American Climate Corps Has Already Put 15,000 Young Americans to Work as Part of Its Inaugural Cohort
Environmental Protection Agency and AmeriCorps Announce a New Environmental Justice Climate Corps; the Department of Housing and Urban Development Joins the Interagency American Climate Corps Initiative
During Climate Week, the Biden-Harris administration announced progress on its American Climate Corps. This fact sheet was provided by the White House:
Since taking office, President Biden has delivered on the most ambitious climate, clean energy, conservation, and environmental justice agenda in history – signing into law the largest investment in climate action ever, protecting more than 42 million acres of public lands and waters, creating good-paying clean energy jobs, and establishing the Justice40 Initiative, which sets the goal that 40 percent of the overall benefits from certain federal investments flow to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution.
As part of his historic commitment to tackle the climate crisis, President Biden launched the American Climate Corps (ACC) to mobilize the next generation of clean energy, conservation, and climate resilience workers, with a goal to put 20,000 young people to work in the clean energy and climate resilience economy in the initiative’s first year. Today, in celebration of Climate Week, the White House is announcing that more than 15,000 young Americans have been put to work in high-quality, good-paying clean energy and climate resilience workforce training and service opportunities through the American Climate Corps – putting the program on track to reach President Biden’s goal of 20,000 members in the program’s first year ahead of schedule.
Across the country, American Climate Corps members are working on projects to tackle the climate crisis, including restoring coastal ecosystems, strengthening urban and rural agriculture, investing in clean energy and energy efficiency, improving disaster and wildfire preparedness, and more. The American Climate Corps is giving a diverse new generation of young people the tools to fight the impacts of climate change today and the skills to join the clean energy and climate-resilience workforce of tomorrow.
The Biden-Harris Administration is making several additional announcements:
The Environmental Protection Agency (EPA) and AmeriCorps are Announcing a New Environmental Justice Climate Corps, which will put more than 250 American Climate Corps members to work over the next three years providing technical assistance to community-based organizations in environmental justice communities – helping them access resources to carry out locally driven projects that reduce pollution, increase community climate resilience, improve public health and safety, and build community capacity to address environmental and climate justice challenges. Environmental Justice Climate Corps members will be paid a living allowance and reimbursed for selected living expenses. In total, this allowance is equivalent to receiving more than $25 per hour throughout their year of service. They will also obtain the benefits of AmeriCorps VISTA service—including the Segal AmeriCorps Education Award, which is valued at $7,395 in FY24, and streamlined pathways into certain federal jobs—and gain mentorship and professional development opportunities. Applications for the Environmental Justice Climate Corps will open in early 2025, with a goal for its first cohort to start later that year. The partnership with EPA is AmeriCorps’ largest environmental partnership in the agency’s history and will build on the success of three other partnerships announced under the American Climate Corps: AmeriCorps NCCC Forest Corps, Working Lands Climate Corps and Energy Communities AmeriCorps, which together will support more than 500 new ACC positions over the coming years.
The Department of Housing and Urban Development (HUD) is Joining the ACC Interagency Initiative. Joining the seven initial signatories of the December 2023 ACC Memorandum of Understanding, today HUD will become the eighth federal agency member of the ACC Interagency Initiative. This step brings the ACC to the communities HUD serves, building upon the Department’s commitment to using low- and zero-carbon energy and supporting communities to increase their resilience, advance environmental justice, and create good jobs for residents.
The American Climate Corps is Fostering Federal-State Partnerships by establishing a partnership with state service commissions, which support national service in states across the country, to grow the number of state climate corps and strengthen existing state climate corps programs. Together, the American Climate Corps, state-level climate corps programs, and state national service leadership are committed to strengthening state climate corps, supporting impactful program implementation, and leveraging state and local partnerships to scale climate corps efforts across the country. To date, 14 states have launched their own state-based climate corps programs, including New Jersey who just today announced the creation of the New Jersey Climate Corps.
American Climate Corps Will Host a Virtual Job Fair. The American Climate Corps is working to ensure that its members have a pathway to good-paying jobs following their terms of service, which is why later this year, ACC will host a virtual job fair for current and past members to learn about high-quality career opportunities in the clean energy and climate resilience economy. The virtual job fair will bring together the private sector, labor unions, and the public sector, including Federal agencies, to showcase career pathways available to ACC members.
Today’s announcements build on a year of successful program implementation, including:
Launch of the American Climate Corps Tour. This fall, to showcase ACC members’ important work across the nation, the American Climate Corps and senior Biden-Harris Administration officials is embarking on a national tour and visiting ten locations to highlight ACC members’ impact in communities across the country. The tour is making stops at a range of ACC project sites and featuring remarks by representatives of the Biden-Harris Administration and other Federal, state, and local elected officials. Visits include ACC member swearing-in ceremonies, service projects, and roundtables with ACC members.
Creation of the American Climate Corps Storytellers Project. Inspired by the Works Progress Administration’s Federal Art Project, the ACC launched the Storytellers Project, engaging artists and storytellers to capture the impact of President Biden’s American Climate Corps. The ACC Storytellers Project solicited applications from artists across the country. Ten accomplished storytellers were selected to document the impact of the American Climate Corps in communities across the country through photographs, videos, and other visual art mediums.
During Climate Week, which coincides with the United Nations General Assembly meeting in New York, where climate has become a major issue in recent years, the Biden-Harris Administration announced a number of new initiatives including new investments to protect freshwater resources and enhance drought and climate resilience. This fact sheet is provided by the White House:
Our nation’s lakes, rivers, streams, estuaries, and wetlands are fundamental to the health, prosperity, and resilience of our communities and are held sacred by many Tribal Nations. They are not only the sources of clean drinking water that flows into the taps of our homes, but are also economic drivers supporting jobs and outdoor recreation across the nation. By absorbing and storing carbon, our nation’s waterways and wetlands – and the forests, grasslands, and farmlands they nourish – also play a critical role in the fight against climate change.
Since Day One, the Biden-Harris Administration has worked to secure clean water for all communities, protect our vital freshwater resources, and mitigate the impacts of drought. Given that communities often acutely experience the climate crisis through water-related impacts – from floods and droughts to polluted drinking sources and waterways – this Administration is making historic investments through President Biden’s Investing in America agenda to protect, conserve, and restore our freshwater basins and ecosystems.
Meanwhile, many Republicans in Congress continue to deny the very existence of climate change and remain committed to repealing the President’s Inflation Reduction Act – the biggest climate protection bill ever – which would undermine the health, safety, and economic vitality of their own constituents.
During Climate Week, the Biden-Harris administration is announcing new funding and whole-of-government initiatives that build upon its ambitious freshwater agenda and help restore and conserve our freshwater resources and address climate impacts felt across the nation:
Investing in Long-Term Colorado River Basin Resilience: The Biden-Harris Administration is leading a comprehensive effort to make Western communities more resilient to climate change and address the ongoing megadrought across the region, including the Colorado River Basin, by harnessing the full resources of President Biden’s historic Investing in America agenda. The Administration’s investments in the Lower Colorado River Basin bridge the immediate need for water conservation while moving toward improved system efficiency and more durable long-term solutions. Overall, the funding for long-term water conservation initiatives in the Lower Basin is expected to save more than 1 million acre-feet of water, putting the Basin on a path to a more resilient and sustainable water future.
The Department of the Interior’s Bureau of Reclamation is announcing the execution of the first three contracts for long-term water conservation under the Lower Colorado Basin System Conservation and Efficiency Program. Totaling approximately $107 million, taken together these first three projects – all with the Gila River Indian Community in the Lower Colorado River Basin of Arizona – will provide over 73,000 acre-feet of water conservation to support the sustainability of Lake Mead while also helping ensure long-term water resilience for the Community. The Bureau of Reclamation is also working on the companion program for the Upper Basin, which will provide additional water savings for the Basin’s long-term sustainability.
The Bureau of Reclamation is working with the following sponsors in the Lower Colorado Basin to negotiate water conservation contracts for ten additional proposed projects, including:
City of Phoenix
City of Tucson
Coachella Valley Water District
Salt River Valley Water Users’ Association & Salt River Project Agricultural Improvement and Power District
San Diego County Water Authority
Southern Nevada Water Authority
The Metropolitan Water District of Southern California
Town of Gilbert
The Department of the Interior’s Bureau of Reclamation is also signing agreements with the Imperial Irrigation District and the Bard Water District in partnership with the Metropolitan Water District in California to ensure the conservation of up to 717,100 acre-feet of water by 2026. This water will remain in Lake Mead in an effort to benefit the Colorado River System and its users.
Investing in Indian Country: The Department of the Interior’s Bureau of Reclamation has announced historic Tribal water infrastructure investments totaling over $1.2 billion through the Bipartisan Infrastructure Law, Inflation Reduction Act, Reclamation Water Settlement funding, and annual appropriations. This includes a new investment of $9.4 million for Tribal drought relief and technical assistance projects that will restore wetlands, improve irrigation efficiency, and support groundwater monitoring.
Reconnecting Waterways and Restoring Aquatic Ecosystems: With over $3 billion in funding for ecosystem restoration and fish passage projects, the Investing in America agenda is helping secure cleaner rivers, safer communities, greater recreational opportunities, and improved fish and wildlife habitat, driving change across the landscape for people, communities, species, and ecosystems.
The Administration is announcing a suite of 10 transformational fish passage projects that to date have received over $150 million from eight Federal agencies. When completed, these fish passage and aquatic connectivity projects – located in communities from Maine to Ohio to California – will reconnect nearly 5,000 miles of rivers and streams across the United States. Reconnecting waterways allows natural functions to be restored in freshwater systems, improving their climate resilience and water quality, and therefore their ability to protect communities from catastrophic floods, droughts, catastrophic wildfire, and water pollution. Improving fish passage and reconnecting aquatic systems is one of the most effective ways to help conserve vulnerable species, while building safer infrastructure for communities and improving climate resilience. To date, the Administration has spent over $970 million on more than 600 fish passage projects in 45 states across the country.
The Department of the Interior today is announcing an additional $92 million in new resources from the Bureau of Reclamation’s WaterSMART Aquatic Ecosystem Restoration Program to help restore important salmon and other native fish habitat across the West. These projects, when complete, will provide increased water quality, floodplain stability, and drought resiliency.
Collaborating with Stakeholders to Protect Freshwater Systems: At a Climate Week NYC event focused on the Global Freshwater Challenge, White House Council on Environmental Quality Chair Brenda Mallory announced a doubling of new partners in the America the Beautiful Freshwater Challenge – a nationwide initiative to protect, restore, and reconnect 8 million acres of wetlands and 100,000 miles of our nation’s rivers and streams by 2030. Over 100 members from across the country initially signed on to support freshwater restoration in their communities. That number has now more than doubled to over 211, including 14 states, 16 Tribal entities, 27 local governments, and 79 private sector members.
These announcements build on recent actions that deliver on the Biden-Harris Administration’s commitment to ensuring safe drinking water, including providing approximately $1 billion in funding to bring safe, clean water to Tribal communities; finalizing the first-ever standard to protect communities from toxic “forever chemicals,” along with rulemakings to hold polluters responsible for PFAS cleanup and to enhance safeguards against dangerous chemical spills in our nation’s waters; and continuing to deliver on President Biden’s goal to replace every lead pipe in America in the next decade. The Department of the Interior has invested more than $6.95 billion to fund over 831 Western water projects through the Bipartisan Infrastructure Law and the Inflation Reduction Act; the Environmental Protection Agency has leveraged more than $9 billion in the last two years alone to communities across the West; and other agencies from the Department of Agriculture to the U.S. Army Corps of Engineers continue to make investments that increase water availability, reduce water use, and enhance resilience.
Two years ago, President Biden signed the Inflation Reduction Act, with Vice President Harris casting the tie-breaking vote in Congress. Not a single Republican voted for it and Trump/Vance and the Republicans vow to repeal it and replace it with Project 2025 laundry list of policies which will harm working and middle-class families. and undermine progress toward an equitable, sustainable economy. –Karen Rubin/news-photos-features.com
The Inflation Reduction Act is a key part of the Biden-Harris Administration’s Investing in America agenda, which has driven the fastest and most equitable recovery on record – creating good-paying jobs, expanding opportunity, and lowering costs in every corner of the country.
Already, the Inflation Reduction Act is transforming American lives by finally beating Big Pharma to negotiate lower prescription drug prices, making the largest investment in clean energy and climate action in history, creating hundreds of thousands good-paying jobs, lowering health care and energy costs, and making the tax code fairer.
Visit the White House Savings Explorer to see how Americans are saving money on their annual expenses because of the Inflation Reduction Act and other Biden-Harris Administration actions.
Statement from President Joe Biden on Inflation Reduction Act Anniversary
Two years ago, I signed the Inflation Reduction Act—the largest climate investment in history that is lowering energy costs and creating good-paying union jobs, while taking on Big Pharma to lower prescription drug costs—with Vice President Harris casting the tie-breaking vote. Already, this law is lowering health care costs for millions of families, strengthening energy security, and creating more than 330,000 clean energy jobs according to outside groups. It has also unleashed $265 billion in clean energy and manufacturing investments from the private sector in the last two years—part of the nearly $900 billion invested in America since we took office.
This historic legislation is fiscally responsible. It lowers the deficit over the long run by cutting wasteful spending on special interests and making big corporations and the wealthy pay more of their fair share. And just yesterday, my Administration announced lower prescription drug prices for the first ten drugs that have been negotiated by Medicare, which will cut the prices of drugs used to treat blood clots, heart disease, cancer, and more by nearly 40% to 80%, and save taxpayers $6 billion in the first year alone.
While Republicans in Congress try to repeal this law—which would increase prescription drug costs and take good-paying jobs away from their constituents, all to give massive tax cuts to big corporations—Vice President Harris and I will keep fighting to move our country forward by investing in America and giving families more breathing room.
Statement from President Joe Biden on Inflation Reduction Act Anniversary
Two years ago, I signed the Inflation Reduction Act—the largest climate investment in history that is lowering energy costs and creating good-paying union jobs, while taking on Big Pharma to lower prescription drug costs—with Vice President Harris casting the tie-breaking vote. Already, this law is lowering health care costs for millions of families, strengthening energy security, and creating more than 330,000 clean energy jobs according to outside groups. It has also unleashed $265 billion in clean energy and manufacturing investments from the private sector in the last two years—part of the nearly $900 billion invested in America since we took office.
This historic legislation is fiscally responsible. It lowers the deficit over the long run by cutting wasteful spending on special interests and making big corporations and the wealthy pay more of their fair share. And just yesterday, my Administration announced lower prescription drug prices for the first ten drugs that have been negotiated by Medicare, which will cut the prices of drugs used to treat blood clots, heart disease, cancer, and more by nearly 40% to 80%, and save taxpayers $6 billion in the first year alone.
While Republicans in Congress try to repeal this law—which would increase prescription drug costs and take good-paying jobs away from their constituents, all to give massive tax cuts to big corporations—Vice President Harris and I will keep fighting to move our country forward by investing in America and giving families more breathing room.
FACT SHEET: Two Years In, the Inflation Reduction Act is Lowering Costs for Millions of Americans, Tackling the Climate Crisis, and Creating Jobs
In the two years since the Inflation Reduction Act was signed into law:
Just yesterday, the President and Vice President announced that, for the first time in history, Medicare successfully negotiated lower prescription drug prices, which will save millions of seniors, people with disabilities, and other Medicare beneficiaries over $1.5 billion out-of-pocket in the first year.
