Congress
President Biden’s Build Back Better Act contains a provision that would allocate $29 billion to the EPA to establish a “Greenhouse Gas Reduction Fund.” The goal: to further climate justice for low-income and marginalized communities through green finance.
At least $8 billion will be dedicated specifically to “low income and disadvantaged communities.”
However, some of the details are unresolved, including how the EPA will manage the fund, and how it will allocate the money. Some support issuing multiple grants to a variety of direct recipients, while others want the EPA to issue one large grant to support a national climate bank.