Today, the Biden administration announced $20 billion in new climate funding to fund local projects to reduce emissions, advance environmental justice, and lower energy costs for millions of families. The funding is from the Greenhouse Gas Reduction Fund, created by the Inflation Reduction Act to spur investments in local climate solutions.

Today’s funding comes from a $20 billion fund that includes two programs. The National Clean Investment Fund will provide $14 billion to entities and projects focused on pollution reduction with a specific focus on buildings, transportation, and power generation. The Clean Communities Investment Accelerator will provide $6 billion to community lending programs, helping them gain important expertise in green financing to better serve disadvantaged communities. In addition, these investments will also help spur at least seven-times as much private sector funding into projects.

The EPA is expected to announce further funding for rooftop and community solar programs through the $7 billion Solar Access for All program in the near future.

After the announcement, Earthjustice Legislative Director for Climate and Energy Chris Espinosa issued the following statement:

“We applaud the Biden administration for today’s Greenhouse Gas Reduction Fund awards and especially commend them for ensuring that 70 percent of this funding will benefit low-income and disadvantaged communities. As we quickly transition to a clean energy economy, we cannot leave large parts of the country behind. The Greenhouse Gas Reduction Fund is a critical piece of the IRA to invest directly in low-income and disadvantaged communities that have long faced the disproportionate burden of pollution, energy development, and the worst impacts of climate change. These investments, plus the major private capital investments they will leverage, will spur sustainable development and job growth, lower energy costs for families, and empower communities with the funding they need to fight climate change and clean up their air, water, and land. While celebrating these funds, we look forward to upcoming awards under the Fund’s $7 billion Solar for All program, which dedicates 100 percent of its funding to low-income and disadvantaged communities.”