EPA announces eight selections for $20 billion in grants under the Greenhouse Gas Reduction Fund

The U.S. Environmental Protection Agency has announced its selections for $20 billion in grant awards under two competitions within the $27 billion Greenhouse Gas Reduction Fund (GGRF). The three selections under the $14 billion National Clean Investment Fund and five selections under the $6 billion Clean Communities Investment Accelerator will, according to an announcement from the EPA, “create a national clean financing network for clean energy and climate solutions across sectors…. By financing tens of thousands of projects, this national clean financing network will mobilize private capital to reduce climate and air pollution….”

The eight selected applicants have supported thousands of individuals, businesses, and community organizations to access capital for climate and clean energy projects, according to the announcement from EPA. They have committed 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. They will, according to the announcement, create a national clean financing network that will finance climate and clean energy projects, especially in low-income and disadvantaged communities.

National Clean Investment Fund (NCIF) selectees

Under the $14 billion National Clean Investment Fund, the three selected applicants will establish national clean financing institutions in partnership with private-sector investors, developers, community organizations, and others. All three selected applicants surpassed the program requirement of dedicating a minimum of 40% of capital to low-income and disadvantaged communities.

The three selected applicants are:

• The Climate United Fund ($6.97 billion award),
• The Coalition for Green Capital ($5 billion award), and
• Power Forward Communities ($2 billion award)

Clean Communities Investment Accelerator (CCIA) selectees

Under the $6 billion Clean Communities Investment Accelerator, the five selected applicants will establish hubs that provide funding and technical assistance to community lenders working in low-income and disadvantaged communities. According to the EPA announcement, each of the selectees will provide capitalization funding (typically up to $10 million per community lender), technical assistance subawards (typically up to $1 million per community lender), and technical assistance services. The CCIA dedicates 100% of its capital to low-income and disadvantaged communities.

The five selected applicants are:

• The Opportunity Finance Network ($2.29 billion award),
• Inclusiv ($1.87 billion award),
• The Justice Climate Fund ($940 million award),
• Appalachian Community Capital ($500 million award), and
• The Native CDFI Network ($400 million award).

Informational Webinars

EPA will host informational webinars as part of the program’s commitment to public transparency. EPA has scheduled webinars for each of the two programs, with additional webinars to be announced on EPA’s GGRF webpage. The details for the scheduled webinars are below.

National Clean Investment Fund webinar: Wednesday, April 10, 2024, 1:00pm – 1:30pm ET. Join the April 10 meeting.

Clean Communities Investment Accelerator webinar: Thursday, April 11, 2024, 1:00pm – 1:30pm ET. Join the April 11 meeting.

Additional information is on EPA’s GGRF webpage.