Article Summary –
The U.S. Environmental Protection Agency (EPA) is granting $5 billion from the Greenhouse Gas Reduction Fund to the Coalition for Green Capital, which includes the Connecticut Green Bank. The funding will be used to catalyze public-private investments in the creation of environmental infrastructure in vulnerable communities to reduce greenhouse gas emissions and increase climate change resilience. The Coalition for Green Capital aims to create an economically self-sufficient ecosystem of green banks to finance tens of thousands of climate and clean energy projects across America, especially in low-income and disadvantaged communities.
Connecticut’s Green Efforts Receive $5 Billion Boost from EPA
Connecticut’s Governor Ned Lamont and Connecticut’s Congressional delegation applauded an announcement by the U.S. Environmental Protection Agency (EPA) of a $5 billion grant from the Greenhouse Gas Reduction Fund to the Coalition for Green Capital. This consortium includes the Connecticut Green Bank, and the grant is part of President Joe Biden’s Inflation Reduction Act.
The funds will help the Connecticut Green Bank spark public-private investments for environmental infrastructure in disadvantaged communities. The aim is to reduce greenhouse gas emissions, lower consumer energy costs, and build climate change resilience. Projects will focus on areas such as green schools, homes, municipal and commercial buildings, land conservation, and climate-smart agriculture.
This investment will establish a unique national network, financing climate-friendly and clean energy projects across the nation. The EPA awarded the grant as part of the National Clean Investment Fund and Clean Communities Investment Accelerator. The Coalition for Green Capital aims to create an economically self-sustaining ecosystem of green banks, maximizing benefits via capital recycling.
Leaders including Governor Lamont, Richard Blumenthal, Chris Murphy, John B. Larson, Joe Courtney, Rosa DeLauro, Jim Himes, and Jahana Hayes, along with Lonnie Reed and Bryan Garcia from Connecticut Green Bank, welcomed the funding. They highlighted the crucial role of the grant in supporting Connecticut’s efforts to build environment-friendly infrastructure and boost investment in the state’s environmental infrastructure, particularly in vulnerable communities. The leaders also recognized the potential of this investment to create jobs, reduce greenhouse gas emissions, and increase climate resilience.
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