On Friday, the administrator of the Environmental Protection Agency defended a $20 billion federal “green bank” programme, stating that it will fund a range of initiatives to develop low-carbon countermeasures to climate change, including in underprivileged areas where pollution has the greatest impact.
According to EPA Administrator Michael Regan, the funds could support tens of thousands of qualified projects, from smaller-scale initiatives like community cooling centres and electric vehicle charging stations to larger-scale initiatives like residential heat pumps and other energy-efficient house upgrades.
Republicans in Congress have referred to the programme as a “slush fund” and expressed concerns about the program’s implementation, the use of the funds, and the level of accountability and transparency that the private organizations receiving the funds will provide.
Last month, a bill to dismantle the bank and other aspects of President Joe Biden’s climate policy was approved by the Republican-controlled House.
The truth is that the EPA was given $20 billion to spend on climate solutions. We reasoned that since the government wasn’t the greatest at this, a public grant competition should be held across the country. Regan stated during a Society of Environmental Journalists convention.
We so had a fantastic competition. We received eight outstanding national awards. He said that the agency had spoken with commercial banks and other financial specialists. “We have metrics for how they can use capital to finance some of these projects that we believe will create low-carbon solutions,” the spokesperson stated.
“Twenty billion dollars is a very large sum of money,” stated Regan. However, we are confident that by selecting these eight recipients and implementing the parameters we have set up, we will be able to divert hundreds of billions of dollars in private capital away from the sidelines and into climate-related initiatives. “I have a great feeling about this programme.”
Regan said it was “frustrating” to hear “some of the disingenuous attitudes from those on Capitol Hill who want to legislate public-private partnerships… and then they complain about public-private partnerships” like the Green Bank.
Regan has fought Republicans over several agency actions, including stricter emissions standards for cars, trucks, and power plants.
With no Republican support in either the House or the Senate, the historic climate law that was passed in 2022 gave rise to the programme.
Initially called the Greenhouse Gas Reduction Fund, the $27 billion bank (including prior funding) is one of several federal initiatives to fund projects that reduce greenhouse gas emissions that warm the planet and address climate change caused by humans.
The Democratic president has prioritized this issue during his first three years in office and in his reelection campaign. Reducing air and climate pollution as well as directing public and private resources towards the areas where they are most needed are the bank’s objectives.
The National Clean Investment Fund, which selected three private organizations to collaborate with states and the private sector to offer reasonably priced finance for projects around the nation, was given a total of $14 billion on Thursday.
An additional $6 billion was given to the Clean Communities Investment Accelerator, which then disbursed funds to five organizations that will collaborate with other organizations to create regional hubs that provide community lenders with access to capital and technical support.
The funding comes after a $7 billion Solar for All initiative that was started in 2017 and is intended for community and household solar projects in low-income areas.
Grant winners agreed to “reduce or avoid” 40 million metric tonnes of carbon dioxide annually by allocating $7 in private sector investment for every $1 in public expenditures. 70% of the subsidies are designated by the programme for low-income and disadvantaged communities, who bear a disproportionate amount of the brunt of climate change but are frequently overlooked by commercial banks and investors.
Laptops 1000Regarding other matters, Regan stated that the EPA is making every effort to guarantee that several environmental regulations withstand potential legal challenges from business associations and states with Republican administrations. Lawsuits have been filed against other restrictions and an EPA rule regarding toxic soot emissions.
Regan stated, “We at EPA are staying focused on the mission even though we are living in very challenging times in many ways.” To ensure that we’re defining environmental goals based on facts and science, “leading with science and leading with the data” is one of the key reasons to strengthen scientific integrity.
“We will move a little bit more slowly if necessary to write the rule a little bit more strategically, or stronger, based on experiences that we’ve had over the past couple of years,” he continued. “After that, all we need to do is defend that case in court.”
Regan said that the first drinking water regulations for per- and poly-fluoroalkyl substances, or “forever chemicals,” which are linked to cancer, kidney disease, and other diseases, will be released soon by the EPA. He declared, “We are going to be very bold and very aggressive.”
Regan added that the EPA will shortly reveal a strategy to drastically cut the quantity of chemical pollutants that are discharged into the air by a rubber plant in Louisiana and other industrial locations.
