U.S. EPA Seeks Input to Implement $27 Billion Greenhouse Gas Reduction Fund

The U.S. Environmental Protection Agency on Oct. 24 announced a collaborative stakeholder engagement strategy to assist in the utilisation of the distinctive Greenhouse Gas Reduction Fund established by the Inflations Reduction Act, or IRA, enacted in August.

IRA created the the $27 billion fund to offer viable grants to states, local governments, tribes and entitled non-profit financing institutions to activate financing and influence private capital for clean energy and climate plans that lessen greenhouse gas emissions, with an importance on schemes that assist low-income and underprivileged communities and aid advancement of the Biden Administrations obligation to environmental justice.

The agency’s engagement strategy incorporates four key areas. Firstly, the strategy seeks expert feedback on essential program design questions and issues from the Environmental Financial Advisory Board, or EFAB. Secondly, the agency issued a request for information to assist communities and the public to discuss and critique the greenhouse gas reduction funds plan and execution. Thirdly, the strategy aims to introduce a stakeholder listening conference series to allow key stakeholders, such as green banks, community finance organisations, state, and local governments, among others to offer input directly to agency staff on the utilisation of the fund. Lastly, as part of the engagement strategy the agency announces the creation of a website for information on the execution of the fund.

These preliminary actions will assist the funds design and implementation and ensure that it considers feedback from a range of different stakeholders. The input from various stakeholders will make certain that the full potential of economic and environmental advantages of the significant investment are reaped by all in society, in particular those who are most likely to be impacted by environmental, social, and economic injustice.

The agency provided a number of formal charge questions for expert review and feedback at the EFAB meeting on the 18-19th October. Moreover, the agency on week commencing Oct.24 published a request for information requesting public comment on core design characteristics of the fund. As it stands, the public has 45 days to respond to the request.