"This is a win for workers, our economy, and our fight to confront the climate crisis," said Democratic Sen. Chris Van Hollen.U.S. President Joe Biden's administration on Friday opened a pair of grant competitions with a combined $20 billion in public funding designed to"mobilize private capital into clean technology projects."
"Today, communities around the country are getting a green light for a new historic era of green financing." "By mobilizing significant amounts of private capital, these national nonprofits will ensure that every dollar of public funds generates several times more in private investment," the agency said."At least 40% of the funds from the National Clean Investment Fund will be dedicated to low-income and disadvantaged communities."
"These hub nonprofits will enable hundreds of community lenders—such as community development financial institutions , credit unions, green banks, housing finance agencies, and minority depository institutions—to finance clean technology projects in low-income and disadvantaged communities while also mobilizing private capital and building the enduring capacity of community lenders to finance these projects for years to come," the agency added.