Climate United Awarded $6.97 Billion Grant From National Clean Investment Fund
April 4, 2024
The Climate United Coalition Will Manage $6.97B from the EPA’s Greenhouse Gas Reduction Fund
Vice President Kamala Harris and EPA Administrator Michael Regan Join With Climate United to Announce Historic Investments
Charlotte, NC - Today, Vice President Kamala Harris and EPA Administrator Michael Regan announced a $6.97 billion investment from the National Clean Investment Fund (NCIF) to Climate United, a national nonprofit focused on delivering the benefits of green technologies to communities across the county. The coalition, composed of Calvert Impact, the Community Preservation Corporation (CPC), and Self-Help, was one of several entities competing to manage a portion of the NCIF, one of three programs under the $27 billion Greenhouse Gas Reduction Fund (GGRF).
Climate United’s work delivers benefits like cleaner air, quality jobs, lower energy bills, and increased energy security—all while accelerating our path to a clean energy future. In alignment with the Biden Administration's Justice40 initiative, Climate United has committed to deploy at least 60 percent of funds in low-income and disadvantaged communities, at least 20 percent in rural communities, and at least 10 percent in Native communities.
One of the biggest and most significant direct spending programs within the Inflation Reduction Act, the GGRF presents a once-in-a-lifetime opportunity to reduce carbon pollution while building a stronger economy for all Americans.
“We are grateful to the EPA for bringing this historic program to life and are honored to be one of the awardees,” said Beth Bafford, CEO of Climate United. “We are ready to work together to ensure we meet the program’s three ambitious objectives: dramatically reducing carbon pollution, creating direct benefits for American families, and catalyzing market transformation; all of which need to happen in tandem in order to meet our country’s climate goals equitably.”
Climate United applied with the support of more than 350 organizations — many of whom the coalition partners have worked closely with in the past on green community solutions. This large and growing network will bolster Climate United’s ability to drive lasting structural changes in communities across the U.S. Organizations include local and state-based green banks, credit unions, Minority Depository Institutions (MDIs), Community Development Financial Institutions (CDFIs), environmental justice organizations, labor and workforce organizations, and private capital providers, among others, who will each play a critical role in ensuring that the program meets its goals.
"This is a game-changing investment for the future of our planet and economy,” said Jennifer Pryce, CEO of Calvert Impact. "We have worked for thirty years to build an ecosystem of partners across the country dedicated to creating a more sustainable and equitable financial system and are grateful for the opportunity to work alongside the EPA in pursuit of our shared mission to provide safe and healthy energy for all Americans. Given the urgency of our challenges, we are in need of solutions that can scale fast. Climate United partners have built a solid foundation upon which we can grow quickly and make a real difference in the lives of people across the country."
The NCIF made two additional awards to Power Forward Communities and the Coalition for Green Capital. Awards for the Clean Communities Investment Accelerator were made to many Climate United collaborators, including Opportunity Finance Network, Inclusiv, the Native CDFI Network, Appalachian Community Capital, and the Justice Climate Fund.
“As our country moves towards a greener and more sustainable future, we must ensure that every community can benefit from a clean energy economy. This historic investment of federal funding will set the bar for how government can partner with private industry to decarbonize our housing stock. My thanks to the Biden Administration and EPA for their vision and commitment to demonstrating that a clean energy transition can be equitable while also transforming markets, growing local economies, and creating stronger and healthier communities,” said Rafael E. Cestero, CEO of the Community Preservation Corporation.
“We applaud the Biden Administration and Environmental Protection Agency for their commitment to investing in tackling the climate crisis while also building a stronger and more resilient economy. This unprecedented federal investment will be critical in supporting the first mortgage markets in addressing energy efficiency in their routine lending in order to scale building decarbonization,” said Sadie McKeown, President of the Community Preservation Corporation. “This will be especially important in underserved communities that have historically faced barriers to investment and economic opportunity while bearing the brunt of environmental justice issues. We are honored to be part of the Climate United partnership and we’re ready to get to work.”
The Climate United partners have a strong track record. They have collectively deployed more than $30 billion in financing to promote economic opportunity, clean energy and climate solutions, spurring private investment and creating measurable impact in Justice40 communities.
“Our role is to design affordable, accessible products that help bring the benefits of clean technologies to communities that have been disproportionately harmed by climate change and pollution,” said Crystal German, Executive Vice President of Self-Help. “We do this by listening, testing, evaluating, and refining in partnership with families and communities often underserved by the financial marketplace, and alongside a national network of trusted community lenders.”
The Climate United team has spent the last five months hosting listening sessions and connecting with partners across the country to gather feedback and input on their implementation strategy, including stops in Durham, North Carolina, Milwaukee, Wisconsin, New York City, and Rapid City, South Dakota.
"The significance of this investment cannot be overstated," said Martin Eakes, CEO of Self-Help. "With a network of partners and communities across the country, we will not only combat the climate crisis but also foster a more just and equitable future for all. The path to a sustainable tomorrow and a cleaner economy begins with bold programs like the one announced today."
“President Biden and Vice President Harris have put communities at the center of their Investing in America agenda. Today, we’re putting an unprecedented $20 billion to work in communities that for too long have been shut out of resources to lower costs and benefit from clean technology solutions,” said EPA Administrator Michael S. Regan. “The selectees announced today will deliver transformational investments for American communities, businesses, and families and unleash tens of thousands of clean technology projects like putting solar on small businesses, electrifying affordable housing, providing EV loans for young families, and countless others. That translates to good-paying jobs, energy bill savings, and cleaner air, all while delivering on President Biden’s historic agenda to combat climate change.”
Learn more at www.WeAreClimateUnited.org.
About Climate United
Climate United is a partnership of three non-profits—Calvert Impact, The Community Preservation Corporation (CPC), and Self-Help—that are complementary in their expertise and like-minded about the imperative to make sure that all Americans, particularly those bearing the greatest burden from the climate crisis, participate in and benefit from the movement to reduce carbon emissions. Between them, the organizations have more than 120 years of experience directly deploying more than $30 billion to address climate change or assist communities that are disproportionately affected by climate change. Multiple deployment and implementation partners will join the core partners to assist with managing and mobilizing the National Clean Investment Fund established by the Environmental Protection Agency as part of the Inflation Reduction Act. For more information, please visit www.weareclimateunited.org.
