Washington (April 19, 2023) - Today, Senators Edward J. Markey (D-Mass.) and Chris Van Hollen (D-Md.) and Representative Debbie Dingell (MI-06)) applauded the Environmental Protection Agency’s (EPA) release of an implementation framework for the $27 billion Greenhouse Gas Reduction Fund. This new program, authored by lawmakers within the Inflation Reduction Act, is modeled on their national climate bank legislation. The framework outlines three grant competitions that will help leverage private capital from a diverse array of lenders to accelerate the deployment of clean energy, including in underserved communities that have been disproportionately harmed by climate change. More information on the framework can be viewed HERE.
“As one of the lead authors of the statute underpinning the Greenhouse Gas Reduction Fund investment in climate finance for disadvantaged communities, I am grateful to Environmental Protection Agency leadership for their transparency, collaboration, and progress on making this vision a reality,” said Senator Markey, Chair of the Environment and Public Works Subcommittee on Clean Air, Climate, and Nuclear Safety. “This program has the potential to unleash tens of billions in much-needed private investments by leveraging the power, expertise, and long-standing relationships that public, semi-public, and non-profit community lenders can bring to bear in a joint national fight against the climate crisis. I look forward to continuing to work with the Administration and to hearing from stakeholders as we continue to work on this coordinated, justice-focused, and urgently needed new program.”
“A national climate bank network will generate more clean energy, fewer emissions, and more good paying jobs across the country. That’s why I worked to craft legislation to make this a reality, and I’m encouraged to see the EPA take the next key step toward launching this program. This framework reflects true progress for a self-sustaining climate bank network that will dramatically boost our financial capacity to deliver the economic and environmental benefits we’ve fought for so long to secure,” said Senator Van Hollen.
“The Greenhouse Gas Reduction Fund is the single largest investment in clean energy and environmental justice in American history, based on proven green bank models that have been effectively enacted across the country. This new guidance from the EPA today is an important step forward in making sure we successfully implement the Greenhouse Gas Reduction Fund to ensure these funds reach the communities and projects that need them most, prioritizing low-income and historically disadvantaged areas. I’ll continue working with the EPA, my colleagues in Congress, and all our partners as we continue to move closer to an equitable clean energy economy,” said Representative Dingell.