Funding from the Greenhouse Gas Reduction Fund stems from National Climate Bank provisions authored by Markey, Van Hollen, and Dingell and included within the Inflation Reduction Act, signed into law two years ago today

Washington (August 16, 2024) – Today, Senators Edward J. Markey (D-Mass.), Chris Van Hollen (D-Md.), and U.S. Representative Debbie Dingell (D-Mich.) along with Senate Environment and Public Works Committee Chairman Tom Carper (D-Del.) applauded the U.S. Environmental Protection Agency’s (EPA) obligation of $27 billion through three competitive grant programs from the Greenhouse Gas Reduction Fund (GGRF). This includes $20 billion in National Clean Investment Fund (NCIF) and Clean Communities Investment Accelerator (CCIA) funds, and $7 billion in Solar for All funds, which will prioritize clean energy expansion and innovation, access to affordable clean energy in low-income communities, and affordable solar power for families across the country. These investments will spur development of clean energy projects across the nation. The GGRF is modeled on national climate bank legislation authored by Senators Markey and Van Hollen in partnership with Congresswoman Dingell, and includes provisions they then fought to incorporate within the Inflation Reduction Act. Senators Markey, Van Hollen, and Rep. Dingell as well as Chairman Carper and House Energy and Commerce Committee Ranking Member Frank Pallone, Jr. (D-N.J.) were instrumental in getting the GGRF enacted as part of the Inflation Reduction Act, which President Biden signed into law two years ago today.

“After fighting for a national climate bank for more than a decade, it is inspiring to see the $27 billion national clean financing network up, running, and ready to help combat the climate crisis,” said Senator Markey. “In writing the Inflation Reduction Act, we made sure that this money would meet the needs of environmental justice communities and meet the urgency of the moment—and with 70 percent of funds going to disadvantaged communities and an ability to leverage seven dollars from the private sector for every dollar of taxpayer money, this is a good deal that will do good for the American people. I applaud the EPA for their rigorous process and I can’t wait to see how the awardees help our communities save money, clean up their environment, and take action on climate.”

“We never stopped fighting to launch a national climate bank because we knew the plan we designed will catalyze large private investments in clean energy that will help address the climate crisis, generate good paying jobs, cut energy costs for consumers, and directly support disadvantaged communities that are too often left behind — a true win-win-win-win. And, today, two years since the creation of our Greenhouse Gas Reduction Fund through the Inflation Reduction Act, we’re officially delivering $27 billion in investments to transformative projects that will drive renewable energy innovation, cut pollution, and address the disproportionate impact of climate change on disadvantaged communities. These investments, which will be multiplied several times over by private capital, will power us toward a better, healthier future,” said Senator Van Hollen.

“These awards are making clean energy financing accessible to low-income and underserved communities that have for far too long carried the brunt of environmental pollution, helping us attack the climate crisis head on and creating jobs while lowering energy costs. These investments will fund projects that otherwise would not have been possible, and will mobilize nearly seven times as much in private capital. I’m proud to have helped author and pass the Greenhouse Gas Reduction Fund and look forward to continuing to invest in the most impactful and urgent projects to reach our climate and environmental justice goals,” said Congresswoman Dingell.

“The Inflation Reduction Act’s Greenhouse Gas Reduction Fund is proof that we can cut climate pollution and lower energy costs while creating good paying jobs and economic opportunity in communities across our nation, especially those that have been often overlooked,” said Senator Carper, Chairman of the Senate Environment and Public Works Committee. “Thanks to today’s announcement from the Environmental Protection Agency, we are one step closer to realizing the benefits of the climate and clean energy projects that will be funded by the GGRF. I applaud the Biden-Harris administration for their continued work to implement this program and bring clean energy to more Americans.”

Following the passage of the Inflation Reduction Act in 2022, the lawmakers welcomed the launch of the Greenhouse Gas Reduction Fund in July 2023.

Senator Markey has been a longtime supporter of climate banks. Then-Representative Markey first introduced legislation in 2009 for a national climate bank as part of the Waxman-Markey bill, the only comprehensive climate legislation to pass a chamber of Congress until the Inflation Reduction Act. 

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