Following Years-Long Push, Van Hollen, Markey Join VP Harris in Baltimore to Announce Launch of Greenhouse Gas Reduction Fund

Today, U.S. Senators Chris Van Hollen (D-Md.) and Ed Markey (D-Mass.), Senate Environment and Public Works Committee Chairman Tom Carper, and House Energy and Commerce Committee Ranking Member Frank Pallone, Jr. (D-N.J.) will join Vice President Kamala Harris and U.S. Environmental Protection Agency (EPA) Administrator Michael Regan to announce the launch of the National Clean Investment Fund and the Clean Communities Investment Accelerator – two competitive grant programs under the $27 billion Greenhouse Gas Reduction Fund (GGRF). The GGRF, authored by Senators Van Hollen and Markey and Congresswoman Debbie Dingell (D-Mich.) and included within the Inflation Reduction Act, is modeled on their national climate bank legislation.

This notice of funding opportunity marks the official opening of the application period for two grant competitions with $20 billion in available funding from the GGRF 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 new programs can be viewed here.

“It’s been over a decade since we first put the idea of creating a national climate bank on paper. Today, that idea is becoming a reality. With the launch of the Greenhouse Gas Reduction Fund, we are deploying powerful tools to help us address climate change through innovative new solutions while creating jobs and growing our economy. These funds will serve as a force multiplier for private investment in clean energy projects to cut emissions and promote environmental justice in underserved communities across the country. This is a win for workers, our economy, and our fight to confront the climate crisis,” said Senator Van Hollen. Senator Van Hollen first introduced legislation to create a national green bank in 2009 when he was a member of the U.S. House of Representatives.

“Today, communities around the country are getting a green light for a new historic era of green financing. As the lead sponsor of the National Climate Bank Act, I am thrilled to celebrate the hard work of Administrator Regan and the Biden-Harris administration and herald the start of a national clean financing network, funded by the landmark investments of the Inflation Reduction Act. From clean transit to healthy housing, applicants to this program will bring life-changing projects to environmental justice and frontline communities around the country, delivering on the promise of a livable future for all,” said Senator Markey.

“The Greenhouse Gas Reduction Fund is a historic program that will help us attack the climate crisis head on. The announcement of these remaining grant competitions is critical to swiftly distributing these investments to meaningful projects and communities in most urgent need, moving us closer to an equitable clean-energy economy. I applaud this announcement and look forward to continuing to work with the EPA, my colleagues in Congress, and all our partners to create good paying jobs, bring down energy costs, and reduce our carbon emissions with these investments,” said Rep. Dingell.

“The Inflation Reduction Act is proof that we can address the climate crisis and advance environmental justice while lowering energy costs and creating good-paying jobs across our country,” said Senator Carper, Chairman of the Senate Environment and Public Works Committee. “When drafting the Greenhouse Gas Reduction Fund, we wanted to ensure that these unprecedented clean energy investments would benefit often overlooked communities with the greatest need. I am thrilled that the Biden-Harris administration is working quickly to responsibly implement this program that will help make clean energy a reality for millions of additional Americans.”

“Last week was the hottest week in recorded history. I fought to enact this first-of-its-kind Greenhouse Gas Reduction Fund because the climate crisis is here, and we need to use every tool in our toolbox to equip our communities with the resources they need to combat it. Thankfully, today’s announcement is a huge leap forward in the right direction,” said Rep. Frank Pallone, Jr., Ranking Member of the House Energy and Commerce Committee. “These new funding competitions have the power to transform our nation by deploying homegrown clean energy, slashing dangerous climate pollution, creating new, middle-class jobs, and ensuring no community is left behind. I’m pleased with how quickly EPA is getting this critical program off the ground and I look forward to the much-needed help it will deliver to Americans across the country.”