Millions of Americans are saving an average of $800 per year on health insurance premiums because of cost savings from the American Rescue Plan that the Inflation Reduction Act extended, helping drive the nation’s uninsured rate to historic lows. 4 million seniors and other Medicare beneficiaries saved money on insulin because of the law’s cap at $35 for a month’s supply. 10.3 million Medicare enrollees received a free vaccine in 2023, saving them more than $400 million in out-of-pocket vaccine costs. The IRS successfully piloted Direct File in 12 states, saving 140,000 people an estimated $5.6 million in tax preparation fees by enabling them to file their taxes directly with the IRS online, for free. And, the IRS has recovered over $1 billion by cracking down on millionaire tax cheats since the law passed. Last year, 3.4 million Americans benefited from $8.4 billion in Inflation Reduction Act tax credits to lower the cost of clean energy and energy efficiency upgrades in their homes – significantly outpacing projections of the popularity of the tax credits in just the first year they were available. Since January 2024, more than 250,000 Americans have claimed the IRA’s electric vehicle tax credit, saving these buyers about $1.5 billion total. Nearly all of these buyers claimed the incentive at the point of sale. Since the beginning of the Biden-Harris Administration, companies have announced$900 billion in clean energy and manufacturing investments in the US, including over $265 billion in clean energy investments since the Inflation Reduction Act was signed into law. These investments are creating over 330,000 new jobs in the United States according to an outside group.
Economically distressed areas are poised to benefit the most from those investments. Over 99% of high-poverty counties in the United States are benefitting from an Investing in America project funded by the Inflation Reduction Act, Bipartisan Infrastructure Law, or CHIPS and Science Act. According to Treasury Department analysis, since the Inflation Reduction Act passed, 75% of private sector clean energy investments have flowed to counties with lower than median household incomes, and clean energy investment in energy communities has doubled. And, the Inflation Reduction Act is the largest investment in environmental justice in history.
Additionally, the Biden-Harris Administration has taken action to protect the critical investments that the Inflation Reduction Act is making in the domestic clean energy economy from unfair trade practices. In May, President Biden increased tariffs on $18 billion of Chinese imports to combat China’s artificially low-priced exports in strategic sectors such as electric vehicles, batteries, and solar. These actions protect American jobs, businesses, investments, and economic growth.
Lowering health care costs for millions of Americans
President Biden and Vice President Harris have made expanding access to high-quality, affordable health care and lowering prescription drug costs for American families a top priority. Thanks to the Inflation Reduction Act, health care is more accessible and more affordable than ever before. In just the last two years:
The law enhanced the Affordable Care Act’s financial assistance that is available to consumers to purchase health insurance. Millions of Americans are saving, on average, about $800 a year on their health insurance plans, with more than 80 percent of consumers able to find health insurance for $10 or less a month. As a result, a record-breaking 21 million people signed up for ACA coverage in 2024. That’s 9 million more than when the President and Vice President took office, and more underserved communities are enrolling in coverage, with 1.7 million Black Americans and 3.4 million Latinos enrolled, a 95% and 103% increase, respectively, since 2020.
The Inflation Reduction Act capped insulin costs at $35 for a month’s supply and making recommended adult vaccines free. Four million Medicare beneficiaries are now saving on their monthly insulin costs, and over 10 million beneficiaries received a free vaccine, saving more than $400 million in out-of-pocket cost. Drug companies that increase prices faster than inflation now have to pay a rebate to Medicare—which is translating into lower out of pocket costs for seniors. Next year, out of pocket drug costs will be capped at $2,000 per year for Medicare beneficiaries, which is expected to save nearly 19 million seniors an average of $400 per year.
The Inflation Reduction Act – for the first time ever – gives Medicare the power to negotiate lower prescription drug prices. Just this week, the Biden-Harris Administration announced new, lower prescription drug prices for all ten drugs selected for the first year of the Inflation Reduction Act’s Medicare Drug Price Negotiation Program. The new, lower prices, which go into effect in 2026, will save American taxpayers $6 billion and will save seniors and people with disabilities $1.5 billion in out of pocket costs in 2026 alone. These new prices cut the list cost for drugs that treat heart disease, blood clots, diabetes, cancer, and more by nearly 40% to 80%.
Lowering energy costs with the largest climate investment in history
The Inflation Reduction Act is tackling the climate crisis by advancing clean power, cutting pollution from buildings, transportation, and industry and supporting climate-smart agriculture and forestry. The law is accelerating our progress toward President Biden and Vice President Harris’ goal of cutting U.S. climate pollution by 50 to 52 percent below 2005 levels in 2030.
Two years after the signing of the Inflation Reduction Act, the Biden-Harris Administration has made tremendous progress implementing the climate and clean energy provisions of this law quickly and effectively. Treasury guidance is now available for nearly all of the Inflation Reduction Act’s clean energy tax provisions. On the grant, loan, and rebate side of the law, nearly two thirds of Inflation Reduction Act funding has been awarded. As an example of the Administration’s rapid progress on implementation, today the Environmental Protection Agency announced that all $27 billion in awards through their Greenhouse Gas Reduction Fund are now obligated. $20 billion of these awards go toward a national clean energy financing network that will support tens of thousands of clean energy projects, reducing or avoiding millions of metric tons of carbon pollution annually over the next seven years. The other $7 billion in awards through the Solar for All program will save over $350 million each year on energy bills for over 900,000 low-income and disadvantaged households through residential solar.
In the two years since President Biden signed the Inflation Reduction Act into law:
Clean energy projects are creating more than 330,000 jobs in nearly every state in the country, according to outside groups.
Companies have announced $265 billion in new clean energy investments in nearly every state in the nation. According to Treasury Department analysis, many of these investments are happening in underserved communities—since the IRA passed, 75% of private sector clean energy investments made since the Inflation Reduction Act passed have occurred in counties with lower than median household incomes, and clean energy investment in energy communities has doubled. Last week, Treasury and IRS released new data showing that in 2023, more than 3.4 million American families saved $8.4 billion from IRA consumer tax credits on home energy technologies. These tax credits can save families up to 30% off heat pumps, insulation, rooftop solar, and other clean energy technologies. New York and Wisconsin have now launched home energy rebate programs, with more states expected to launch later this summer and fall. Already, 22 states have submitted their applications to DOE to receive their full rebate funding. These rebate programs help low- and middle-income families afford cost-saving electric appliances and energy efficiency improvements by providing rebates up to $14,000 per household. In total, the IRA rebates programs are expected to save consumers up to $1 billion annually in energy costs and support an estimated 50,000 U.S. jobs in residential construction, manufacturing, and other sectors.
Since January 2024, more than 250,000 Americans have claimed the Inflation Reduction Act’s EV tax credits—either $7,500 off a qualified new electric vehicle, or up to $4,000 off a qualified used electric vehicle. In total, these taxpayers have saved about $1.5 billion and nearly all buyers claimed the incentive at the point of sale.
Making the tax system fairer and making the wealthy pay their fair share
The Inflation Reduction Act fully pays for these investments, and reduces the deficit over the long run, by cutting wasteful spending on special interests and making big corporations and the wealthy pay more of their fair share. After 55 of the biggest corporations in America paid $0 in federal income tax on $40 billion in profits in 2020, the Inflation Reduction Act requires billion-dollar corporations to pay at least 15 percent in tax. It also requires corporations to pay a 1 percent excise tax on stock buybacks, encouraging businesses to invest in their growth and productivity instead of funneling tax-preferred profits to foreign shareholders. By making large corporations pay more of their fair share, the IRA will raise around $300 billion over a decade.
The Inflation Reduction Act also makes a historic investment in modernizing the IRS, providing funding to better taxpayer experience, reduce fraud, and upgrade critical technology infrastructure. Thanks to these investments, the IRS has already:
Improved services for millions of taxpayers. This spring, the IRS answered 3 million more phone calls than in 2022, cut phone wait times to three minutes from 28 minutes, served 200,000 more taxpayers in person, and saved taxpayers 1.4 million hours on hold last filing season. It also expanded online services, enabling 94% of taxpayers to submit forms digitally instead of via mail if they so choose.
Successfully piloted Direct File, allowing taxpayers to easily file their taxes online and for free, directly with the IRS for the first time. Over 140,000 Americans successfully filed their taxes through Direct File this year, claiming over $90 million in refunds and saving an estimated $5.6 million in tax preparation fees. Users said Direct File was easy and fast to use, with 90% rating their experience excellent or above average. Building on this success, the IRS has invited all 50 states and the District of Columbia to join Direct File starting in 2025.
Collected $1 billion from 1,500 millionaire tax cheats, launched enforcement action against 25,000 millionaires who have not filed a tax return since 2017, began audits on dozens of the largest corporations and partnerships, and cracked down on high-end tax evasion like deducting personal use of corporate jets as a business expense. At the same time, the IRS is adhering to Treasury Secretary Yellen’s commitment to not increase audit rates relative to current levels for small businesses and Americans making less than $400,000 a year.
Over the next decade, the Inflation Reduction Act’s investments will enable the IRS to further crack down on wealthy and corporate tax cheats and collect over $400 billion in additional revenue.
Going forward, the IRS is on track to implement additional improvements to taxpayer experience; provide additional in-person services in rural and underserved areas; redesign notices and forms to be less confusing; and expand online and mobile-friendly tools.
Investing in America to create jobs and expand opportunity
When President Biden thinks about climate change, he thinks about jobs. Two years into implementation of the Inflation Reduction Act, it’s easy to see why.
Across the nation, the Inflation Reduction Act is catalyzing a clean energy and manufacturing boom. Since President Biden took office, the Biden-Harris Administration’s Investing in America agenda has catalyzed nearly $900 billion in private sector investment commitments, including roughly $400 billion in clean energy across every state in the nation. That topline figure includes enough power generation to replace 40 Hoover Dams, the largest wind tower manufacturing facility in the world, the largest solar investment in US history.
Broader macroeconomic indicators also illustrate how, through tax credits and domestic content requirements within the law–we are successfully onshoring critical supply chains and encouraging a resurgence of domestic manufacturing. Real investment in manufacturing structures is at an all-time high—and has been for six quarters. Manufacturing’s contribution to GDP broke quarters for three consecutive quarters in 2023. And Americans have filed to open a record 300,000 new manufacturing businesses.
These investments are having real impacts on communities—particularly those that need it most. Public dollars are flowing disproportionately to disadvantaged and left behind communities: 99% of high-poverty counties have received funding from the infrastructure law, CHIPS Act, or Inflation Reduction Act, and non-metro communities have received nearly double the per capita funding of their urban counterparts. On the private sector side, analysis from the US Treasury tells a similar story. Since the IRA passed, 84% of announced clean investments have flowed to counties with college graduation rates below the national average, and the rate of investment in energy communities has more than doubled. Given these successes, it is no wonder that Republicans who voted against the bill are suddenly trying to take credit for it—and urging their leadership not to proceed with an unpopular repeal effort.
Statement from Vice President Kamala Harris on the Inflation Reduction Act Anniversary
Since day one of our Administration, President Joe Biden and I have made it a priority to strengthen the middle class by lowering costs, creating jobs, and advancing opportunity. That is why we fought to enact our Inflation Reduction Act, historic legislation that I was proud to cast the tie-breaking vote on in the Senate. In the two years since President Biden signed it into law, this landmark bill has already delivered for American families.
This transformational legislation is reducing the cost of health care for millions of people in communities across our nation – from capping the price of insulin at $35 a month for seniors to capping out-of-pocket drug costs at $2,000 a year for Americans on Medicare, which is expected to save nearly 19 million seniors an average of $400 per year. Additionally, Medicare is now able to negotiate lower prescription prices for millions of Americans while saving taxpayers billions by paying rates 40% to 80% lower for expensive medications used to treat conditions such as blood clots, heart disease, and cancer.
Our Inflation Reduction Act is also the single largest climate investment in American history. While taking on the climate crisis and lowering utility bills for families, it is helping us to rebuild American manufacturing and drive American innovation – creating good-paying union jobs, furthering economic opportunity, and contributing to the nearly $900 billion of private-sector investment since President Biden and I took office.
As we mark this two-year anniversary, President Biden and I recommit to doing everything in our power to ensure that families throughout our country have the freedom to thrive
The Biden Administration is accomplishing a real transition to clean energy and a sustainable green economy through promoting investments in technology, businesses, and innovation with state and local governments and private businesses, while demanding a framework of economic and environmental justice. This fact sheet listing Biden Administration actions to expand access to capital for small and medium sized climate businesses was provided by the White House:
Through President Biden’s Investing in America agenda, the U.S. is making the largest public investment in climate action in history. The Bipartisan Infrastructure Law and Inflation Reduction Act, the largest-ever investment in climate action, introduced and expanded grants, loans, tax incentives, and other programs to accelerate clean energy deployment, invest in resilience, and seed breakthrough innovative technologies. Combined with unprecedented executive action, these investments are setting the United States on a path to achieve President Biden’s ambitious climate goals — including cutting greenhouse gas emissions in half by 2030 and reaching net zero by 2050. President Biden’s historic economic policies have spurred unprecedented levels of private investment into America’s clean energy economy. Since the start of the Biden-Harris Administration, the private sector has announced $866 billion in new investments in clean energy and manufacturing.
Creating economic opportunity for all American communities, entrepreneurs, and workers is central to President Biden’s economic and climate agenda. The Biden-Harris Administration is committed not only to catalyzing investment for climate and clean energy companies, but also to expanding access to that investment, ensuring all communities, including those historically left behind, benefit from these unprecedented resources.
Today, National Economic Advisor Lael Brainard, National Climate Advisor Ali Zaidi, and Small Business Administrator Isabel Casillas Guzman will host a Climate Capital Convening at the White House with investors, climate technology start-ups, small business owners, and entrepreneurs to discuss opportunities to mobilize capital for climate-focused businesses across America.
The Biden-Harris Administration will also announce new actions and resources to expand access to climate capital:
Releasing the new Climate Capital Guidebook:
The Biden-Harris Administration is releasing a new Climate Capital Guidebook to provide a simple, comprehensive map of capital programs across the federal government that are available to climate-related start-ups, small- and medium-sized businesses, and their investors. While larger, institutionally-backed climate companies may have the resources to identify and access federal funding opportunities, smaller enterprises may face greater challenges in navigating these federal programs.
The Guidebook includes financing and funding programs created and expanded by the Biden-Harris Administration, including those made possible by the Bipartisan Infrastructure Law, the Inflation Reduction Act, and longstanding annual appropriations. It inventories opportunities across the entire federal government, including the Department of Energy, the Department of Agriculture, the Small Business Administration, and the Export-Import Bank of the United States. Together, these programs comprise hundreds of billions of dollars in grants, loans, loan guarantees, and other funding tools to spur the financing and deployment of new clean energy and climate projects — while simultaneously focusing on delivering cleaner air, good-paying jobs, and affordable clean energy to disadvantaged communities, energy communities, and other communities in need. The Guidebook also indicates programs that are part of President Biden’s Justice40 Initiative, which set the goal that 40% of the overall benefits of certain federal climate, clean energy, and other investments flow to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution.
Expanding financing to support small businesses’ adoption of clean energy:
Small businesses are a critical part of achieving net zero by 2050 and should have access to capital to deploy new clean energy and climate projects.
The Small Business Administration’s 504 Loan Program provides long-term, fixed rate loans of up to $5.5 million from Small Business Administration-approved lenders to small businesses for certain energy and manufacturing projects to support capital expenditures such as real estate or equipment. Previously, this program was capped at three loans per company, allowing each company to receive a total of $16.5 million in loans backed by the Small Business Administration. This month, the Small Business Administration is lifting its cap on the number of 504 loans that small businesses may receive for “energy public policy projects,” which include projects that reduce energy consumption such as retrofits and/or renewable energy projects such as adding solar. In lifting this cap, small businesses may now bundle multiple 504 loans to finance projects that leverage clean energy technologies to lower production costs, improve energy efficiency, and contribute to emissions reductions goals.
