Greenhouse Gas Reduction Fund: A Game-Changing Finance Program Empowering Local Communities

Raise Green is so excited for our friends who received Greenhouse Gas Reduction Fund (GGRF) awards! We are working hard at Raise Green to ensure that Awardees and communities that will be building solar, energy efficiency and EV infrastructure projects have the tools they need to open up investment to the local community and beyond via the Raise Green marketplace.

President Biden’s Inflation Reduction Act created a first-of-its-kind, national-scale program: the Greenhouse Gas Reduction Fund (GGRF), which is a $27 billion investment to mobilize financing and private capital to address the climate crisis, ensure the United States’ economic competitiveness, and promote energy independence while delivering lower energy costs and economic revitalization to communities that have historically been left behind. 

According to the EPA, all of the programs funded by the GGRF “will finance clean technology deployment nationally, finance clean technology deployment in low-income and disadvantaged communities while simultaneously building the capacity of community lenders that serve those communities, and spur adoption of clean distributed solar energy that lowers energy bills for millions of Americans in low-income and disadvantaged communities.” 

The Greenhouse Gas Reduction Fund is designed to:

1. 1. Reduce greenhouse gas emissions and other air pollutants.
      
      
   2. Deliver the benefits of greenhouse gas- and air pollution-reducing projects to American communities, particularly low-income and disadvantaged communities.
      
      
   3. Mobilize financing and private capital to stimulate additional deployment of greenhouse gas and air pollution-reducing projects.

The GGRF is comprised of three programs:

1. 1. a $14 billion National Clean Investment Fund competition to finance clean technology deployment nationally;
      
      
   2. a $6 billion Clean Communities Investment Accelerator competition to finance clean technology deployment in low-income and disadvantaged communities while simultaneously building the capacity of community lenders that serve those communities; and
      
      
   3. a $7 billion Solar for All competition to spur adoption of clean distributed solar energy that lowers energy bills for millions of Americans in low-income and disadvantaged communities. 

Source data: EPA.gov

The GGRF is a bold step to address climate change at the community level, and Raise Green is excited to play a role in helping to unlock private community capital. If you are an awardee or GGRF partner, we would love to connect with you. Please reach out to info@raisegreen.com.

Author: Kate Drane