The funding is set to incentivize clean technology projects nationwide and tackle the climate crisis.
Vice President Kamala Harris concludes the Biden-Harris Administration’s Investing in America tour with a visit to Coppin State University, where she will announce a historic $20 billion competition on Friday, according to a statement by The White House. The competition aims to expand clean energy investment and provide support to underserved communities across the country. The funding is part of the Environmental Protection Agency’s Greenhouse Gas Reduction Fund, which is a national-scale $27 billion competition funded through President Biden’s Inflation Reduction Act. The competition seeks to combat the climate crisis by mobilizing public and private capital for projects that reduce harmful climate pollution, while also lowering energy costs and creating jobs. The $20 billion will be allocated through two competitions: the $14 billion National Clean Investment Fund and the $6 billion Clean Communities Investment Accelerator. These competitions will ensure that clean energy opportunities reach all Americans, with a focus on low-income and disadvantaged communities.
The announcement aligns with the Biden-Harris Administration’s commitment to environmental justice, and it builds on a series of clean energy investments made through the Investing in America agenda. These investments include expanding access to capital, funding clean energy projects, and promoting clean buildings, schools, and electric vehicle adoption. Additionally, the administration supports rural and energy communities through grants and investments in renewable energy and energy efficiency improvements. Combined with investments in domestic critical minerals supply chains, the U.S. government aims to reduce reliance on foreign sources and support clean energy technologies on a national scale.
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