EPA outlines $27B ‘green bank’ for clean energy projects

By MATTHEW DALY
Associated Press

WASHINGTON (AP) — The Biden administration is outlining how states and nonprofit groups can apply for $27 billion in funding from a “green bank” that will provide low-cost financing for projects that cut greenhouse gas emissions. The so-called Greenhouse Gas Reduction Fund, created by Congress in the landmark climate law approved last year, will invest in clean energy projects nationwide, with a focus on low-income and disadvantaged communities. The Environmental Protection Agency expects to award $20 billion in competitive grants to as many as 15 nonprofit groups that will work with local banks and other financial institutions to invest in projects. Another $7 billion will be awarded to states, tribes and municipalities