The Biden administration on Tuesday outlined how states and nonprofit groups can apply for $27 billion in funding from a “green bank” that will provide low-cost financing for projects intended to cut planet-warming greenhouse gas emissions.
The so-called Greenhouse Gas Reduction Fund, created by Congress in the landmark climate law approved last year, will invest in clean energy projects nationwide, with a focus on low-income and disadvantaged communities.
The Environmental Protection Agency expects to award $20 billion in competitive grants to as many 15 nonprofit groups that will work with local banks and other financial institutions to invest in projects that reduce pollution and lower energy costs for families.
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