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New U.S. ‘green bank’ aims to steer over $160B in capital into climate tech
The EPA awarded $20 billion in grants to kickstart loans and equity investing in climate technologies across the country.
On Thursday, the EPA announced that it had awarded $20 billion in grants from the Inflation Reduction Act to eight organizations that will use the money to make loans that will help with those projects. In addition to providing financing for energy upgrades, the Greenhouse Gas Reduction Fund, as it is known, is hoping to attract $7 in private capital for every dollar it disperses. For those that aren’t yet, the green bank’s loans should have a cascading effect, sending a signal upstream to founders and investors that there are markets for consumer-level climate tech that works for low-income and disadvantaged communities.
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