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Sparks

The Biden Administration Is Unleashing $20 Billion for Green Banks

Yet another Inflation Reduction Act program launches today.

Money and cute critters.
Heatmap Illustration/Getty Images

Vice President Kamala Harris and EPA administrator Michael Regan are in Charlotte, North Carolina this morning to announce the award of … wait for it … $20 billion dollars for climate mitigation and adaptation projects. This is the official launch of the Greenhouse Gas Reduction Fund, a $27 billion program that was part of the Inflation Reduction Act — in fact, it is the single largest and most flexible program in the IRA. (The remaining $7 billion is earmarked for “Solar for All,” a separate initiative that will launch later this year.)

The money will go to eight organizations and help “create a national clean financing network for clean energy and climate solutions.” The awardees include:

  • The Coalition for Green Capital, a nonprofit that got $5 billion to help leverage a network of green lenders. More than 50% of its work under the grant will be aimed at low-income communities.
  • Rewiring America, which will share a $2 billion award with four other housing and community-building groups, including Enterprise Community Partners, LISC (Local Initiatives Support Corporation), Habitat for Humanity, and United Way to create a national financing program to decarbonize housing. The initiative will focus 75% of its investments in low-income and disadvantaged communities.
  • Community Preservation Corporation, a U.S. Treasury Department-certified community development financial institution and part of an umbrella coalition known as the Climate United Fund. Together with other nonprofit financial institutions, it will receive nearly $7 billion to lend to traditionally underserved populations, including rural and Tribal communities.

The general idea is to funnel the money into green lending programs, colloquially known as “green banks,” that will offer low-cost loans and other financing options for consumers, community organizations, businesses, and local governments. Projects financed through the fund could do everything from residential electrification, to green public transit, to solar on schools, to storm water management.

EPA anticipates the awardees will mobilize $7 of private capital for every $1 of federal funds — a total investment of nearly $150 billion. Each of the winners will get access to their share of the funding in the next six months, and will have until 2031 to use it.

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Sparks

The Solar Industry Is Begging Congress for Help With Trump

A letter from the Solar Energy Industries Association describes the administration’s “nearly complete moratorium on permitting.”

Doug Burgum and Donald Trump.
Heatmap Illustration/Getty Images, Library of Congress

A major solar energy trade group now says the Trump administration is refusing to do even routine work to permit solar projects on private lands — and that the situation has become so dire for the industry, lawmakers discussing permitting reform in Congress should intervene.

The Solar Energy Industries Association on Thursday published a letter it sent to top congressional leaders of both parties asserting that a July memo from Interior Secretary Doug Burgum mandating “elevated” review for renewables project decisions instead resulted in “a nearly complete moratorium on permitting for any project in which the Department of Interior may play a role, on both federal and private land, no matter how minor.” The letter was signed by more than 140 solar companies, including large players EDF Power Solutions, RES, and VDE Americas.

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Sparks

Catherine Cortez Masto on Critical Minerals, Climate Policy, and the Technology of the Future

The senator spoke at a Heatmap event in Washington, D.C. last week about the state of U.S. manufacturing.

Senator Cortez Masto
Heatmap

At Heatmap’s event, “Onshoring the Electric Revolution,” held last week in Washington, D.C. every guest agreed: The U.S. is falling behind in the race to build the technologies of the future.

Senator Catherine Cortez Masto of Nevada, a Democrat who sits on the Senate’s energy and natural resources committee, expressed frustration with the Trump administration rolling back policies in the Inflation Reduction Act and Infrastructure Investment and Jobs Act meant to support critical minerals companies. “If we want to, in this country, lead in 21st century technology, why aren’t we starting with the extraction of the critical minerals that we need for that technology?” she asked.

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COP30 Is on Fire

Flames have erupted in the “Blue Zone” at the United Nations Climate Conference in Brazil.

A fire at COP30.
Screenshot, AFP News Agency

A literal fire has erupted in the middle of the United Nations conference devoted to stopping the planet from burning.

The timing couldn’t be worse. Today is the second to last day of the annual climate meeting known as COP30, taking place on the edge of the Amazon rainforest in Belém, Brazil. Delegates are in the midst of heated negotiations over a final decision text on the points of agreement this session.

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