This change increases the total financing available to small businesses tackling climate change and investing in a clean energy future.
Today’s announcements build on prior Biden-Harris Administration actions to expand access to climate capital, including:
Expanding Financing for Clean Energy and Climate Solutions:
Thanks to the President’s Inflation Reduction Act, the Environmental Protection Agency is implementing the $27 billion Greenhouse Gas Reduction Fund, a first-of-a-kind national financing program to catalyze private investment in clean energy projects. The agency announced $14 billion for a National Clean Investment Fund, $6 billion for the Clean Communities Investment Accelerator, and $7 billion for the Solar for All Program. Together, these investments are creating new clean energy job opportunities and reducing pollution in low-income and disadvantaged communities, as part of President Biden’s Justice40 Initiative.
The Inflation Reduction Act contains new and expanded tax credits to support investment in new clean electricity generation projects, clean energy manufacturing plants, electric vehicle charging stations, and other clean energy projects. The law also contains new credit monetization provisions for direct pay and transferability, which are expanding eligibility to tax-exempt entities like cities, states, and nonprofit organizations and helping to lower the cost of financing clean energy investments.
Made possible by funding from the American Rescue Plan, the Department of the Treasury allocated nearly $10 billion through the State Small Business Credit Initiative to deliver funding to states, territories, and Tribal governments that spurs lending and support to small businesses. Several states are using funds from the State Small Business Credit Initiative to support climate-focused initiatives, for example: Connecticut is leveraging $89 million to launch a climate equity and venture capital program, Illinois is using $20 million to support its Climate Bank Finance Participation Loan Program, and New Jersey is committing $80 million to its Clean Energy Loans Program.
The Department of the Treasury, through the Community Development Financial Institutions Fund (CDFI Fund), is promoting access to capital in low-income communities through monetary awards and tax credits to certified CDFIs. The program recently began collecting data on climate-centered financing by CDFIs — including projects related to climate resilience, extreme weather response or preparation, emission reduction, sustainability, energy or water efficiency, and clean energy projects.
The Department of Defense and the Small Business Administration are jointly rolling out the Small Business Investment Company Critical Technologies Initiative to increase capital investment in technologies critical to U.S. economic and national security. The initiative provides equity, debt, and other capital investments in specified critical technology areas, including renewable energy generation and storage.
Funding Clean Energy and Climate Projects Across the Economy:
The Small Business Administration’s flagship 7(a) Loan Program provides small businesses access to financing for a wide variety of projects, including acquiring new real estate, working capital, refinancing, and purchasing new equipment. In August 2023, the Small Business Administration announced its Affiliation Rule and SBLC Rule. This rule included changes to how affiliation is assessed and removed “control” as a factor in determining eligibility of a borrower under current size standards. In effect, this change will enable more small businesses, especially innovative venture-backed companies, to access the credit they need to start up and grow.
The Small Business Administration plans to establish a new Working Capital Pilot Program under its signature 7(a) lending program to provide lines of credit to small businesses, including clean energy and climate technology manufacturers, to support their domestic or export finance needs. The program will be paired with business counseling from the Small Business Administration.
The Department of Energy is accepting Round 2 applications on behalf of the Internal Revenue Service for the Qualifying Advanced Energy Project Tax Credit, funded by the Inflation Reduction Act. After $4 billion in tax credits were allocated to taxpayers in Round 1 in Spring 2024, the program will allocate an additional $6 billion in tax credits to projects in three areas: clean energy manufacturing, critical materials, and industrial decarbonization. A portion of the funds have also been set aside for projects in certain designated energy communities.
The Bipartisan Infrastructure Law and Inflation Reduction Act created the Clean Ports Program and the Reduction of Truck Emissions at Port Facilities Program, both of which help advance the Justice40 Initiative. Through the Clean Ports Program, the Environmental Protection Agency is awarding $3 billion to fund zero-emission port equipment and infrastructure as well as climate and air quality planning projects at ports. Through the Reduction of Truck Emissions at Port Facilities Program, the Department of Transportation is investing $400 million in port electrification and efficiency; $148 million in awards were made earlier in 2024, and companies can apply to a second funding opportunity that will go live later this year.
The Departments of Energy and Transportation are working together with states to build out the infrastructure for an electric mobility future while furthering the Justice40 Initiative. The National Electric Vehicle Infrastructure Formula Program is providing a total of $5 billion over five years to states to deploy electric vehicle charging infrastructure along corridors, and the Charging and Fueling Infrastructure Program is providing an additional $2.5 billion over five years to fill gaps in the national network by installing chargers in various communities. The SMART Program is granting states $500 million over five years to conduct demonstration projects focused on advanced smart community technologies and systems that improve transportation efficiency and safety. And the Communities Taking Charge Accelerator Program is providing $54 million in funding for projects that expand community e-mobility access and provide reliable clean energy, accelerating the transition to electric vehicles, including in disadvantaged communities.
The Department of Housing and Urban Development and the Department of Energy are collaborating with state and local partners to ensure that funding for affordable housing development can also be used to deploy clean energy technologies like heat pumps. Programs like the Green and Resilient Retrofit Program, the annual Innovative Housing Showcase, and the Buildings Upgrade Prize highlight how funds for affordable housing can simultaneously benefit clean energy and climate companies.
Building Federal Resource Hubs and Providing Technical Assistance:
The Small Business Administration launched its Investing in America Small Business Hub, a new digital resource to help small businesses identify and access industry-specific tax credit, rebate, contracting, and grant opportunities made possible by President Biden’s Investing in America agenda.
The Environmental Protection Agency published a list of Clean Energy Finance Tools and Resources to help state and local governments access financing for clean energy and climate programs. This includes a toolkit for state and local decision-makers on financing opportunities such as green banks, revolving loan funds, municipal bonds, and green bonds.
The Department of the Treasury launched the IRA Taxpayer Resource Hub, a one-stop-shop for information on the Inflation Reduction Act’s clean energy tax benefits. The Hub details how businesses can take advantage of clean energy tax credits to help finance new investments in clean power systems, energy efficiency upgrades, or electric vehicles.
The Department of Housing and Urban Development launched the Build for the Future Hub to connect users — including state and local governments, Tribal entities, private entities, and non-profits — to funding opportunities, technical assistance, and other information related to clean energy, climate resilience, energy efficiency, green workforce development, and more.
The National Institute of Standards and Technology’s Manufacturing Extension Partnership provides a government-to-business and business-to-business portal for supplier scouting. Public and private organizations can access this portal for business or technology connections, including in clean energy and climate-related industries. Local Manufacturing Extension Partnership Centers facilitate government, original equipment manufacturer, and small and medium-sized manufacturer matchmaking events for clean energy companies.
The Department of Labor offers workforce development opportunities for clean energy and climate technology companies. The Office of Apprenticeship connects employers with workforce and education partners and provides technical assistance to launch and expand Registered Apprenticeship programs. The Battery Workforce Initiative — an industry-driven, government-facilitated partnership coordinated by the Department of Energy — is accelerating the development and use of high-quality, standardized training materials in key occupations for companies and local training providers in the battery manufacturing industry.
The U.S. Economic Development Administration designated 31 communities across the United States as Regional Technology and Innovation Hubs (Tech Hubs) to drive regional innovation, private investment, and job creation to strengthen each region’s capacity to manufacture, commercialize, and deploy technology that advances national security. The hubs in Florida, Idaho/Wyoming, Louisiana, Missouri, Nevada, New York, and South Carolina/Georgia cite a growing need for clean energy technologies to build global economic competitiveness.
The U.S. Economic Development Administration’s Build to Scale Program makes awards to strengthen regional innovation ecosystems that equitably support diverse technology innovators, entrepreneurs, and start-ups, including in clean energy and other climate-related industries.
People talk about putting a price on carbon as a key means of addressing climate change. But what would a carbon market look like?This fact sheet on the Biden Administration’s principles for high-integrity voluntary carbon markets was provided by the White House:
Since Day One, President Biden has led and delivered on the most ambitious climate agenda in history, including by securing the Inflation Reduction Act, the largest-ever climate investment, and taking executive action to cut greenhouse gas emissions across every sector of the economy. The President’s Investing in America agenda has already catalyzed more than $860 billion in business investments through smart, public incentives in industries of the future like electric vehicles (EVs), clean energy, and semiconductors. With support from the Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act, these investments are creating new American jobs in manufacturing and clean energy and helping communities that have been left behind make a comeback.
The Biden-Harris Administration is committed to taking ambitious action to drive the investments needed to achieve our nation’s historic climate goals – cutting greenhouse gas emissions in half by 2030 and reaching net zero by 2050. President Biden firmly believes that these investments must create economic opportunities across America’s diverse businesses – ranging from farms in rural communities, to innovative technology companies, to historically- underserved entrepreneurs.
As part of this commitment, the Biden-Harris Administration is today releasing a JointStatement of Policy and new Principles for Responsible Participation in Voluntary CarbonMarkets (VCMs)that codify the U.S. government’s approach to advance high-integrity VCMs. The principles and statement, co-signed by Treasury Secretary Janet Yellen, Agriculture Secretary Tom Vilsack, Energy Secretary Jennifer Granholm, Senior Advisor for International Climate Policy John Podesta, National Economic Advisor Lael Brainard, and National Climate Advisor Ali Zaidi, represent the U.S. government’s commitment to advancing the responsible development of VCMs, with clear incentives and guardrails in place to ensure that this market drives ambitious and credible climate action and generates economic opportunity.
The President’s Investing in America agenda has crowded in a historic surge of private capital to take advantage of the generational investments in the Inflation Reduction Act and Bipartisan Infrastructure Law. High-integrity VCMs have the power to further crowd in private capital and reliably fund diverse organizations at home and abroad –whether climate technology companies, small businesses, farmers, or entrepreneurs –that are developing and deploying projects to reduce carbon emissions and remove carbon from the atmosphere.
However, further steps are needed to strengthen this market and enable VCMs to deliver on their potential. Observers have found evidence that several popular crediting methodologies do not reliably produce the decarbonization outcomes they claim. In too many instances, credits do not live up to the high standards necessary for market participants to transact transparently and with certainty that credit purchases will deliver verifiable decarbonization. As a result, additional action is needed to rectify challenges that have emerged, restore confidence to the market, and ensure that VCMs live up to their potential to drive climate ambition and deliver on their decarbonization promise. This includes: establishing robust standards for carbon credit supply and demand; improving market functioning; ensuring fair and equitable treatment of all participants and advancing environmental justice, including fair distribution of revenue; and instilling market confidence.
The Administration’s Principles for Responsible Participation announced today deliver on this need for action to help VCMs achieve their potential. These principles include:
Carbon credits and the activities that generate them should meet credible atmospheric integrity standards and represent real decarbonization.
Credit-generating activities should avoid environmental and social harm and should, where applicable, support co-benefits and transparent and inclusive benefits-sharing.
Corporate buyers that use credits should prioritize measurable emissions reductions within their own value chains.
Credit users should publicly disclose the nature of purchased and retired credits.
Public claims by credit users should accurately reflect the climate impact of retired credits and should only rely on credits that meet high integrity standards.
Market participants should contribute to efforts that improve market integrity.
Policymakers and market participants should facilitate efficient market participation and seek to lower transaction costs.
The Role of High-Quality Voluntary Carbon Markets in Addressing Climate Change
President Biden, through his executive actions and his legislative agenda, has led and delivered on the most ambitious climate agenda in history. Today’s release of the Principles for Responsible Participation in Voluntary Carbon Markets furthers the President’s commitment to restoring America’s climate leadership at home and abroad by recognizing the role that high- quality VCMs can play in amplifying climate action alongside, not in place of, other ambitious actions underway.
High-integrity, well-functioning VCMs can accelerate decarbonization in several ways. VCMs can deliver steady, reliable revenue streams to a range of decarbonization projects, programs, and practices, including nature-based solutions and innovative climate technologies that scale up carbon removal. VCMs can also deliver important co-benefits both here at home and abroad, including supporting economic development, sustaining livelihoods of Tribal Nations, Indigenous Peoples, and local communities, and conserving land and water resources and biodiversity. Credit-generating activities should also put in place safeguards to identify and avoid potential adverse impacts and advance environmental justice.
To deliver on these benefits, VCMs must consistently deliver high-integrity carbon credits that represent real, additional, lasting, unique, and independently verified emissions reductions or removals. Put simply, stakeholders must be certain that one credit truly represents one tonne of carbon dioxide (or its equivalent) reduced or removed from the atmosphere, beyond what would have otherwise occurred.
In addition, there must be a high level of “demand integrity” in these markets. Credit buyers should support their purchases with credible, scientifically sound claims regarding their use of credits. Purchasers and users should prioritize measurable and feasible emissions reductions within their own value chains and should not prioritize credit price and quantity at the expense of quality or engage in “greenwashing” that undercuts the decarbonization impact of VCMs. The use of credits should complement, not replace, measurable within-value-chain emissions reductions.
VCMs have reached an inflection point. The Biden-Harris Administration believes that VCMs can drive significant progress toward our climate goals if action is taken to support robust markets undergirded by high-integrity supply and demand. With these high standards in place, corporate buyers and others will be able to channel significant, necessary financial resources to combat climate change through VCMs. A need has emerged for leadership to guide the development of VCMs toward high-quality and high-efficacy decarbonization actions. The Biden-Harris Administration is stepping up to meet that need.
Biden-Harris Administration Actions to Develop Voluntary Carbon Markets
These newly released principles build on existing and ongoing efforts across the Biden-Harris Administration to encourage the development of high-integrity voluntary carbon markets and to put in place the necessary incentives and guardrails for this market to reach its potential. These include:
Creating New Climate Opportunities for America’s Farmers and Forest Landowners. Today, The Department of Agriculture’s (USDA) Agricultural Marketing Service (AMS) published a Request for Information (RFI) in the Federal Register asking for public input relating to the protocols used in VCMs. This RFI is USDA’s next step in implementing the Greenhouse Gas Technical Assistance Provider and Third-PartyVerifier Program as part of the Growing Climate Solutions Act. In February 2024, USDA announced its intent to establish the program, which will help lower barriers to market participation and enable farmers, ranchers, and private forest landowners to participate in voluntary carbon markets by helping to identify high-integrity protocols for carbon credit generation that are designed to ensure consistency, effectiveness, efficiency, and transparency. The program will connect farmers, ranchers and private landowners with resources on trusted third-party verifiers and technical assistance providers. This announcement followed a previous report by the USDA, The General Assessment of theRole of Agriculture and Forestry in the U.S. Carbon Markets, which described how voluntary carbon markets can serve as an opportunity for farmers and forest landowners to reduce emissions. In addition to USDA AMS’s work to implement the Growing Climate Solutions Act, USDA’s Forest Service recently announced $145 million inawards under President Biden’s Inflation Reduction Act to underserved and small- acreage forest landowners to address climate change, while also supporting rural economies and maintaining land ownership for future generations through participation in VCMs.
Conducting First-of-its-kind Credit Purchases. Today, the Department of Energy (DOE) announced the semifinalists for its $35 million Carbon Dioxide RemovalPurchase Pilot Prize whereby DOE will purchase carbon removal credits directly from sellers on a competitive basis. The Prize will support technologies that remove carbon emissions directly from the atmosphere, including direct air capture with storage, biomass with carbon removal and storage, enhanced weathering and mineralization, and planned or managed carbon sinks. These prizes support technology advancement for decarbonization with a focus on incorporating environmental justice, community benefits planning and engagement, equity, and workforce development. To complement this effort, the Department of Energy also issued a notice of intent for a Voluntary CarbonDioxide Removal Purchase Challenge, which proposes to create a public leaderboard for voluntary carbon removal purchases while helping to connect buyers and sellers.
