As we celebrate the 1-year anniversary of the Inflation Reduction Act (IRA) and its unprecedented and game-changing advances, it’s important to highlight how one finance program created by the IRA stands to deliver benefits in communities across the country for years to come. One of the most promising tools for scaling equitable climate action created under the IRA is called the Greenhouse Gas Reduction Fund (GGRF).
This $27 billion fund is a first-of-its-kind program at the Environmental Protection Agency (EPA) focused on rapidly deploying clean energy projects to areas of our country that have thus far been overlooked in the clean energy transition. It will provide catalytic financial support to nonprofit lenders, states, municipalities, and Tribal Governments for projects that reduce or avoid greenhouse gas emissions and other air pollution. And it will deliver benefits like energy savings, job and business growth, and health improvements. Almost 70% of funds will flow to low-income and disadvantaged communities, and the $27 billion is estimated to mobilize hundreds of billions of additional capital—both critical components in meeting our country’s 2050 net zero target more equitably.
Select from the “Downloads” section below to see a break down of the Greenhouse Gas Reduction Fund and some example projects that it could finance.
For more information about GGRF’s specific programs see here.