Remarks for the Greenhouse Gas Reduction Fund Event in Boston, MA, As Prepared for Delivery
Michael Regan, EPA Administrator
Boston, MA
Good afternoon, everyone! It’s an honor to be here today.
Senator Markey, thank you for hosting us, and most importantly, thank you for your incredible work and leadership.
We would not have a Greenhouse Gas Reduction Fund without your years-long efforts. Thank you for all you do for the people of Massachusetts and the people of this country.
Governor Healey, it’s great to have you here with us. We’re so grateful for your leadership.
Mayor Wu, thank you for welcoming us to your city and thank you for joining.
Just last week, we celebrated the one-year anniversary of the historic Inflation Reduction Act. I was honored to stand alongside the president as he signed the most ambitious climate legislation in our nation’s history into law.
Thanks to President Biden, Vice President Harris, Senator Markey, and our colleagues in Congress, the Inflation Reduction Act provided EPA with more than $41 billion to confront the climate crisis, while lowering energy costs, saving families money, creating good-paying jobs and advancing environmental justice.
And undoubtedly, one of the most exciting and innovative components of the Inflation Reduction Act is the Greenhouse Gas Reduction Fund.
Folks, for too long too many communities have lacked access to capital, and as a result, have been unable to address their most pressing climate concerns, and advance environmental justice.
We’re here in Dorchester, a historically underserved neighborhood in Boston that has experienced firsthand the consequences of environmental injustice.
But that changes with the Greenhouse Gas Reduction Fund, in Dorchester and in communities all across our country.
This $27 billion dollar program is designed to pull hundreds of billions of dollars of private capital off the sidelines to address climate change head on, reinforce our country’s economic competitiveness, and directly invest in communities that have been marginalized for decades.
Through the program, EPA is spurring the creation of a first-of-its-kind national financing network to ensure that every community has access to low-cost, clean energy technology.
The $14 billion-dollar National Clean Investment Fund will provide grants to national, non-profit clean financing institutions.
These institutions will partner with the private sector to help fund tens of thousands of clean technology projects across the country. And at least 40% of that capital will flow directly to low-income and disadvantaged communities in accordance with President Biden’s Justice40 Initiative.
Working side by side with the National Clean Investment Fund, our $6 billion-dollar Clean Communities Investment Accelerator program will deliver funding to hundreds of lenders in low-income and disadvantaged communities to make sure that no matter where you live—you have access to pollution reducing and cost-saving clean technologies.
Today, I was excited to tour Franklin field. The investments that Boston is making in housing—like the installation of heat pumps, and other cost saving appliances here—is an example of the types of projects the Greenhouse Gas Reduction Fund will replicate in communities nationwide.
Not only will the Greenhouse Gas Reduction Fund help save families money, but it will lead to the creation of good paying jobs…
It will invest in common sense clean technologies that will help reduce emissions and combat climate change...
And it will put private capital to work, expanding economic opportunities for all Americans, especially for low-income and disadvantaged communities...
Folks, the clean energy future is here, and it’s our mission and responsibility to make sure every single community in this country has an opportunity to make the most of it.
Thank you all! Now I’m happy to take a few questions.