Greenhouse Gas Reduction Fund Programs Are Poised to Deliver Long Term Climate & Economic Benefits, Despite GOP Attacks

In response to the Environmental Protection Agency's (EPA) announcement of $20 billion in awards from the Greenhouse Gas Reduction Fund’s (GGRF) National Clean Investment Fund and Clean Communities Investment Accelerator, Evergreen Action State Program Director Justin Balik released the following statement:

“We are thrilled to see the awards announced today are headed to recipients poised to build a clean energy lending ecosystem that will support deployment across the country for years to come. $20 billion in awards is already a major investment, but it’s only a fraction of the impact that these programs will have, as the green banks and investment funds awarded today stand up new revolving finance supports that attract even more private capital. This initial investment to fund future clean energy projects will be felt well beyond the 10-year window that applies to most IRA programs. By focusing on communities that have been historically locked out of traditional financing pathways and giving communities the flexibility to design projects that meet their unique needs, these funds will fill in the gaps left by the private sector and allow for creativity in tackling our biggest sources of climate pollution.

“Less than two weeks ago, House Republicans voted to repeal this vital program as part of their ongoing effort to undermine American leadership in the global clean energy transition. We simply cannot afford to allow the MAGA fossil fuel cronies in Congress to cut off American innovation at the knees. The GGRF, and the clean energy transition that it is supporting, are here to stay.”

Evergreen advocated for the GGRF (previously referred to as a green bank or clean energy accelerator) as far back as 2020, when it was included in the Evergreen Action Plan. After the GGRF was created by the Inflation Reduction Act, Evergreen provided comments to EPA on the program design and partnered with RMI to publish GGRF Implementation Guidance for States.