By Joan E Greve, Photo: Brendan McDermid/Reuters, The Guardian, September 11, 2022
Long championed by climate activists, the green bank would provide funding to expand clean energy use across the US.
Buried on page 667 of the Inflation Reduction Act is a climate policy that has been in the making for more than a decade.
The Greenhouse Gas Reduction Fund provides $27bn in funding for projects aimed at lowering America’s planet-heating emissions. Some of those funds, roughly $7bn, will be dedicated to clean energy deployment in low-income communities – but the vast majority of the funds will be used to create America’s first national green bank, an initiative long championed by climate activists. Those activists hope that the national green bank, which will provide ongoing financial assistance to expand the use of clean energy across the country, will accelerate America’s transition away from fossil fuels.
With the green bank’s assistance, communities looking to bolster their nascent renewable energy industries will have increased access to funding that could bring them closer to meeting their climate goals.
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