Advancing Innovation in Carbon Dioxide Removal (CDR) Technology. Aside from direct support for voluntary carbon markets, the Biden-Harris Administration is investing in programs that will accelerate the development and deployment of critical carbon removal technologies that will help us reach net zero. For example, DOE’s CarbonNegative Shot pilot program provides $100 million in grants for small projects that demonstrate and scale solutions like biomass carbon removal and storage and small mineralization pilots, complementing other funding programs for small marine CDR and direct air capture pilots. DOE’s Regional Direct Air Capture Hubs program invests up to $3.5 billion from the Bipartisan Infrastructure Law in demonstration projects that aim to help direct air capture technology achieve commercial viability at scale while delivering community benefits. Coupled with DOE funding to advance monitoring, measurement, reporting, and verification technology and protocols and Department of the Treasury implementation of the expanded 45Q tax credit under the Inflation Reduction Act, the U.S. is making comprehensive investments in CDR that will enable more supply of high- quality carbon credits in the future.
Leading International Standards Setting. Several U.S. departments and agencies help lead the United States’ participation in international standard-setting efforts that help shape the quality of activities and credits that often find a home in VCMs. The Department of Transportation and Department of State co-lead the United States’ participation in the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA), a global effort to reduce aviation-related emissions. The Department of State works bilaterally and with international partners and stakeholders to recognize and promote best practice in carbon credit market standard-setting—for example, developing the G7’s Principles for High-Integrity Carbon Markets and leading the United States’ engagement on designing the Paris Agreement’s Article 6.4 Crediting Mechanism. The U.S. government has also supported a number of initiatives housed at the World Bank that support the development of standards for jurisdictional crediting programs, including the Forest Carbon Partnership Facility and the Initiative for Sustainable ForestLandscapes, and the United States is the first contributor to the new SCALE trust fund.
Supporting International Market Development. The U.S. government is engaged in a number of efforts to support the development of high-integrity VCMs in international markets, including in developing countries, and to provide technical and financial assistance to credit-generating projects and programs in those countries. The State Department helped found and continues to coordinate the U.S. government’s participation in the LEAF Coalition, the largest public-private VCM effort, which uses jurisdictional-scale approaches to help end tropical deforestation. The State Department is also a founding partner and coordinates U.S. government participation in the EnergyTransition Accelerator, which is focused on sector-wide approaches to accelerate just energy transitions in developing markets. USAID also has a number of programs that offer financial aid and technical assistance to projects and programs seeking to generate carbon credits in developing markets, ensuring projects are held to the highest standards of transparency, integrity, reliability, safety, and results and that they fairly benefit Indigenous Peoples and local communities. This work includes the Acorn Carbon Fund, which mobilizes $100 million to unlock access to carbon markets and build the climate resilience of smallholder farmers, and supporting high-integrity carbon market development in a number of developing countries. In addition, the Department of the Treasury is working with international partners, bilaterally and in multilateral forums like the G20 Finance Track, to promote high-integrity VCMs globally. This includes initiating the first multilateral finance ministry discussion about the role of VCMs as part of last year’s Asia Pacific Economic Cooperation (APEC) forum.
Providing Clear Guidance to Financial Institutions Supporting the Transition to Net Zero. In September 2023, the Department of the Treasury released its Principles for Net-Zero Financing and Investment to support the development and execution of robust net- zero commitments and transition plans. Later this year, Treasury will host a dialogue on accelerating the deployment of transition finance and a forum on further improving market integrity in VCMs.
Enhancing Measuring, Monitoring, Reporting, and Verification (MMRV) The Biden-Harris Administration is also undertaking a whole-of-government effort to enhance our ability to measure and monitor greenhouse gas (GHG) emissions, a critical function underpinning the scientific integrity and atmospheric impact of credited activities. In November 2023, the Biden-Harris Administration released the first-ever National Strategy to Advance an Integrated U.S. Greenhouse Gas Measurement,Monitoring, and Information System, which seeks to enhance coordination and integration of GHG measurement, modeling, and data efforts to provide actionable GHG information. As part of implementation of the National Strategy, federal departments and agencies such as DOE, USDA, the Department of the Interior, the Department of Commerce, and the National Aeronautics and Space Administration are engaging in collaborative efforts to develop, test, and deploy technologies and other capabilities to measure, monitor, and better understand GHG emissions.
Advancing Market Integrity and Protecting Against Fraud and Abuse. U.S. regulatory agencies are helping to build high-integrity VCMs by promoting the integrity of these markets. For example, the Commodity Futures Trading Commission (CFTC) proposed new guidance at COP28 to outline factors that derivatives exchanges may consider when listing voluntary carbon credit derivative contracts to promote the integrity, transparency, and liquidity of these developing markets. Earlier in 2023, the CFTC issued a whistleblower alert to inform the American public of how to identify and report potential Commodity Exchange Act violations connected to fraud and manipulation in voluntary carbon credit spot markets and the related derivative markets. The CFTC also stood up a new Environmental Fraud Task Force to address fraudulent activity and bad actors in these carbon markets. Internationally, the CFTC has also promoted the integrity of the VCMs by Co-Chairing the Carbon Markets Workstream of the International Organization of Securities Commission’s Sustainable Finance Task Force, which recently published a consultation on 21 good practices for regulatory authorities to consider in structuring sound, well-functioning VCMs.
Taking a Whole-of-Government Approach to Coordinate Action. To coordinate the above actions and others across the Administration, the White House has stood up an interagency Task Force on Voluntary Carbon Markets. This group, comprising officials from across federal agencies and offices, will ensure there is a coordinated, government- wide approach to address the challenges and opportunities in this market and support the development of high-integrity VCMs.
The Biden-Harris Administration recognizes that the future of VCMs and their ability to effectively address climate change depends on a well-functioning market that links a supply of high-integrity credits to high-integrity demand from credible buyers. Today’s new statement and principles underscore a commitment to ensuring that VCMs fulfill their intended purpose to drive private capital toward innovative technological and nature-based solutions, preserve and protect natural ecosystems and lands, and support the United States and our international partners in our collective efforts to meet our ambitious climate goals.
This fact sheet on the Biden-Harris Administration’s agency climate adaptation plans to build climate resilience was provided by the White House:
Across the country, communities are experiencing the devastating impacts of climate change. From record-high average temperatures and extreme heat to changing precipitation patterns and sea-level rise, climate impacts – including disasters made worse by climate change – are affecting every corner of society and every community in America. The magnitude of challenges posed by the climate crisis was underscored last year when the nation endured a record 28 individual billion-dollar extreme weather and climate disasters that caused more than $90 billion in aggregate damage. Just this week, more than 82 million Americans have been under heat alerts due to extreme temperatures made worse by climate change. That is why President Biden is leading the most ambitious climate, conservation, and environmental justice agenda in history, which includes directing federal agencies to lead by example.
The Biden-Harris Administration released updated Climate Adaptation Plans developed by more than 20 federal agencies that expand agency efforts to ensure their facilities, employees, resources, and operations are increasingly resilient to climate change impacts like extreme weather. This work advances the Biden-Harris Administration’s National Climate Resilience Framework, which helps to align climate resilience investments across the public and private sector through common principles and opportunities for action to build a climate-resilient nation. These efforts are backed by President Biden’s Investing in America agenda, through which more than $50 billion is being delivered to advance climate adaptation and resilience across the nation, including in communities that are the most vulnerable to climate impacts.
At the beginning of his Administration, President Biden tasked agencies with leading a whole-of-government effort to address climate change through Executive Order 14008, Tackling the Climate Crisis at Home and Abroad. Federal agencies released initial Climate Adaptation Plans in 2021 and progress reports outlining advancements toward achieving their adaptation goals in 2022. With more than 300,000 buildings, four million employees, 640 million acres of public land, and $700 billion in annual purchases of goods and services, the federal government must continue to be a leader and partner in advancing adaptation and resilience.
In coordination with the White House Council on Environmental Quality (CEQ) and the Office of Management and Budget (OMB), agencies updated their Climate Adaptation Plans for 2024 to 2027 to better integrate climate risk across their mission, operations, and asset management, including:
Combining historical data and projections to assess exposure of assets to climate-related hazards including extreme heat and precipitation, sea level rise, flooding, and wildfire;
Expanding the operational focus on managing climate risk to facilities and supply chains to include federal employees and federal lands and waters;
Broadening the mission focus to describe mainstreaming adaptation into agency policies, programs, planning, budget formulation, and external funding;
Linking climate adaptation actions with other Biden-Harris Administration priorities, including advancing environmental justice and the President’s Justice40 Initiative, strengthening engagement with Tribal Nations, supporting the America the Beautiful initiative, scaling up nature-based solutions, mobilizing the next generation of climate resilience workers through the American Climate Corps, and addressing the causes of climate change through climate mitigation; and
Adopting common progress indicators across agencies to assess the progress of agency climate adaptation efforts.
Today, the Biden-Harris Administration is making available more than 20 updated Climate Adaptation Plans from major federal agencies. Highlights of key actions to address the effects of climate change on agency operations and mission-delivery include:
Building facility climate resilience. Agencies are retrofitting and upgrading federal buildings to better withstand climate hazards and provide emergency backup systems for power, water, and communications. For example, the Department of Defense’s Tyndall Air Force Base is working with local, state, and national partners to build an “Installation of the Future,” which includes using updated building codes that capture future conditions, and constructing living shorelines adjacent to the base to preserve water quality, enhance overall ecosystem health, and strengthen flood resilience. The General Services Administration (GSA) is integrating localized flood risk information into its asset management systems, asset planning processes, and site acquisition guidance for GSA-controlled, federally owned buildings.
Fostering a climate-ready workforce. Agencies are establishing protocols to ensure continuity of operations and safeguard federal employee wellbeing in the face of increasing exposure to climate-related hazards. The Occupational Safety and Health Administration within the Department of Labor is providing resources to help federal agencies address employee exposure to climate hazards such as extreme heat, flooding, and wildfires, with guidance on how to manage impacts and exposure to these hazards. To ensure employee safety, the Department of Energy is enhancing communication systems to alert employees to climate hazards in the workplace and, where needed, improving air filtration standards to manage health impacts of wildfire smoke.
Developing climate-resilient supply chains. Agencies are assessing mission-critical supply chains, diversifying their suppliers, and encouraging climate-smart sourcing to enhance resilience to climate-related disruptions. The National Aeronautics and Space Administration (NASA) is developing a toolset to analyze risks and address impacts from climate change and real-time disaster disruption on NASA’s supply chains. The U.S. Army Corps of Engineers is evaluating suppliers’ locations, infrastructure, and vulnerability to climate-related risks, including identifying critical supply chain nodes vulnerable to climate change impacts, such as ports, warehouses, and transportation routes.
Managing lands and waters for climate adaptation and resilience. Federal land and water management agencies are protecting, connecting, and conserving federal lands and waters to provide strongholds for species and enhance community wellbeing in a changing climate. The National Oceanic and Atmospheric Administration (NOAA) within the Department of Commerce continues to advance its Mission Iconic Reefs Initiative, a first-of-its-kind effort to restore coral reef sites and promote coastal resilience to climate impacts in the Florida Keys National Marine Sanctuary. The Department of the Interior is advancing “Keystone Initiatives” that include restoring Atlantic salt marshes to buffer coastal communities to flooding, supporting watershed restoration projects in the Klamath Basin to improve drought resilience, conducting fuels management activities in sagebrush ecosystems to manage wildfire risk.
Applying climate data and tools to decision-making. Agencies are using data and tools to better understand climate risks and inform decisions and investments. CEQ worked with NOAA to develop a beta screening tool that enabled agencies to overlay their buildings and employee data with climate hazard data to understand where agencies may be most exposed to climate-related hazards. Agencies are developing their own internal tools to understand site-specific climate risks to their assets and use that risk information to inform their investments. The Department of Transportation’s Climate Hazard Exposure and Resilience Tool integrates high-quality, publicly available natural hazard and climate projection data layers with vulnerability assessments from site managers to present a climate risk score for each facility or asset. The Department of Justice’s Facility Climate Hazard Assessment Tool supports components in assessing the extent to which their real property assets are exposed to current and future climate hazards, including coastal flooding, extreme heat, drought, wildfire, riverine flooding, hurricanes, and tornadoes.
Developing climate-informed policies and programs. Agencies are incorporating consideration of climate impacts and adaptation actions in federal policies and guidance, where relevant. For example, the U.S. Department of Agriculture’s Forest Service is updating or proposing climate-informed revisions to guidance and policies related to silviculture practices, beneficial uses of forest restoration byproducts, recreation, and designated areas planning, habitat and water resource management, and forest-level land management planning. The Department of Veterans Affairs is integrating health, demographic, and climate change information to anticipate the effects of climate change on Veterans’ health and plan for adjustments to their program delivery in the future. The Environmental Protection Agency is integrating consideration of climate risks into multiple actions as appropriate and where consistent with its statutory authorities: for example, in the development of rules, policy and guidance; permitting and environmental reviews; in monitoring, enforcement, and compliance activities; and in grant making.
Integrating climate resilience into external funding opportunities. Agencies are encouraging the consideration of climate impacts on federally-supported projects and advancing climate resilience through federal project delivery and grant-making, including incorporating climate-smart infrastructure practices across the Administration’s historic infrastructure investments. Department of State Bureaus have reviewed grant and foreign assistance announcements and requirements to ensure relevant grants and foreign assistance include climate risk and adaptation considerations. The Department of Housing and Urban Development is including climate change preference points in Notices of Funding Opportunities to encourage applications that invest in climate resilience, energy efficiency, and renewable energy. The Department of Homeland Security’s Federal Emergency Management Agency continues to incentivize and support climate adaptation at state and local levels via financial assistance programs such as the Hazard Mitigation Grant Program, the Flood Mitigation Assistance program, and the Building Resilient Infrastructure in Communities program.
The agencies releasing updated Climate Adaptation Plans are:
This fact sheet on what the Biden-Harris Administration is doing to strengthen the electric grid, boost clean energy deployment and create jobs, and cut dangerous pollution from the power sector was provided by the White House:
Since Day One, President Biden has led and delivered on the most ambitious climate and environmental justice agenda in history, including securing the largest-ever climate investment. The power sector, which is responsible for a quarter of annual U.S. greenhouse gas emissions, now has more tools than ever – including unprecedented financial support, efficient permitting, and long-term regulatory certainty – to reduce pollution and upgrade the grid to support more factories, electric vehicles, and other growing sources of electricity demand.
Today, the Biden-Harris Administration is announcing key actions to build on this momentum and deliver clean electricity to more homes and businesses, helping lower energy costs for American families and power the U.S. manufacturing renaissance driven by President Biden’s Investing in America agenda, while providing cleaner air and water to communities long overburdened by pollution from fossil fuel power plants.
The Environmental Protection Agency (EPA) is announcing a suite of standards to cut greenhouse gas emissions as well as toxic air pollution, water pollution, and land contamination from fossil fuel power plants. EPA’s greenhouse gas emission standards will avoid 1.38 billion metric tons of carbon pollution through 2047, equivalent to the annual emissions of 328 million gas cars, and together with the other standards will provide hundreds of billions of dollars in climate, environmental justice, and public health benefits, including fewer premature deaths, asthma cases, and lost work and school days. The standards announced today will ensure that power companies use modern, cost-effective technologies to reduce pollution and protect the health and wellbeing of communities, including communities historically overburdened by pollution.
