US Will Invest in Clean Energy Projects

The Biden administration announced that it will invest $20 billion from the federal "green bank" for clean energy projects in the region. It will also provide competitive grants to nonprofits, community development banks and other groups to invest in clean energy projects. Both funds will focus on disadvantaged communities. The $14 billion National Clean Investment Fund provides grants to three national clean financing organizations. The $6 billion Clean Communities Investment Accelerator will work with other groups to provide access to the investments needed to bring clean technology projects to fruition.

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Invest in Clean Energy Projects

"These funds will serve as a force multiplier for private investments in clean energy projects to reduce emissions and promote environmental justice in underserved communities across the country," Van Hollen said. "This is really about ensuring that everyone in this country experiences the best possible quality of life with clean energy technology," she said, according to ABC News. Applications under the program are due this fall. Grant awards are expected to be distributed next year.

Meanwhile, Michael Regan, the Environmental Protection Agency administrator whose agency is in charge of the green bank, stated what? That the funds offer a way to "tackle the climate crisis and reshape the economy" that will offer "transformative resources" for many disadvantaged communities.