ICYMI: BIDEN’S INFLATION REDUCTION ACT CREATED WORLD’S LARGEST GREEN LENDING PROGRAM
National Green Bank Will Power Private Sector Investments in Clean Energy
In Case You Missed It — The world’s largest green bank lending program will be created in the United States thanks to the Inflation Reduction Act. The law includes $27 billion for the creation of the Greenhouse Gas Reduction Fund, which will invest in key private sector clean energy projects. The Fund will help the United States transform its economy while preparing America for a cleaner, more sustainable future.
America’s first significant climate legislation earmarks a record $369 billion for U.S. energy security and fighting climate change, a potentially game-changing sum.
This unprecedented investment in clean energy will supercharge America’s clean energy economy and has the potential to put U.S. climate goals within our reach. It underlines what we already know: The shift to sustainability will be the largest, fastest shift in behavior in history, and there are massive opportunities for the businesses that will power that transformation across every facet of our lives.
Notably, there is a key $27 billion provision in the bill that, while garnering relatively less attention, has the potential to transform the way the U.S. funds clean energy projects. It’s called the Greenhouse Gas Reduction Fund, and it will provide resources to launch a National Green Bank. The National Green Bank will partner with the private sector and community lenders to invest in clean energy technologies and energy efficiency improvements.
About Invest in America
Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.
The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.