The Department of Energy (DOE) is announcing up to $331 million through President Biden’s Bipartisan Infrastructure Law for a new transmission line that will be built with union labor – the latest awards from the Administration’s $30 billion investment in strengthening America’s electric grid infrastructure. A capacity contract from the Transmission Facilitation Program (TFP) will support a new 285-mile transmission line from Idaho to Nevada, bringing more than 2,000 Megawatts of needed transmission capacity to the region. The Southwest Intertie Project-North is expected to provide hundreds of jobs to workers with the International Brotherhood of Electrical Workers.
Alongside this critical investment, DOE is releasing a final rule to make federal permitting of new transmission lines more efficient, ensuring meaningful engagement with Tribes, local communities, and other stakeholders. The rule establishes the Coordinated Interagency Transmission Authorization and Permits (CITAP) program, which aims to improve coordination across agencies, create efficiencies, and establish a standard two-year timeline for federal transmission authorizations and permits. The CITAP program gives transmission developers a new option for a more efficient review process, a major step to provide increased confidence for the sector to invest in new transmission lines.
DOE is also issuing a final rule to create an even faster track for completing environmental reviews of upgrades to existing transmission lines, which will increase reliability and lower energy costs. The rule creates a categorical exclusion, the simplest form of review under the National Environmental Policy Act, for projects that use existing transmission rights of way, such as reconductoring projects, as well as for solar and energy storage projects on already disturbed lands.
Additionally, today, the Administration is launching an effort to mobilize public and private sector leaders to expand the capacity of the existing U.S. transmission network, setting an ambition to upgrade 100,000 miles of transmission lines over the next five years. The Administration has made funding available through the Grid Resilience and Innovation Partnership (GRIP) program to support upgrades to existing transmission lines, and DOE’s categorical exclusion issued today will speed up the process to upgrade existing lines. The power sector can achieve this ambition primarily by deploying modern grid technologies like high-performance conductors and dynamic line ratings that enable existing transmission lines to carry more power. As a complement to building new lines, deploying solutions like these offer fast and cost-effective ways to unlock hundreds of gigawatts of additional clean energy, increase system reliability and resilience, reduce grid congestion, and cut energy costs.
These efforts all work in tandem – historic investments from President Biden’s Investing in America agenda that are making America a magnet for clean energy investment; continued permitting progress to get projects up and running; and smart standards to provide rules of the road for power companies, enabling them to seize the unprecedented opportunities to deliver clean electricity across the country. These steps – which are part of a broader slate of Earth Week announcements – build on President Biden’s actions since Day One to tackle the climate crisis and advance environmental justice.
Upgrading the Electric Grid for Reliability and Resilience President Biden’s Investing in America agenda is delivering the largest investment in grid infrastructure in history—more than $30 billion from the Inflation Reduction Act and the Bipartisan Infrastructure Law. These investments will help deliver reliable, affordable electricity to families and businesses, prepare for worsening natural disasters that strain the grid, and unlock the economic and environmental benefits of clean energy. To help expand the transmission system at the pace necessary to confront the climate crisis, today’s actions and additional recent steps will help streamline permitting and overcome financial hurdles:
Completing a New Transmission Line: Today the Department of the Interior (DOI) is celebrating the completion of the Ten West Link transmission line from Arizona to California. The line began transmitting electricity today and will increase reliability and unlock more than 3,200 megawatts of capacity from solar projects. DOI approved the construction of this project in 2022.
Continuing to Invest in Grid Upgrades: Last week applications closed for up to $2.7 billion in DOE grant funding under the second round of the Grid Resilience and Innovation Partnerships (GRIP) program for projects to upgrade and modernize the transmission and distribution system to increase reliability and resilience. This builds upon $3.46 billion in projects selected for grid upgrades in October 2023, which are funded by President Biden’s Bipartisan Infrastructure Law.
Charting the Future of the Grid to Meet Emerging Challenges: Last week DOE released the 2024 Future of Resource Adequacy Report to lay out solutions to meet increasing electricity demand while cutting emissions and maintaining affordability. DOE also released the Innovative Grid Deployment Liftoff Report to chart pathways to deployment of modern, commercially available transmission and distribution technologies that could support 20 to 100 gigawatts of peak demand.
Revitalizing U.S. Manufacturing and Securing Clean Energy Supply Chains Thanks to incentives from President Biden’s Inflation Reduction Act and Bipartisan Infrastructure Law, the clean energy future will be made in America. Under the Biden-Harris Administration, private companies have invested almost $80 billion in clean energy manufacturing. Strengthening U.S. clean energy supply chains not only benefits American workers but also makes it easier to deploy clean energy even faster to cut emissions. Recent actions continue the progress to build and secure domestic supply chains and ensure that the U.S. will lead the world in clean energy manufacturing:
Expanding U.S. Clean Energy Manufacturing and Creating Good-Paying Jobs: The Treasury Department and DOE recently announced $4 billion in Inflation Reduction Act tax credit allocations for over 100 manufacturing projects across 35 states under the Qualifying Advanced Energy Project Tax Credit (48C). This includes projects to manufacture transformers and grid components, electric vehicle components and chargers, and transmission cables, produce clean steel, and process critical minerals and materials. These allocations include $1.5 billion for projects in historic energy communities that have experienced closure of coal mines and power plants.
Securing the U.S. Nuclear Fuel Supply Chain: Last week, DOE announced several milestones on the path to establish a domestic fuel supply chain for nuclear energy and reduce our reliance on imports. DOE recently closed the requests for proposal to purchase high-assay low-enriched uranium (HALEU) needed for advanced nuclear reactors, which is part of a $700 million program secured through the Inflation Reduction Act. Moreover, an enrichment plant (located in Piketon, Ohio) produced the first 100 kilograms of civilian HALEU ever in the United States with future plans to expand to 900 kilograms. U.S. capabilities will increase further thanks to an additional $2.7 billion made available from the Bipartisan Infrastructure Law in the Fiscal Year 2024 Energy and Water Development, which, when paired with $2.2 billion from France and the United Kingdom meets and exceeds a commitment made last fall at COP28 to pool funds to develop a safe and secure global supply chain.
Deploying Clean Energy to Meet America’s Power Needs The President’s Investing in America agenda has unleashed unprecedented investment in deployment of clean energy technologies, attracting hundreds of billions of dollars in private sector investment and creating over 270,000 new clean energy jobs. The Administration is taking additional steps to accelerate buildout of clean energy and remove roadblocks to deployment to ensure that new clean energy resources can come online fast to meet growing demand. Recent actions include:
Accelerating Offshore Wind Deployment: Yesterday DOI announced plans for the next five years of offshore wind leasing, as well as a final rule to modernize offshore wind regulations. Over the next 20 years, the final rule is expected to result in cost savings of roughly $1.9 billion to the offshore renewable energy industry, savings that can be passed onto consumers or used to invest in additional job-creating clean energy projects. Additionally, DOE released the Offshore Wind Liftoff Report, charting a path to success for the next wave of projects through continued innovation and cost reductions, along with DOE’s latest steps to support offshore wind manufacturing and transmission development. Through these actions, the Biden-Harris Administration continues to support state leadership and use every tool available to responsibly grow an American offshore wind industry that will create thousands of good-paying jobs, including federal investments and approvals under President Biden’s leadership of 10 gigawatts of commercial-scale offshore wind projects, with the first two already providing power to the grid, as well as over 1 million acres newly leased to provide offshore wind opportunities for years ahead.
Promoting Development of Renewable Energy on Public Lands: This month DOI issued a final rule to reduce fees for solar and wind projects on public lands by 80 percent and announced that DOI has now permitted more than 25 gigawatts of clean energy projects on public lands, surpassing a major milestone ahead of 2025.
Speeding Up Process to Connect New Power Plants to the Grid: Last week DOE released the Transmission Interconnection Roadmap, a first-of-its-kind report laying out solutions to accelerate the process to connect clean energy projects to the grid and reduce wait times for new solar, wind, and battery projects. The Roadmap complements $10 million that DOE recently made available for analytical tools and other approaches to accelerate the interconnection process. Additionally, the Federal Energy Regulatory Commission is moving forward to implement a series of major transmission reforms, including a final rule to streamline the interconnection process.
Taking Advantage of Extensive Geothermal Energy Resources: Last week DOI adopted categorical exclusions to expedite the review and approval of geothermal energy exploration on public lands. In addition, DOE recently released a new Pathways to Commercial Liftoff report on geothermal power, which showed how U.S. geothermal energy production could grow by a factor of 20 to 90 Gigawatts by 2050.
Improving the State and Local Renewable Energy Siting Process: Last week DOE opened a funding opportunity for state-based collaboratives to build capacity to improve renewable energy planning and siting processes. This funding, supported by the Inflation Reduction Act, will accelerate the siting process to bring renewable energy online faster while improving outcomes for host communities, local governments, and disadvantaged communities.
Ensuring All Communities Benefit from Clean Energy From Day One, President Biden has prioritized ensuring that all communities benefit from clean energy deployment, including the energy communities and workers that have powered our nation for generations and the low-income households that are burdened with high energy bills. The Administration has followed through on these commitments—not just talking about coal and power plant communities but investing in them. The President’s Investing in America agenda is creating good-paying and union jobs in energy communities, bringing solar energy to low-income households to reduce energy bills, supporting community engagement and improved outcomes for state and local permitting, and increasing grid reliability and resilience through distributed energy solutions. The President’s Justice40 Initiative sets a goal that 40% of the overall benefits of certain federal in climate, clean energy, and other investments flow to disadvantaged communities that have been marginalized by underinvestment and overburdened by pollution. Recent actions continue this progress:
Reducing Energy Bills for Low-Income Households: This week the EPA announced $7 billion to deploy solar energy for low-income communities through the Solar for All program, funded by the Inflation Reduction Act. The 60 selections will provide funding to support 60 states, territories, Tribal governments, municipalities, and nonprofits to enable low-income and disadvantaged communities to benefit from solar, cutting annual electricity bills by more than $350 million for low-income households, creating an estimated 200,000 jobs, and increasing grid reliability.
Deploying Clean Energy in Energy Communities: DOE recently announced up to $475 million for five projects in Arizona, Kentucky, Nevada, Pennsylvania, and West Virginia to accelerate clean energy deployment on current and former mine lands. The projects, supported by President Biden’s Bipartisan Infrastructure Law, will deploy geothermal, pumped-storage hydropower, solar, and battery storage and will spur new economic opportunities in communities that have helped power the nation for generations.
Building Opportunities for Coal and Power Plant Communities to Continue Powering America: DOE recently released an information guide and technical study for communities and stakeholders who are considering replacing their coal plants with nuclear. Coal-to-nuclear transition can significantly reduce the cost of nuclear plant construction, while creating new high-paying jobs, increasing community income and revenue, and improving public health. DOE’s study found that, with adequate planning and training support, most workers at an existing coal plant should be able to transition to work at a replacement nuclear plant.
Building a National Network to Finance Local Clean Energy Projects: This month the EPA announced $20 billion in grant awards under two competitions from the Greenhouse Gas Reduction Fund to create a national network to fund tens of thousands of climate and clean energy projects across America, especially in communities historically left behind and overburdened by pollution. One selectee, the Green Bank for Rural America, will help bring clean energy to rural America and energy communities, with a particular focus on Appalachia, helping ensure that the communities that have powered the nation for a century do not get left behind in the energy transition.
Funding Microgrids for Tribal Communities: DOE recently announced a $72.8 million conditional commitment to fund a solar-plus-storage microgrid on the Tribal lands of the Viejas Band of the Kumeyaay Indians. This will reduce the cost of energy, power local commercial business, create 250 construction jobs prioritizing Tribal, minority and veteran-owned contractors, and enhance the Tribal energy sovereignty.
Advancing Environmental Justice: Through the Justice40 Initiative, 518 programs across 19 federal agencies are being reimagined and transformed to ensure the benefits reach the communities that need them most. Federal agencies are making this happen with the Climate and Economic Justice Screening Tool, which is used to identify communities that benefit from the Justice40 Initiative.
On Earth Day, President Biden is traveling to Prince William Forest Park in Triangle, VA, a national park system site developed by FDR’s Civilian Conservation Corps, to announce $7 billion in awards through EPA’s Solar for All program and unveil major steps to advance the American Climate Corps. This Fact Sheet outlining President Biden’s historic climate actions was provided by the White House :
When President Biden took office, he pledged to restore America’s climate leadership at home and abroad. On his first day in office, the President signed the United States back into the Paris Agreement. And each day since, the Biden-Harris Administration has continued to lead and deliver on the most ambitious climate agenda in history, including securing the largest ever climate investment and unleashing a clean energy manufacturing boom that has attracted hundreds of billions in private sector investment and created over 270,000 new clean energy jobs. The President’s agenda is also advancing environmental justice and ensuring that the benefits of climate investments reach overburdened communities, mobilizing the next generation of clean energy workers through the American Climate Corps, and delivering historic investments in our nation’s climate resilience. At the same time, the Administration is protecting America’s natural wonders, conserving more than 41 million acres of lands and waters.
Building on his climate, clean energy, and environmental justice agenda, President Biden will travel today to Prince William Forest Park in Triangle, Virginia, to celebrate Earth Day 2024, and highlight his Administration’s unprecedented progress in tackling the climate crisis, cutting costs for everyday Americans, and creating good-paying jobs.
Expanding Access to Affordable Solar Energy
The President will announce $7 billion in grants through the Environmental Protection Agency’s Solar for All grant competition, a key component of the Inflation Reduction Act’s $27 billion Greenhouse Gas Reduction Fund. Selectees under the Solar for All program will serve every state and territory in the nation and deliver residential solar power to over 900,000 households in low-income and disadvantaged communities, saving overburdened households more than $350 million in electricity costs annually – approximately $400 per household – and avoiding more than 30 million metric tons of carbon pollution over the next 25 years.
The selectees will provide funds to states, territories, Tribes, municipalities, and nonprofits across the country to develop long-lasting solar programs that enable low-income and disadvantaged communities to deploy and benefit from distributed residential solar. In total, solar projects funded by this program will create nearly 200,000 jobs. The program also advances the President’s Justice40 Initiative, which set a goal that 40% of the overall benefits of certain federal climate, clean energy, affordable and sustainable housing, and other investments flow to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution.
Mobilizing the Next Generation of Climate Leaders through the American Climate Corps
Joined by future members of President Biden’s American Climate Corps, including current AmeriCorps members, President Biden will also announce several new actions to stand up the American Climate Corps – a groundbreaking initiative modeled after FDR’s Civilian Conservation Corps that will put more than 20,000 young Americans to work fighting the impacts of climate change today while gaining the skills they need to join the growing clean energy and climate-resilience workforce of tomorrow. The President will announce these actions at Prince William Forest Park, a national park system site developed by FDR’s Civilian Conservation Corps and stewarded by the Department of the Interior’s National Park Service.
Nearly a century after FDR established the Civilian Conservation Corps, President Biden will announce today that Americans can now apply to join the American Climate Corps through a newly launched website, ClimateCorps.gov. The website will feature nearly 2,000 positions located across 36 states, DC, and Puerto Rico. These positions are hosted by hundreds of organizations advancing clean energy, conservation, and climate resilience. The website, which is launching in its beta form, will be regularly updated with new American Climate Corps positions. Its goal is to make it easy for any American to find work tackling the climate crisis while gaining the skills necessary for the clean energy and climate resilience workforce of the future. The first class of the American Climate Corps will be deployed to communities across the country in June 2024.
