The EPA’s national “green bank” will leverage public money in hopes of raising private capital for reducing greenhouse gas emissions and building out renewable energy infrastructure.
The Biden administration recently announced the recipients of nearly $1 billion in Environmental Protection Agency funding for “clean school buses” aimed at accelerating the transition to low-emission vehicles and reducing air pollution around schools and neighborhoods. Demand from local school districts was so high that the EPA nearly doubled the amount awarded, which will help pay for more than 2,400 new buses that students and parents depend on across 389 school districts.
While the Biden administration directs billions of dollars in transportation and infrastructure funding into communities — often with little fanfare from a media obsessed with contentious elections — the EPA is rolling out the government’s most ambitious climate program to date. Officially known as the Greenhouse Gas Reduction Fund, the green bank was created by the Inflation Reduction Act, a tenuous legislative victory for Democrats facing backlash over the flailing economy from midterm voters.
While the EPA’s green bank is generating plenty of buzz in the world of green capitalism, climate activists say relying on the financial markets and for-profit companies to reduce greenhouse gas emissions is a mistake.
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