On Friday, the administrator of the Environmental Protection Agency defended a $20 billion federal “green bank” programme, stating that it will fund a range of initiatives to develop low-carbon countermeasures to climate change, including in underprivileged areas where pollution has the greatest impact.
According to EPA Administrator Michael Regan, the funds could support tens of thousands of qualified projects, from smaller-scale initiatives like community cooling centres and electric vehicle charging stations to larger-scale initiatives like residential heat pumps and other energy-efficient house upgrades.
Republicans in Congress have referred to the programme as a “slush fund” and expressed concerns about the program’s implementation, the use of the funds, and the level of accountability and transparency that the private organizations receiving the funds will provide.
Last month, a bill to dismantle the bank and other aspects of President Joe Biden’s climate policy was approved by the Republican-controlled House.
The truth is that the EPA was given $20 billion to spend on climate solutions. We reasoned that since the government wasn’t the greatest at this, a public grant competition should be held across the country. Regan stated during a Society of Environmental Journalists convention.
We so had a fantastic competition. We received eight outstanding national awards. He said that the agency had spoken with commercial banks and other financial specialists. “We have metrics for how they can use capital to finance some of these projects that we believe will create low-carbon solutions,” the spokesperson stated.
“Twenty billion dollars is a very large sum of money,” stated Regan. However, we are confident that by selecting these eight recipients and implementing the parameters we have set up, we will be able to divert hundreds of billions of dollars in private capital away from the sidelines and into climate-related initiatives. “I have a great feeling about this programme.”
Regan said it was “frustrating” to hear “some of the disingenuous attitudes from those on Capitol Hill who want to legislate public-private partnerships… and then they complain about public-private partnerships” like the Green Bank.
Regan has fought Republicans over several agency actions, including stricter emissions standards for cars, trucks, and power plants. With no Republican support in either the House or the Senate, the historic climate law that was passed in 2022 gave rise to the programme.
Laptops 1000Initially called the Greenhouse Gas Reduction Fund, the $27 billion bank (including prior funding) is one of several federal initiatives to fund projects that reduce greenhouse gas emissions that warm the planet and address climate change caused by humans.
The Democratic president has prioritized this issue during his first three years in office and in his reelection campaign. Reducing air and climate pollution as well as directing public and private resources towards the areas where they are most needed are the bank’s objectives.
The National Clean Investment Fund, which selected three private organizations to collaborate with states and the private sector to offer reasonably priced finance for projects around the nation, was given a total of $14 billion on Thursday.
An additional $6 billion was given to the Clean Communities Investment Accelerator, which then disbursed funds to five organizations that will collaborate with other organizations to create regional hubs that provide community lenders with access to capital and technical support.
The funding comes after a $7 billion Solar for All initiative that was started in 2017 and is intended for community and household solar projects in low-income areas.
Grant winners agreed to “reduce or avoid” 40 million metric tonnes of carbon dioxide annually by allocating $7 in private sector investment for every $1 in public expenditures. 70% of the subsidies are designated by the programme for low-income and disadvantaged communities, who bear a disproportionate amount of the brunt of climate change but are frequently overlooked by commercial banks and investors.
Regarding other matters, Regan stated that the EPA is making every effort to guarantee that several environmental regulations withstand potential legal challenges from business associations and states with Republican administrations. Lawsuits have been filed against other restrictions and an EPA rule regarding toxic soot emissions.
Regan stated, “We at EPA are staying focused on the mission even though we are living in very challenging times in many ways.” To ensure that we’re defining environmental goals based on facts and science, “leading with science and leading with the data” is one of the key reasons to strengthen scientific integrity.
“We will move a little bit more slowly if necessary to write the rule a little bit more strategically, or stronger, based on experiences that we’ve had over the past couple of years,” he continued. “After that, all we need to do is defend that case in court.”
Regan said that the first drinking water regulations for per- and poly-fluoroalkyl substances, or “forever chemicals,” which are linked to cancer, kidney disease, and other diseases, will be released soon by the EPA. He declared, “We are going to be very bold and very aggressive.”
Regan added that the EPA will shortly reveal a strategy to drastically cut the quantity of chemical pollutants that are discharged into the air by a rubber plant in Louisiana and other industrial locations.
