Remarks for the Greenhouse Gas Reduction Fund Event, As Prepared for Delivery
Michael Regan, EPA Administrator
Baltimore, MD
Good afternoon, everyone!
It’s an honor to be here today with Congressman Mfume, Congressman Pallone, Senator Markey, Senator Carper, Senator Van Hollen, and of course, Vice President Kamala Harris.
Madam, Vice President, we’re so grateful for your tremendous leadership.
You are fighting to remove lead pipes from homes all across the country that threatens our children’s health and God-given potential.
You are leading the charge on environmental justice.
You are a fierce champion for women’s rights.
And our country is better off because of your leadership.
Folks, listen, it’s really hot here today and I hope everyone is staying safe.
Just last week, the world experienced the hottest day in recorded history. Right now, in Baltimore, it’s over 90 degrees.
And while we are experiencing intense heat today, in states like New York and Vermont, millions of people are grappling with the impacts of severe storms and catastrophic flooding.
Folks, this is what climate change looks and feels like.
I am feeling it, you are feeling it, our children are feeling it. We are experiencing the realities of climate change!
When President Biden took office, he vowed to combat the climate crisis and protect every single person in this country—regardless of the color of their skin, the money in their pocket, or the community they live in.
And he’s delivering. He and Vice President Harris fought tooth and nail to secure the most ambitious climate legislation in our nation’s history—a once-in-a-generation investment in America.
And as a result, EPA is putting over $41 billion dollars - that’s Billion with a B - to work.
One of the most innovative parts of this historic funding is the Greenhouse Gas Reduction Fund.
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.
Last month, we announced the $7 billion dollar Solar for All program that will unlock opportunities for overburdened communities to deploy and benefit from clean, affordable residential solar.
And today, I’m excited to announce that with the remaining $20 billion dollars, 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 and technology solutions that will put money back into families’ pockets.
First up, 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—with at least 40% of capital flowing directly to low-income and disadvantaged communities under President Biden’s Justice 40 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. Making sure that no matter where you live—you have access to pollution reducing and cost-saving technologies.
So, what does that mean?
It means when Kristal Hansley of We Solar, a minority women-owned small business, right here in Baltimore, wants to put solar on the roof tops of churches and schools in the community where she is from—she will have access to the low-cost loans that are essential to making those projects, reality.
And for every dollar we invest in public funding, we know it will generate much more in private investment.
When President Biden took office, he promised that he would create an economy that works for everyone, and that’s exactly what this program is doing.
The Greenhouse Gas Reduction Fund IS Bidenomics in action.
It’s tackling climate change head on.
It’s creating millions of good-paying jobs.
It’s supercharging private investment in clean technologies.
And it’s delivering health and financial benefits to communities nationwide.
Folks, the clean energy future is here, and we are making sure every community has a fair chance.
As I stand here today, I couldn’t be more optimistic about the future of America under the leadership of President Joe Biden and Vice President Kamala Harris.
Let’s get to work.