Biden administration announces $4.3 billion in climate grants

By Valerie Volcovici

WASHINGTON (Reuters) - The Biden administration on Monday announced 25 projects pitched by 30 different state, local and tribal governments that applied for $4.3 billion in grants created by the president's signature climate law.

The grants, which will be distributed to winners by early autumn, will support deployment of clean energy technology across sectors ranging from housing to agriculture. The U.S. Environmental Protection Agency (EPA) said it has reviewed nearly 300 applications that requested over $30 billion.

WHY IT IS IMPORTANT

The administration has said the selected projects when combined would reduce greenhouse gas pollution by as much as 150 million metric tons of carbon dioxide equivalent (CO2e) by 2030, or roughly 2 percentage points. The U.S. has pledged to slash its CO2e emissions by 50%-52% by that year.

CONTEXT

With the 2024 election looming and campaigning ramping up, the EPA and other federal agencies are scrambling to distribute grants earmarked by the 2022 Inflation Reduction Act. Former President Donald Trump and Republican lawmakers have eyed repeals of several IRA grant and loan programs.



KEY QUOTE

“These grants will help state and local governments improve the air quality and health of their communities, while accelerating America’s progress toward our climate goals," said John Podesta, senior advisor to President Joe Biden for International Climate Policy.

Source: Investing.com