WASHINGTON—The U.S. Environmental Protection Agency (EPA) has launched two Notices of Funding Opportunity (NOFOs) for $20 billion across two grant competitions under the $27 billion Greenhouse Gas Reduction Fund, which was enacted as part of the Inflation Reduction Act.
According to the EPA, these “competitive grant opportunities will mobilize private capital into clean technology projects to create good-paying jobs and lower energy costs for American families, especially in low-income and disadvantaged communities, while cutting harmful pollution to protect people’s health and tackle the climate crisis.”
Credit union have indicated they are very interested in taking advantage of the programs, with Inclusiv being particularly outspoken about the potential opportunities for CUs.
‘Clean Financing’ Institutions
The EPA said the $14 billion National Clean Investment Fund will provide grants to support two-to-three national clean financing institutions, enabling them to partner with the private sector to provide accessible, affordable financing for tens of thousands of clean technology projects nationwide.
“These national nonprofits will enable individuals, families, nonprofits, governments, small businesses, and others to access the capital they need to deploy a diverse suite of clean technology projects in their homes, businesses, and communities, which will reduce pollution while creating jobs, accelerating progress toward energy security, and lowering energy costs, the EPA said.
Case Made for ROI
“And by mobilizing significant amounts of private capital, these national nonprofits will ensure that every dollar of public funds generates several times more in private investment,” the EPA continued. “At least 40% of the funds from the National Clean Investment Fund will be dedicated to low-income and disadvantaged communities, including those that are rural communities, Tribal communities, communities with environmental justice concerns, energy communities, and persistent poverty counties.”
The EPA said the $6 billion Clean Communities Investment Accelerator will provide grants to support two-to-seven hub nonprofit organizations, enabling them to provide funding and technical assistance to public, quasi-public, not-for-profit, and non-profit community lenders working in low-income and disadvantaged communities—"supporting the goal that every community in the country has access to the capital they need to deploy clean technology projects.”
For Low Income Communities
The EPA continued by saying, “These hub nonprofits will enable hundreds of community lenders—such as community development financial institutions (including Native CDFIs), credit unions, green banks, housing finance agencies, and minority depository institutions—to finance clean technology projects in low-income and disadvantaged communities while also mobilizing private capital and building the enduring capacity of community lenders to finance these projects for years to come. One-hundred percent of the funds from the Clean Communities Investment Accelerator will be dedicated to low-income and disadvantaged communities.
Applications are due Oct. 12 and notification of selections will occur in March 2024.”
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