The Biden-Harris Administration is also announcing a new partnership with the North America’s Building Trades Unions’ nonprofit partner TradesFutures. Beginning this summer, every American Climate Corps member will have access to TradesFutures’ industry leading apprenticeship readiness curriculum during their term of service in the American Climate Corps, providing members with the opportunity to be trained in the foundational skills necessary for careers in the clean energy and climate resilience economy and putting them on a pathway to good paying, union jobs.
Many American Climate Corps members will also have access to a streamlined pathway into federal service after a recent update to modernize the U.S. Office of Personnel Management’s Pathways Programs. The update will expand applicant eligibility for the Recent Graduates program to include individuals who have completed qualifying career or technical education service within designated American Climate Corps programs.
Today, three states – Vermont, New Mexico, and Illinois – are launching new state-based climate corps programs, building on 10 states that have already launched successful climate corps programs, demonstrating the power of skills-based training as a tool to expand pathways into good-paying jobs. These states will work with the American Climate Corps as implementing partners to ensure young people across the country are serving their communities, while participating in paid opportunities and working on projects to tackle climate change.
Additionally, beginning as a collaboration between the Department of the Interior, the Energy Communities Interagency Working Group, and AmeriCorps VISTA, a new interagency public private partnership – Energy Communities AmeriCorps – will place American Climate Corps members in priority energy communities across the country. The program will help support community-led projects, including environmental remediation, in the places that have powered our nation for generations.
Conserving America’s Lands, Waters, and Wildlife
These announcements come on the heels of a series of major conservation actions by the Biden-Harris Administration. Just last week, the Department of the Interior published a final rule to maximize protections of significant surface resources such as irreplaceable wildlife habitat for caribou and migratory birds on more than 13 million acres in the western Arctic while supporting subsistence uses and needs of Alaska Native communities. This action brings the number of acres of America’s lands and waters conserved under President Biden to 41 million. Additionally, the Interior Department released a final environmental analysis last week recommending denial of a right of way for the Ambler Road project; the proposed road, which would cross more than 200 miles of pristine lands, would have significant impacts on caribou and other subsistence resources upon which more than 60 Alaska Native communities rely.
In addition to these landmark conservation announcements in Alaska, the Interior Department released a rule to help guide the balanced management of all 245 million acres of America’s public lands that are overseen by the Bureau of Land Management. The rule will help to ensure the BLM continues to protect land health while managing other uses of public lands, such as clean energy development and outdoor recreation.
Throughout Earth Week, the Biden-Harris Administration will announce additional actions to build a stronger, healthier future for all: Tuesday will focus on helping ensure clean water for all communities; Wednesday will focus on accelerating America’s clean transportation future; Thursday will focus on steps to cut pollution from the power sector while strengthening America’s electricity grid; and Friday will focus on providing cleaner air and healthier schools for all children.
Biden-Harris Administration’s Top Climate Accomplishments
Deploying Clean, Affordable Electricity and Strengthening America’s Power Grid – President Biden has secured unprecedented investments in a clean power sector, unleashing a boom in American solar, wind, battery storage, and other clean energy technologies that are creating good-paying jobs and saving families money on utility bills. Through the Inflation Reduction Act and Bipartisan Infrastructure Law, U.S. solar generation is projected to increase up to eight-fold and wind generation is projected to triple by 2030. President Biden has jumpstarted the U.S. offshore wind industry, with 10 gigawatts of commercial-scale projects now approved, enough to power nearly four million homes, including two projects that are already delivering power to the grid and others with construction underway. The President’s Investing in America agenda is also supporting transmission buildout and other power grid upgrades, deployment of distributed energy resources in disadvantaged communities, investments in clean electricity across rural America, and American manufacturing of clean energy technologies – all in pursuit of the President’s goal of 100% clean electricity by 2035. Through the President’s Federal Sustainability Plan, the U.S. Government is leading by example and has already signed agreements to provide federal facilities in 18 states with 100% carbon pollution-free electricity by 2030.
And thanks to the Inflation Reduction Act, clean energy project developers get access to expanded tax incentives if they pay workers prevailing wages and employ registered apprentices, helping make more clean energy jobs good-paying and union jobs.
Accelerating a Clean Transportation Future – President Biden is taking a whole-of-government approach to position the U.S. as a global leader in innovative and sustainable transportation. The Administration’s National Blueprint for Transportation Decarbonization is a landmark strategy for cutting all greenhouse gas emissions from the U.S. transportation sector by 2050. The President’s Bipartisan Infrastructure Law and Inflation Reduction Act invest tens of billions to decarbonize shipping, trucking, transit, rail, and aviation, all while making communities more walkable, bikeable, and connected. And through the President’s Federal Sustainability Plan, the federal government has ordered over 58,000 zero-emission vehicles and has begun installing more than 25,000 charging ports, adding to the 8,000 already in use across the government.
In addition, the President rallied automakers and autoworkers around a historic goal of having electric vehicles (EVs) account for at least 50% of new passenger vehicles sold by 2030. To support this goal while driving down consumer costs, the Administration secured tax credits that reduce the cost of new or used clean vehicles by thousands of dollars directly at the dealership and is investing $7.5 billion into building out a national EV charging network. Since President Biden took office, EV sales have quadrupled, prices have come down by more than 20%, the number of charging stations has grown by over 80% – putting us on track to deploy 500,000 chargers by 2026 – and the U.S. auto industry has added more than 100,000 jobs. Driven by Biden-Harris Administration policies, the sector is experiencing a manufacturing renaissance with more than $160 billion of investments in EVs, batteries, and their supply chains. And just last month, the Environmental Protection Agency finalized the strongest-ever vehicle emission standards for light, medium, and heavy-duty vehicles.
Cutting Energy Costs and Pollution at Homes, Schools, and in Communities – Reducing building emissions through efficiency improvements and electrification lowers energy bills for families, improves resiliency, and creates good-paying jobs. The President has created new programs to save American families on their energy bills through the Department of Energy’s Home Energy Rebates, the Department of Housing and Urban Development’s Green and Resilient Retrofit Program, and Treasury’s Home Energy Tax Credits. The Biden-Harris Administration is also strengthening energy efficiency standards to save households and businesses money, with standards updated by DOE for dozens of appliances expected to provide nearly $1 trillion in consumer savings over 30 years, while also reducing greenhouse gas emissions by 2.5 billion metric tons – equivalent to the emissions of 18 million gas-powered cars over 30 years. By invoking emergency authority, the President is expanding domestic heat pump manufacturing, which will cut the costs of heat pumps. To ensure that the 10 million new homes that will be built by 2030 are efficient and resilient, President Biden’s National Initiative to Advance Building Codes is accelerating adoption of modern building codes that protect people from extreme-weather events and help contribute to avoiding an estimated $1.6 billion a year in damages.
Revitalizing American Manufacturing for the Clean Economy – President Biden’s Investing in America agenda has helped catalyze historic manufacturing growth, with factories opening across the nation. To date, the private sector has announced nearly $700 billion in investments in manufacturing and clean energy. The President’s agenda is helping to make U.S. manufacturing the cleanest and most competitive in the world. The Inflation Reduction Act is investing more than $6 billion to slash climate pollution and support worker and community health at U.S. factories producing the steel, aluminum, cement, and other materials that form the backbone of our economy. To further support U.S. industrial competitiveness, the Biden Administration’s landmark Buy Clean initiative is leveraging the government’s sway as the largest purchaser on Earth to spur demand for low-emissions manufacturing and construction products.
Advancing Environmental Justice – Since Day One, the Biden-Harris Administration has prioritized a whole-of-government approach to environmental justice. The President signed a historic Executive Order that calls on the federal government to bring clean energy and healthy environments to all and mitigate harm to those who have suffered from pollution and environmental burdens like climate change. Through the Justice40 Initiative, over 500 programs across 19 federal agencies are being reimagined and transformed to maximize the benefits of President Biden’s unprecedented investments – from clean energy projects to floodwater protections to wastewater infrastructure – to communities that need them most. At the same time, the Administration is taking unprecedented action to protect communities from PFAS pollution, accelerate Superfund and brownfield cleanups, tighten standards for hazardous air pollutants, and enhance air quality enforcement.
Delivering Clean Water and Replacing Lead Pipes – President Biden and Vice President Harris are fighting to ensure a future where every American has access to clean, safe water. The President’s Bipartisan Infrastructure Law invests over $50 billion in upgrading the nation’s water infrastructure – the largest investment in clean water in American history. This funding is going towards expanding access to clean drinking water, replacing lead pipes, improving wastewater and sanitation infrastructure, and removing PFAS pollution in water. President Biden has also made a historic commitment to replace every toxic lead pipe in the country within a decade, protecting families from lead poisoning that can irreversibly harm brain development in children. Last year, the Environmental Protection Agency issued proposed improvements to the Lead and Copper Rule that would require water systems to rapidly replace lead service lines.
Conserving our Lands and Waters –The Biden-Harris Administration has taken historic action to conserve and restore America’s lands and waters, including signing an Executive Order to set the first-ever national conservation goal to conserve at least 30% of U.S. lands and waters by 2030 through the America the Beautiful Initiative. Last week the Administration launched Conservation.gov and the American Conservation and Stewardship Atlas, a new website and data portal that will help connect people with information, tools, resources, and opportunities to support land and water conservation projects in communities across the country. The Administration has already protected more than 41 million acres of lands and waters, and President Biden is on track to conserve more lands and waters than any President in history. This includes establishing five new national monuments and restoring protections for three more; creating four new national wildlife refuges and expanding five more; protecting the Boundary Waters of Minnesota, the nation’s most visited wilderness area; safeguarding Bristol Bay in southwest Alaska; and withdrawing Chaco Canyon in New Mexico and Thompson Divide in Colorado from further oil and gas leasing to protect thousands of sacred sites and pristine lands.
To conserve and steward old growth forests, USDA announced a proposal to amend 128 forest land management plans to conserve and steward old-growth forest conditions on national forests and grasslands nationwide. This builds upon the Biden-Harris Administration’s protection of Tongass National Forest, the largest intact temperate rainforest in the world. The Administration is also taking continued action to protect and conserve our nation’s rivers and watersheds for the people and communities that depend on them, protecting the stability and sustainability of the Colorado River Basin in the face of an ongoing megadrought, and beyond. This includes taking historic action to restore healthy and abundant wild salmon and steelhead in the Columbia River Basin, part of the Biden-Harris Administration’s unprecedented commitment to honor the United States’ obligations to Tribal Nations.
Investing in Climate-Smart Agriculture and Forestry – President Biden’s Investing in America agenda is supporting America’s farmers, ranchers, and forest landowners, who play a critical role in addressing the climate crisis through the deployment of climate-smart practices and systems. Under the Biden-Harris Administration, USDA has supported 80,000 farms in implementing climate-smart practices on over 75 million acres. In Fiscal Year 2023, USDA made record investments in private lands conservation, totaling nearly $3 billion in financial assistance to producers. Leveraging both climate impact and economic opportunities, the Administration is creating new market opportunities through the groundbreaking Partnerships for Climate-Smart Commodities and efforts that are part of the Sustainable Aviation Fuel (SAF) Grand Challenge.
Rallying Leaders of the World’s Largest Economies to Raise Global Climate Ambition –President Biden has restored America’s climate leadership at home and abroad. Under his leadership, the Administration is securing commitments from more than 155 countries to reduce methane emissions by at least 30 percent by 2030; successfully galvanizing other countries at COP28 to commit, for the first time, to transition away from unabated fossil fuels, stop building new unabated coal capacity globally, and triple renewable energy globally by 2030 and nuclear energy by 2050; launching a new Clean Energy Supply Chain Collaborative to work with international partners to diversify supply chains that are critical to a clean and secure energy transition; mobilizing other governments to follow the U.S. lead and commit to achieve net-zero government emissions by 2050 through a new Net-Zero Government Initiative; and becoming a world leader in innovative debt-for-nature swaps that have helped countries restructure over $2 billion in debt and unlock hundreds of millions of new financing for nature and climate.
First-of-its-kind national network to fund tens of thousands of climate and clean energy projects across America, especially in communities historically left behind and overburdened by pollution
Vice President Kamala Harris and EPA Administrator Michael Regan announced s $20 billion in awards to stand up a national financing network that will fund tens of thousands of climate and clean energy projects across the country, especially in low-income and disadvantaged communities, as part of President Biden’s Investing in America agenda.
This investment is part of the Environmental Protection Agency’s Greenhouse Gas Reduction Fund, afirst-of-its-kind and national-scale $27 billion program funded through President Biden’s Inflation Reduction Act to combat the climate crisis by catalyzing public and private capital for projects that slash harmful climate pollution, improve air quality, lower energy costs, and create good-paying jobs. This program will ensure communities across the country have access to the capital they need to participate in and benefit from a cleaner, more sustainable economy.
Vice President Kamala Harris and EPA Administrator Michael Regan were joined by Governor Roy Cooper, Mayor Vi Lyles, and Congresswoman Alma Adams in Charlotte, North Carolina to announce the selections under these two grant competitions.
This historic investment will support a wide range of climate and clean energy projects, including distributed clean power generation and storage, net-zero retrofits of homes and small businesses, and zero-emission transportation, all of which can lower energy costs for families and improve housing affordability while tackling the climate crisis. Collectively, the selected applicants have committed to reducing or avoiding up to 40 million metric tons of carbon pollution annually over the next seven years, contributing toward the Biden-Harris Administration’s historic climate goals. In addition, selectees plan to mobilize almost $7of private capital for every $1 of federal funds—approximately $150 billion total—ensuring that today’s awards will have a catalytic, ongoing effect on the deployment of climate and clean energy technologies at scale, particularly in underserved communities.
The Greenhouse Gas Reduction Program advances the Biden-Harris Administration’s Justice40 Initiative, which sets the goal that 40% of the overall benefits from certain federal climate, clean energy, and other investments flow to disadvantaged communities that are marginalized by underinvestment and overburdened by pollution. At least70% of the funds announced today—over $14 billion of capital—will be invested in low-income and disadvantaged communities, including historic energy communities that have powered our nation for over a century, communities with environmental justice concerns, communities of color, low-income communities, rural communities, Tribal communities, and more. This makes the Greenhouse Gas Reduction Fund the singlelargest non-tax investment within the Inflation Reduction Act to build a clean energy economy while benefiting communities historically left behind.
Meanwhile, Republicans in Congress are already attempting to roll back these historic investments. Last month, the House of Representatives passed H.R. 1023, which would repeal the EPA’s Greenhouse Gas Reduction Fund. On March 19, President Biden issued a Statement of Administration Policy with his intent to veto that bill if it were to pass the Senate and come to his desk.
Greenhouse Gas Reduction Fund Selectees
The $20 billion in awards announced today will be deployed through eight selected applicants across two separate and complementary programs under EPA’s Greenhouse Gas Reduction Fund—the $14 billion National Clean Investment Fund (NCIF) and the $6 billion Clean Communities Investment Accelerator (CCIA). Together, the two programs will create a first-of-its-kind national network of mission-driven, community-led financial institutions that will finance climate and clean energy projects across the country, especially in low-income and disadvantaged communities.
