Hstoday US launches 'green bank' to fund local climate change projects

The Biden administration announced Thursday the recipients of the Climate Change Act's largest grant program, launching a $20 billion effort to transform community lending and green the U.S. economy.

EPA will award eight initial grants under the Greenhouse Gas Reduction Fund, ranging in size from $400 million to nearly $7 billion. The biggest award goes to Climate United, a partnership involving a nonprofit impact investment firm and two affordable housing finance companies.

Administration officials told reporters Wednesday that EPA's financing program “creates the first national network of clean technology lenders to finance tens of thousands of climate change and clean energy projects over the next few years.” .

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