US Environmental Protection Agency Seeks Applications For Two Clean Energy Grant Programs

The US Environmental Protection Agency (EPA) announced it is seeking applications for two competitive clean energy grant programs, the National Clean Communities Investment Accelerator and the Clean Communities Investment Accelerator, which have combined funding of US$20 billion. These programs are part of the US$27 billion Greenhouse Gas Reduction Fund (GGRF) established under the Inflation Reduction Act (IRA).

To stimulate green energy projects, the IRA utilizes various tax credits and incentives. Perhaps not as widely known, the IRA established the GGRF as a "green bank," which aims to reduce project risks in low-income communities by providing financial support and attracting private investment. The GGRF program ties into the Biden Administration's stated environmental justice policies and environmental social governance (ESG) private market trends.