Under the $14 billion National Clean Investment Fund (NCIF), selected applicants will partner with the private sector, community organizations, and others to provide accessible, affordable financing for new clean technology projects nationwide. While EPA required that at least 40 percent of NCIF funds flow to low-income and disadvantaged communities, each selected applicant significantly surpassed that requirement. Therefore, almost 60 percent of NCIF funds will flow to the communities that need it most. The three NCIF selectees are:
Climate United Fund ($6.97 billion award), a nonprofit formed by Calvert Impact to partner with two U.S. Treasury-certified Community Development Financial Institutions (CDFIs), Self-Help Ventures Fund and Community Preservation Corporation. Together, these three nonprofit financial institutions bring a decades-long track record of successfully raising and deploying $30 billion in capital with a focus on low-income and disadvantaged communities. Climate United Fund’s program will focus on investing in harder-to-reach market segments like consumers, small businesses, small farms, community facilities, and schools—with at least 60% of its investments in low-income and disadvantaged communities, 20% in rural communities, and 10% in Tribal communities.
Coalition for Green Capital ($5 billion award), a nonprofit with almost 15 years of experience helping establish and work with dozens of state, local, and nonprofit green banks that have already catalyzed $20 billion into qualified projects—and that have a pipeline of $30 billion of demand for green bank capital that could be coupled with more than twice that in private investment. The Coalition for Green Capital’s program will have particular emphasis on public-private investing and will leverage the existing and growing national network of green banks as a key distribution channel for investment—with at least 50% of investments in low-income and disadvantaged communities.
Power Forward Communities ($2 billion award), a nonprofit coalition formed by five of the country’s most trusted housing, climate, and community investment groups that is dedicated to decarbonizing and transforming American housing to save homeowners and renters money, reinvest in communities, and tackle the climate crisis. The coalition members—Enterprise Community Partners, LISC (Local Initiatives Support Corporation), Rewiring America, Habitat for Humanity, and United Way—will draw on their decades of experience, which includes deploying over $100 billion in community-based initiatives and investments, to build and lead a national financing program providing customized and affordable solutions for single-family and multi-family housing owners and developers—with at least 75% of investments in low-income and disadvantaged communities.
Through the $6 billion Clean Communities Investment Accelerator (CCIA), selected applicants will establish hubs that provide funding and technical assistance to community lenders working to finance clean technology projects in low-income and disadvantaged communities—leading to near-term deployment of climate and clean energy projects while building the capacity of community lenders to finance projects at scale for years to come. 100 percent of CCIA funds will flow to low-income and disadvantaged communities. The five selectees of the CCIA are:
Opportunity Finance Network ($2.29 billion award), a ~40-year-old nonprofit CDFI Intermediary that provides capital and capacity building for a national network of 400+ community lenders—predominantly U.S. Treasury-certified CDFI Loan Funds—which collectively hold $42 billion in assets and serve all 50 states, the District of Columbia, and several U.S. territories.
Inclusiv ($1.87 billion award), a ~50-year-old nonprofit CDFI Intermediary that provides capital and capacity building for a national network of 900+ mission-driven, regulated credit unions—which include CDFIs and financial cooperativas in Puerto Rico—that collectively manage $330 billion in assets and serve 23 million individuals across the country.
Native CDFI Network ($400 million award), a nonprofit that serves as national voice and advocate for the 60+ U.S. Treasury-certified Native CDFIs, which have a presence in 27 states across rural reservation communities as well as urban communities and have a mission to address capital access challenges in Native communities.
Justice Climate Fund ($940 million award), a purpose-built nonprofit supported by an existing ecosystem of coalition members, a national network of more than 1,200 community lenders, and ImpactAssets—an experienced nonprofit with $3 billion under management—to provide responsible, clean energy-focused capital and capacity building to community lenders across the country.
Appalachian Community Capital ($500 million award), a nonprofit CDFI with a decade of experience working with community lenders in Appalachian communities, which is launching the Green Bank for Rural America to deliver clean capital and capacity building assistance to hundreds of community lenders working in coal, energy, underserved rural, and Tribal communities across the United States.
Expanding Access to Clean Energy
Today’s historic Greenhouse Gas Reduction Fund announcement builds on a range of innovative tools and programs in President Biden’s Investing in America agenda that aim to empower the communities that can benefit most from new investments to take an active role in building the clean energy economy. These programs leverage a range of approaches to make it easier and more affordable for states, cities, Tribes, schools, nonprofit organizations, and businesses of all sizes to build, own, and benefit from cost-saving clean energy projects, invest in energy efficiency improvements, expand access to clean transportation, and participate fully in decisions that affect underserved communities and populations.
For example:
In March, the Treasury Department finalized rules for direct pay—a provision in the Inflation Reduction Act that enables, for the first time, tax-exempt entities like states, cities, Tribes, counties, territories, nonprofit organizations, public schools, hospitals, rural electric co-operatives, and more to access clean energy tax credits and fully participate in building and owning new clean energy projects. For example:
To meet its goal of 100% carbon free operations by 2030, the City of Madison, Wisconsin is planning to access $13 million via direct pay to support transitioning their municipal fleet to low and no-carbon vehicles, as well as for solar and geothermal energy projects.
The City of San Antonio, Texas is taking advantage of direct pay to build and own the largest municipal onsite solar project in Texas. This $30 million project will install roof top, parking, and park canopy solar photovoltaic systems at 42 city facilities to lower their energy costs and energy consumption and make progress toward their goal of achieving net-zero energy for all municipal buildings by 2040.
The Inflation Reduction Act’s transferability provision allows businesses to transfer all or a portion of certain clean energy tax credits to a third-party in exchange for cash, so that small businesses, start-ups, and other entities without sufficient tax liability may still take advantage of the credits. The Internal Revenue Service (IRS) has already registered more than 45,000 new projects seeking to benefit from this new tool, which is lowering financing costs for clean energy projects and helping accelerate the buildout of the clean energy economy.
The Low-Income Communities Bonus Credit program created by the Inflation Reduction Act promotes cost-saving clean energy investments in low-income communities, on Tribal lands, as part of affordable housing developments, and that benefit low-income households by providing a 10 to 20 percentage point bonus credit for up to 1.8 GW of small clean energy projects per year. In the first year of the program, the administration received more than 46,000 applications for allocations, signaling robust market demand to build projects serving low-income communities. The second year of the program will open for applications later this spring.
In March, the Department of Energy’s Loan Programs Office (LPO) offered its first conditional commitment through the Tribal Energy Financing Program, which was expanded and provided new loan authority by the Inflation Reduction Act to support tribal entities in building out energy infrastructure. LPO announced up to $72.8 million for a partial loan guarantee to finance the development of a solar-plus long-duration energy storage microgrid on the Tribal lands of the Viejas Band of the Kumeyaay Indians near Alpine, California.
Last week, LPO offered its first conditional commitment through the Energy Infrastructure Reinvestment Program under Title 17 Clean Energy Financing Section 1706, first authorized and appropriated by the Inflation Reduction Act, to finance projects that retool, repower, repurpose, or replace energy infrastructure that has ceased operations or enable operating energy infrastructure to reduce pollution. These projects direct new investment in historical energy communities that have powered our nation for over a century. Last week’s offer of a conditional commitment of up to $1.52 billion for a loan guarantee to Holtec Palisades will finance the restoration and resumption of service of an 800-MW electric nuclear generating station in Covert Township, Michigan that closed in May 2022 and upgrade it to produce baseload clean power for decades to come.
Last week, the Department of Housing and Urban Development (HUD) Acting Secretary Todman traveled to Chicago to announce that the Department has now awarded more than half of the nearly $1 billion provided through the Inflation Reduction Act to make homes more energy-efficient, comfortable, and climate resilient for low-income Americans. The Green and Resilient Retrofit Program makes grants and loans to finance energy and climate renovations in HUD-assisted multifamily housing for low-income individuals, families, and seniors.
Since the start of the Biden-Harris Administration, the U.S. Department of Agriculture (USDA) has invested more than $1.8 billion through their Rural Energy for America Program, which provides guaranteed loan financing and grant funding for rural small businesses and agricultural producers to adopt clean energy and save money. President Biden’s Inflation Reduction Act invests more than $2 billion to expand this program, and USDA just announced the latest tranche of over $120 million in awards for projects in 44 states last week.
In December 2023, EPA announced 11 grant makers to receive $600 million from the Inflation Reduction Act through the Environmental Justice Thriving Communities Grantmaking Program to offer subgrants for environmental justice projects to local community-based organizations around the country. This new program is designed to make it easier for small community-based organizations to access federal environmental justice funding and responds to feedback about the need to reduce barriers to federal funds and improve the efficiency of the awards process to benefit underserved communities.
In November 2023, EPA announced approximately $2 billion in funding available to support community-driven projects that deploy clean energy, strengthen climate resilience, and build capacity for communities to tackle environmental and climate justice challenges. The Community Change Grants Program is the single largest investment in environmental justice going directly to communities in history, and will advance collaborative efforts to achieve a healthier, safer, and more prosperous future for all.
In this fact sheet, the White House detailed how the Biden-Harris Administrationleverages historic U.S. climate leadership at home and abroad – which is why it is so dangerous for those climate activists who threaten to withhold voting to reelect Biden unless he “ends fossil fuels” Trump (and every Republican) pledges to “drill baby, drill” and reverse every climate action the Biden Administration has taken:. This fact sheet is a reminder to those frustrated activists of what Biden, despite Republican obstacles, has accomplished, and what a second-term might produce.–Karen Rubin/news-photos-features.com
At the conclusion of COP28, President Biden stated, “Today, at COP28, world leaders reached another historic milestone – committing, for the first time, to transition away from the fossil fuels that jeopardize our planet and our people, agreeing to triple renewable energy globally by 2030, and more. While there is still substantial work ahead of us to keep the 1.5 degree C goal within reach, today’s outcome puts us one significant step closer.
“But we didn’t just arrive at this inflection point. Vulnerable countries have called on major economies to take urgent action. And in every corner of the world, young people are making their voices heard, demanding action from those in power. They remind us that a better, more equitable world is within our grasp. We will not let them down.
“The climate crisis is the existential threat of our time. But as America has always done, we will turn crisis into opportunity – creating clean energy jobs, revitalizing communities, and improving quality of life. It is our collective responsibility to build a safer, more hopeful future for our children. We can’t be complacent. We must keep going, and we will.”
Since day one, President Biden, Vice President Harris, and the entire Biden-Harris Administration have treated climate change as the existential threat of our time. After spearheading the most significant climate action in history at home and leading efforts to tackle the climate crisis abroad, the United States heads into the 28th U.N. Climate Change Conference (COP28) in Dubai, United Arab Emirates (UAE) with unprecedented momentum. At COP28, the Biden-Harris Administration will urge other major economies to accelerate climate action in this decisive decade and will announce new initiatives to galvanize global efforts to keep a resilient, 1.5°C future within reach.
In her remarks at COP28, the Vice President announced a series of initiatives outlined below, including a $3 billion pledge to the Green Climate Fund as the United States works with international partners to mobilize finance at the pace and scale required.
President Biden’s ambitious domestic climate action offers countries gathering at COP28 a proven model for how bold action to tackle the climate crisis and end dependence on fossil fuels can unlock a new era of clean and inclusive economic growth, investment, good-paying jobs, energy security, and savings for families and business. Thanks to the Inflation Reduction Act (IRA) – the largest investment in clean energy and climate action ever – the Bipartisan Infrastructure Law (BIL), and other executive actions, the United States is in a strong position to achieve our 1.5°C-aligned emissions target under the Paris Agreement. Implementation of these two laws alone is expected to cut U.S. emissions as much as 41% below 2005 levels in 2030 – roughly 80% of the way towards achieving the 50-52% reduction outlined in our nationally determined contribution (NDC). At the same time, the Biden Administration is pursuing additional federal actions to bring us to the full 50-52% reduction levels, including measures like the Environmental Protection Agency’s (EPA) standards for vehicles, power plants, and methane emissions – which complement increased action from state and local governments and the private sector.
President Biden’s ambitious climate agenda has also unleashed a clean manufacturing boom – stimulating over $350 billion in announced private investment in clean energy manufacturing since the start of the Biden-Harris Administration and creating over 210,000 clean energy jobs in just the last 15 months, with an additional 1.5 million jobs projected to be created over the next decade. Through robust incentives, the United States will not only accelerate our own clean energy transition, but also catalyze investments in other countries and drop the cost of clean energy for everyone – saving hundreds of billions of dollars globally. Over the next seven years, according to analysis from the Department of Energy (DOE), twice as much U.S. wind, solar, and battery deployment is expected than would have been without the IRA.
At the same time, the Biden-Harris Administration is pursuing bold executive action to accelerate our progress toward the full 50-52% reduction levels in 2030. Today, at COP28, Assistant to President Biden and U.S. National Climate Advisor Ali Zaidi and EPA Administrator Michael Regan, announced EPA’s final standards to sharply reduce methane emissions from oil and gas operations, which will achieve a nearly 80% reduction below future methane emissions expected without the rule. This final rule is expected to prevent the equivalent of 1.5 billion metric tons of carbon dioxide – nearly as much as all the carbon dioxide emitted by the power sector in 2021. In 2030 alone, the expected reductions are equivalent to 130 million metric tons of carbon dioxide – more than the annual emissions of 28 million gasoline cars. This builds on more than 100 additional actions that U.S. federal agencies have taken this year to dramatically reduce methane emissions under the U.S. Methane Emissions Reduction Action Plan, including plugging wells and leaks in the oil and gas sector, reclaiming abandoned coal mines, reducing food waste and agricultural emissions, investing in cleaner buildings and industrial processes, and launching innovative technologies to detect and halt large methane emissions. These actions, which further deliver on the Global Methane Pledge, will cut consumer costs, protect workers and communities, maintain and create high quality, union-friendly jobs, and promote U.S. innovation and manufacturing of critical new technologies.
US Delivering on Commitment
At COP28, the Biden-Harris Administration demonstrated how it is delivering on its commitment for the United States to lead the global response to combatting the climate crisis. Initiatives that the Biden-Harris Administration are announcing at COP28 include:
• Powering Forward with Ambitious Domestic Climate Action – by advancing the most ambitious climate agenda in American history, demonstrating that investing in climate action is good for the economy at home and abroad. At COP28, federal agencies will announce a series of new, historic actions across every sector of the economy, including energy supply, transportation, and buildings – all while advancing environmental justice and promoting climate resilient communities.
• Bolstering Global Climate Resilience – by scaling up U.S. support for vulnerable developing countries, reaching $2.3 billion in FY 2022 to support the President’s Emergency Plan for Adaptation and Resilience (PREPARE); expanding access to cutting-edge climate information, early-warning, and satellite data through PREPARE Climate Information Services; announcing $50 million for the Vision for Adapted Crops and Soils multi-donor funding platform to support climate-resilient food systems, subject to the availability of funds; and marshalling over $2 billion from 15 additional companies in response to the PREPARE Call to Action.
• Responding to the Impacts of Climate Change in the Most Climate-Vulnerable Countries and Communities – including announcing its intent to work with Congress to put $17.5 million toward a new fund for climate impact response; $4.5 million to support community-based measures through the Pacific Resilience Facility; and providing $2.5 million to the Santiago Network to catalyze technical assistance for vulnerable countries.
• Accelerating Global Climate Action to Keep the 1.5°C Goal Within Reach – including by launching a new Clean Energy Supply Chain Collaborative and announcing up to $568 million in catalytic financing available to support these and related efforts; working with partners to unveil over $1 billion in new grant funding through the Methane Finance Sprint; mobilizing $9 billion through the Agriculture Innovation Mission (AIM) for Climate; co-leading coalitions of countries to triple renewable energy and nuclear energy capacity globally; and launching the Resilient Ghana and DRC New Climate Economy country packages for forests with government, philanthropic, and private sector partners.
