in low-income and disadvantaged communities, whose voices are fundamental to shaping the Fund and ensuring that these historical resources reach the people who need them most”.
The tool, explains Reuters, is a way to expand the model of about two dozen green banks located in the United States, which today invest in community programs such as residential solar installations or charging stations for electric vehicles. These institutions bear part of the risk of the projects by providing financial support and attracting private-sector investment.
The EPA’s engagement strategy will draw on expert input on key design issues, launching a series of stakeholder listening sessions to enable key stakeholders, including green banks, EU financial institutions, Environmental justice communities, state and local governments, advocates of clean energy, provide input directly to EPA staff on the implementation of the Fund. “Together with the additional resources of the Inflation Reduction Act of President Biden – said Regan – the Fund will bring environmental and economic benefits throughout the country“.