Van Hollen, Markey, Dingell Applaud EPA Next Steps on Capitalizing National Climate Bank Network

Today, U.S. Senators Chris Van Hollen (D-Md.) and Ed Markey (D-Mass.) and Representative Debbie Dingell (D-Mich.) applauded the Environmental Protection Agency’s (EPA) release of the Federal Assistance Listing on the Greenhouse Gas Reduction Fund, the next step in capitalizing the lawmakers’ historic push for a national climate bank network, an initiative they fought to include within the Inflation Reduction Act. The lawmakers worked together to craft the Greenhouse Gas Reduction Fund provisions that were passed under the Inflation Reduction Act based on their National Climate Bank legislation. In capitalizing a large-scale, diverse national climate bank network, the Greenhouse Gas Reduction Fund will deliver on the promise of an equitable transition to a clean-energy economy and fund a nationwide network of state and local green banks and community-based financial institutions to turn the challenge of climate change into an opportunity for prosperity.

“For years, we’ve fought to take the idea of a national climate bank from a vision to a reality. With today’s action from the EPA, we’re one step closer: I applaud the EPA for moving forward in their efforts to capitalize the national climate bank network that we worked to create within the Inflation Reduction Act. I will continue working with the EPA to fully realize our vision of a self-sustaining climate bank that is national in scope, has a substantial multiplier effect, and is composed of diverse stakeholders, including community-based institutions and green banks, that will reduce greenhouse gas emissions, create jobs, and support communities that have been historically underserved,” said Senator Van Hollen. 

“After years of hard work to plant the seeds for the historic climate finance funding in the Inflation Reduction Act, I’m proud to see this investment blossom now as the EPA begins to realize our vision of creating a new, long-lasting program that will cut emissions, protect health, and create economic opportunity in disadvantaged and under-resourced communities,” said Senator Markey, Chair of the Environment and Public Works Subcommittee on Clean Air, Climate, and Nuclear Safety. “I look forward to continuing to work with the Biden administration, advocates and stakeholders to maximize all the benefits of this landmark program— from deploying cost- and climate-saving projects at the national, regional, state, and local levels, to leveraging new investments and revolving funding to support indirect recipients in getting projects into communities for years to come.”

“The $27 billion in the Inflation Reduction Act for a national Greenhouse Gas Reduction Fund is the single largest investment in clean energy, environmental justice, and carbon pollution reduction in American history. We have proven green bank models nationwide, including in Michigan, that not only mobilize investment directly into the most critical projects, but are creating incredible economic opportunity, with good-paying, high-value jobs. Over the next decade, this investment will help us build on current efforts by mobilizing financing and private capital for a range of clean energy projects to decarbonize communities—including low-income and disadvantaged communities—across the United States. Today’s announcement is the first major step forward to achieving an equitable clean energy economy. As one of the authors, I’m proud to have helped secure this important funding, and look forward to working with the EPA, my colleagues in Congress, and all our partners during the implementation process to urgently get this money to the communities that need it most, as well as meet our long-term climate goals,” said Representative Dingell.