The Environmental Protection Agency (EPA) has announced $20 billion in federal green bank grants to eight nonprofit organizations and development banks. The massive investment could potentially fund thousands to tens of thousands of projects meant to mitigate climate change in economically disadvantaged communities. Additionally, these projects have the potential to help Americans cut their carbon footprints and even save some money.
These projects include energy-efficiency residency improvements such as residential heat pumps as well as large-scale projects such as community cooling centers and electric-vehicle-charging stations. At the funding’s unveiling, Vice President Kamala Harris said the tens of billions of dollars in funding granted the Biden-Harris administration the capacity to “empower communities” with the ability to choose the projects they felt would have the greatest impact for community members.
The vice president’s trip to Charlotte, North Carolina, is her fourth this year and is part of the Democratic Party’s attempt to win over the battleground state. Speaking during a radio show held before the trip, Harris said North Carolina will be instrumental in determining the outcome of the next presidential election.
President Joe Biden based part of his campaign on addressing climate change, and his administration has invested heavily in America’s fledgling green-energy space. In fact, the 2022 Inflation Reduction Act created the $27 billion green bank that will oversee the recently announced grants.
The bank is part of the federal government’s efforts to invest in solutions to the country’s runaway greenhouse-gas problem. America is the second-largest greenhouse-gas emitter after China and is historically the largest emitter on the globe. Biden’s administration is keen on fostering solutions to the country’s spiraling emissions issue while creating high-quality jobs for Americans.
One of the green bank’s main goals is to reduce air and climate pollution and encourage private and public capital investment in in-need communities. Harris noted during her announcement that not all communities have had the opportunity to join the green-energy economy despite having the capacity.
According to the announcement, the $14 billion National Clean Investment Fund program will provide grants to three nonprofits that will partner with the private sector and the states to offer affordable financing for green-energy projects countrywide. Five institutions will also receive funding from the $6 billion Clean Communities Investment Accelerator to team up with other groups and create hubs that provide accessible technical assistance as well as funding to community lenders.
With many countries coming up with favorable green-energy policies and funds, entities such as Turbo Energy S.A. (NASDAQ: TURB) can ride on this support to ramp up their development plans so that they deepen their reach among customers eager to redeuce their carbon footprints in every aspect of their lives, especially with respect to the energy they use.
NOTE TO INVESTORS: The latest news and updates relating to Turbo Energy S.A. (NASDAQ: TURB) are available in the company’s newsroom at https://ibn.fm/TURB
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