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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.
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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

Trump Tries to Kill New York’s Empire Wind Project

For the first time, his administration targets an offshore wind project already under construction.

Wind turbines.
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The Trump administration will try to stop work on Empire Wind, an offshore wind project by Equinor south of Long Island that was going through active construction, Interior Secretary Doug Burgum posted to X on Wednesday.

Burgum announced that he directed the Bureau of Ocean Energy Management to “halt all construction activities on the Empire Wind Project until further review of information that suggests the Biden administration rushed through its approval without sufficient analysis.”

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Sparks

Republicans Asked For an Offshore Wind Exposé. They Got a Letdown Instead.

“NOAA Fisheries does not anticipate any death or serious injury to whales from offshore wind related actions.”

Offshore wind.
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A group of Republican lawmakers were hoping a new report released Monday would give them fresh ammunition in their fight against offshore wind development. Instead, they got … pretty much nothing. But they’re milking it anyway.

The report in question originated with a spate of whale deaths in early 2023. Though the deaths had no known connection to the nascent industry, they fueled a GOP campaign to shut down the renewable energy revolution that was taking place up and down the East Coast. New Jersey Congressman Chris Smith joined with three of his colleagues to solicit the Government Accountability Office to launch an investigation into the impacts of offshore wind on the environment, maritime safety, military operations, commercial fishing, and other concerns.

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Sparks

Heatmap Wins a National Magazine Award

We have some exciting news to share.

A bottle of champagne.
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I wanted to update you on some very exciting news — our Decarbonize Your Life section just won the National Magazine Award for Service Journalism. It’s a huge honor for a publication that just turned two years old last month and a testament to the outstanding journalism our small but mighty newsroom does every day guiding our readers through the great energy transition.

A huge shout out, in particular, to our deputy editor Jillian Goodman for making the section so smart and helpful, to Robinson Meyer for dreaming up the idea, and to all the writers — Jeva, Katie, Emily, Charu, Taylor, and Andrew — who reported so insightfully for it. Tackling a complex but consequential subject like how to make better personal decisions around climate changewas a massive undertaking, but a labor of love.

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