Launching the IRA’s Greenhouse Gas Reduction Fund could lessen the energy burden for low-income communities
“Last August, the Inflation Reduction Act (IRA) authorized $27 billion for a Greenhouse Gas Reduction Fund (GGRF) designed to provide affordable financing for local energy projects across the United States, with more than half of its funds intended for low-income communities. Within the past two months, the Environmental Protection Agency (EPA) has announced three grant competitions to determine which organizations will administer the GGRF, finally setting the goals of the program into motion. Activating the GGRF presents an opportunity for green banks, community development finance institutions, credit unions, developers, and local communities to scale clean technology investment significantly and empower low-income communities across the country.”