• Mobilizing Finance from All Sources – including putting the United States on course to scale up our international public climate finance to over $9.5 billion in FY 2023 – on track to meet President Biden’s pledge to work with Congress to scale up our support to over $11 billion per year by 2024; playing our part to help meet the collective goal of mobilizing $100 billion in climate finance per year; announcing a $3 billion pledge to the Green Climate Fund (GCF); and delivering better, bigger, and more effective multilateral development banks (MDBs).
• Advancing Women’s and Girls’ Leadership in Tackling the Climate Crisis – including galvanizing over $1.4 billion in investments from the U.S. government and partners through the Women in the Sustainable Economy (WISE) Initiative.
BOLSTERING GLOBAL CLIMATE RESILIENCE
The Administration is announcing new efforts to accelerate the implementation of President Biden’s Emergency Plan for Adaptation and Resilience (PREPARE), which aims to help more than half a billion people in developing countries adapt to and manage the impacts of climate change this decade. Through these efforts, the United States has provided over $2.3 billion in adaptation finance in FY 2022, putting the United States on track to achieve President Biden’s pledge of working with Congress to increase U.S. international public adaptation finance to $3 billion by FY 2024 to help implement PREPARE. This includes the following additional efforts across PREPARE, subject to Congressional notification, the availability of funds, and the completion of domestic procedures:
• Expanding Access to Cutting-Edge Climate Information and Satellite Data through PREPARE Climate Information Services. The United States has invested billions to develop world-leading weather and climate-related information and service capabilities – from launching leading-edge satellites, amassing relevant observational data from a global network of sensors, and developing advanced modelling technology. Under PREPARE Climate Information Services, the United States is leveraging these investments and sharing cutting-edge capabilities to support vulnerable developing countries in understanding, anticipating, and preparing for climate impacts. At COP28 the United States is:
o Announcing $6 million for the Weather-Ready Pacific Program. The National Oceanic and Atmospheric Administration (NOAA) will support Pacific countries as they develop and build multi-hazard early warning systems.
o Enhancing Forecasting and Preparedness. NOAA and USAID will work with National Meteorological and Hydrological Services in the Bahamas, Dominican Republic, Jamaica, and the Cayman Islands to deploy storm surge sensors to improve public storm surge forecasts and warnings. USAID and NOAA are also working with the World Meteorological Organization, UN Office for Disaster Risk Reduction and National Meteorological and Hydrological Services in 20 African nations, Small Island Developing States (SIDS) and Least Developed Countries (LDCs) to establish and advance early warning systems on floods, droughts, cyclones and heatwaves.
o Enhancing Capabilities to Reduce Disaster Risk and Support Disaster Response and Recovery around the World. The National Aeronautics and Space Administration (NASA) Disaster Response Coordination System will leverage cutting-edge NASA science and technology to provide actionable information to those who need it most around the world.
o Announcing $50 million for the Vision for Adapted Crops and Soils (VACS) Multi-Donor Fund, pending Congressional appropriations, to support for climate-resilient, nutritious crops and building healthy soils that will foster more resilient food systems, and build on the $100 million United States commitment announced towards VACs in July.
• Mobilizing Private Capital, Innovation, and Engagement in Adaptation and Resilience:
o Marshalling over $2 billion in New Investments through the PREPARE Call to Action to the Private Sector. This initiative invites businesses to make new, significant commitments to building climate resilience in partner countries. This initiative has more than doubled from its 10 founding companies to a total of 25 companies including Aon, Arup, Blue Marble, Boston Consulting Group, Danone, Howden Group, IBM, Jupiter Intelligence, McCormick, Milliman, Miyamoto International, Pula, Synoptic Data, Tomorrow.io, and Xylem. The founding companies of the PREPARE Call to Action are Google, Gro Intelligence, Marsh McLennan, Mastercard, Meta, Microsoft, Pegasus Capital Advisors, PepsiCo., SAP, and WTW.
HELPING THE MOST VULNERABLE RESPOND TO THE IMPACTS OF CLIMATE CHANGE:
The United States is helping vulnerable countries respond to climate impacts. These efforts include (1) helping vulnerable developing countries recover and reconstruct after extreme climate-related events, (2) supporting vulnerable developing countries in their efforts to increase fiscal space, including through the expanded application of climate-resilient debt clauses, debt-for-nature restructurings, and parametric insurance; and (3) working with partners on policy matters related to sea-level rise. To build on this track record, at COP28 the United States is:
• Announcing $17.5 million for the fund for climate impact response, subject to Congressional notification, to help address critical gaps in the existing financing landscape. The fund will help particularly vulnerable developing countries, for example, in responding to slow onset events, such as with measures to support SIDS with planned relocation and the preservation of cultural heritage in the face of sea-level rise. The fund will also help the most vulnerable respond to extreme events, like storms and floods, by complementing existing support for reconstruction and recovery provided by the MDBs.
• Providing $4.5 million to the Pacific Resilience Facility, subject to Congressional notification. The Pacific Resilience Facility, a Pacific-owned and Pacific-led initiative, will provide small grants to finance community-based adaptation and responses to the impacts of climate change.
• Announcing $2.5 million for the Santiago Network. The Santiago Network will catalyze technical assistance of relevant organizations, networks, and experts to assist the most vulnerable developing countries in responding to climate impacts.
ACCELERATING GLOBAL CLIMATE ACTION TO KEEP THE 1.5°C GOAL WITHIN REACH.
In April 2023, President Biden convened leaders of the Major Economies Forum on Energy and Climate (MEF) to galvanize efforts in key areas that the latest science identified as critical to keeping the goal of limiting average warming to 1.5°C within reach. At COP28, the United States announced progress in each of these key areas, including:
• Launching a New Clean Energy Supply Chain Collaborative. According to the International Energy Agency, the world must invest $1.24 trillion in clean energy technology supply chain capacity between now and 2030 to be on track to achieve net zero energy by 2050. To help meet this challenge, the United States announced a new Clean Energy Supply Chain Collaborative (CESC Collaborative) aimed at expanding and diversifying clean energy supply chains that are critical to the clean energy transition. The Collaborative will enable like-minded countries to advance policies, incentives, standards, and investments to create high-quality, secure, and diversified clean energy supply chains across seven critical technologies: wind, solar, batteries, electrolyzers, heat pumps, direct air capture, and sustainable aviation fuels. Participating countries will work together to optimize the economic opportunities the clean energy transition provides, strengthen key stages of global clean technology supply chains where challenges related to lack of capacity are most acute, and further reduce the cost of clean energy technologies. To jump-start clean energy supply chain investment in developing countries, the United States announced up to $568 million in new concessional lending available from the U.S. Department of Treasury through the Clean Technology Fund (CTF) to support eligible projects in CTF-eligible countries.
• Reducing methane and other non-CO2 GHGs, including through over $1 billion in new grant funding under the Methane Finance Sprint. Reducing methane emissions is the fastest way to lower global temperature rise in the near term. Limiting warming to 1.5 °C will require reductions in global methane emissions of at least 30% by 2030 from 2020 levels, as called for by the Global Methane Pledge (GMP) which was launched by the United States and European Union at COP26. To accelerate these efforts, at COP28, the United States, People’s Republic of China, and UAE convened leaders for a Summit on Methane and Other Non-CO2 Greenhouse Gases. At the Summit, the United States and UAE called on Parties to the Paris Agreement to submit 2035 NDCs that are economy-wide and cover all greenhouse gases. Countries and partners also showcased new steps to cut methane in support of the GMP, which has now been endorsed by 155 countries. Governments, philanthropies, and the private sector unveiled over $1 billion dollars in new catalytic grant funding for methane reduction since COP27. This funding is more than five times the $200 million goal set by President Biden in April 2023. The Summit also featured $965 million in funding to replenish the Montreal Multilateral Fund and support Kigali Amendment implementation and energy efficiency.
• Unveiling new announcements under the Green Shipping Challenge. Following the successful launch of the Green Shipping Challenge at COP27 by United States and Norway, countries, ports, and companies announced over 60 new and updated actions to accelerate the decarbonization of the shipping sector. These include more than $1.6 billion in new public-private funding for maritime decarbonization, accelerated progress in over 15 green shipping corridors, including over $120 million to support their development, at least 65 new orders for zero-emission vessels, and the expansion of the United States Green Shipping Corridor Initiation Project.
• Decarbonizing Energy by Scaling Technologies Critical to Achieving the 1.5°C Goal:
o Scaling global renewables and energy efficiency. The United States, EU and UAE co-led a coalition of countries committed to pursuing a global tripling of renewable energy and a doubling of energy efficiency by 2030, in line with efforts to ensure a 1.5°C-aligned power sector, including ending new unabated coal capacity globally. In the lead-up to COP28, the United States and the People’s Republic of China committed to accelerate substitution of unabated coal and other fossil power generation by scaling up renewables sufficiently to anticipate meaningful post-peaking absolute power sector emissions reduction in the 2020s.
o Leading Efforts to Accelerate Nuclear Energy Capacity. Intergovernmental Panel on Climate Change and IEA analysis shows that nuclear energy plays a key role in achieving global net zero goals. At COP28, the United States announced new initiatives to:
Triple Nuclear Energy Capacity Globally by 2050 – The United States co-led a coalition of over 20 countries from four continents that launched a Declaration to Triple Nuclear Energy from 2020 levels by 2050 globally and invited shareholders of international financial institutions to encourage the inclusion of nuclear energy in energy lending policies.
Jump Start Small Modular Reactor (SMR) Deployments Around the World – In response to the significant global interest in deploying U.S. SMR nuclear energy systems to support critical climate and energy security goals, the Export-Import Bank of the United States (EXIM) and U.S. Department of State are outlining EXIM’s suite of financial tools to support SMR deployments and help U.S. exporters remain competitive.
Advancing a Secure Nuclear Fuel Supply Chain – Building on our pledge announced in April 2023 at the G7 meeting in Sapporo, Japan, the United States, Canada, Japan, France, and the United Kingdom will work to mobilize at least $4.2 billion in government-led investments to enhance their collective enrichment and conversion capacity over the next three years. These investments will catalyze private sector finance to build out safe, secure, and reliable global nuclear energy supply chains.
o Launching a U.S. Fusion Energy International Partnership Strategy. This strategy will support the timely development, demonstration, and deployment of commercial fusion energy in strategic areas like research and development and harmonization of regulatory frameworks.
o Delivering on Hydrogen. The U.S. Department of Energy (DOE) is scaling up hydrogen technologies to support the global transition to clean energy, including by ramping up investments in research, development, and demonstration to pursue the Hydrogen Shot goal of reducing the cost of clean hydrogen to $1/kg by 2031. It is also working to strengthening international collaboration on standards and certification.
o Launching International Energy Earthshots Partnerships. DOE is now taking its signature Energy Earthshots Initiative global by collaborating with Canada on long duration storage, India on hydrogen, and other countries to tackle climate change through innovation, creating good jobs, and driving down energy costs.
o Expanding the Carbon Management Challenge. The Challenge recognizes the urgency of deploying, at scale, carbon capture, utilization and storage and carbon dioxide removal as key to keep the goal of limiting average global temperature rise to 1.5 degrees Celsius goal within reach – in addition to the utmost efforts to reduce greenhouse gas emissions. Members of the Challenge, co-sponsored by Brazil, Canada, Indonesia, the United Kingdom, and the United States, advance a global goal of expanding carbon management projects to reach gigaton scale annually by 2030. New countries include Iceland, Indonesia, Mozambique, Netherlands, and Romania.
o Expediting the global transition to clean energy through Net Zero World (NZW). The U.S. Department of Energy is working with Argentina, Chile, Egypt, Indonesia, Nigeria, Singapore, Thailand, and Ukraine to formulate national net-zero policies and roadmaps and, in only two years, has worked on implementation of 23 decarbonization actions across the energy sector, mobilizing $10 billion in investments.
o Expanding the Net-Zero Government Initiative (NZGI). Building on the Initiative’s successful launch at COP27, more than 15 NZGI member countries have developed net zero roadmaps in conjunction with COP28, and 10 new countries will announce they are joining the Initiative for a total of nearly 30 NZGI countries. The NZGI aims to leverage the catalytic role of national governments in accelerating the achievement of countries’ climate targets. Participating countries commit to achieving net-zero emissions from national government operations by no later than 2050 and developing a roadmap with interim targets for getting there.
o Decarbonizing energy sectors through Just Energy Transition Partnerships (JETP). The United States, and other International Partners Group countries, Indonesia, Vietnam, and South Africa celebrated the launch of critical investment mobilization and policy implementation plans to accelerate clean energy transitions and achieve ambitious JETP climate targets.
• Partnering with the United Arab Emirates (UAE) to Mobilize $9 billion in New Investments for Climate-Smart Food Systems, Research, Development, and Innovation. Launched at COP26 by the United States and the UAE, the Agriculture Innovation Mission (AIM) for Climate and its growing network of over 600 partners, including 55 countries, is announcing a more than doubling of investments by its partners, from $8 billion announced at COP27 to over $17 billion at COP28, which includes $1.5 billion in previously announced funding from the United States. USAID, through Feed the Future, will invest $100 million, subject to the availability of funds, over the next two years in the Consultative Group on International Agricultural Research (CGIAR). USAID has already surpassed its initial five-year commitment of $215 million to the CGIAR under AIM for Climate. This funding compliments commitments made at COP28 by the Bill and Melinda Gates Foundation and the UAE for investments in the CGIAR.
• Leading global efforts to halt and reverse forest loss by 2030. The United States co-chaired the Forest and Climate Leaders Partnership, driving greater ambition and action with 32 countries, including launching the Resilient Ghana and New Climate Economy country packages. The United States, alongside the United Kingdom, secured new commitments from ADM and Cargill to halt nature loss, and partnered with the Governor of Para to stop deforestation from cattle.
MOBILIZING FINANCE FROM ALL SOURCES.
From day one, the Biden-Harris Administration has been committed to boosting international climate finance. This includes scaling-up our own bilateral finance, fully leveraging multilateral financial institutions, and mobilizing private investment. These efforts are also in direct support of the Partnership for Global Infrastructure and Investment. These efforts include:
• Putting U.S. International Climate Finance on Track to Exceed $9.5 Billion in FY 2023. Since taking office, President Biden has dramatically increased U.S. international climate finance from $1.5 billion in FY 2021 to $5.8 billion in FY 2022 and is on track to exceed $9.5 billion in FY 2023. These increases put the United States on track to meet President Biden’s pledge to work with Congress to scale up U.S. international public climate finance to over $11 billion annually by 2024. These increases were also critical to the OECD’s recent expression of confidence that contributors have likely already achieved the collective $100 billion climate finance goal in 2022.
• Fully Leveraging International Financial Institutions:
o Delivering Better, Bigger, and More Effective Multilateral Development Banks (MDBs). Working with partners, the United States has championed a major effort to better equip the MDBs to address today’s increasingly complex global challenges like climate as part of their effort to fight poverty. The United States is rallying partners to boost World Bank Group concessional financing capacity towards these efforts, building on the President’s request to Congress to unlock $27 billion to support these efforts.
o Announcing a $3 Billion Pledge to the Second Replenishment of the Green Climate Fund (GCF), subject to the availability of funds. In the context of this pledge, and building on its year as co-chair of the GCF Board, the United States will champion an ambitious GCF evolution agenda to help ensure that all U.S. funds provided to the GCF have maximum impact for U.S. taxpayers with respect to the climate and diplomacy. Elements of the evolution agenda include improved access to climate finance for SIDS, LDCs, and African states; exploring how to better leverage the GCF’s balance sheet, including through an improved private-sector financing platform; continued improvements in unlocking private capital; and streamlining the accreditation process for public and private sector entities.
• Pioneering Innovative Tools and Approaches to Leverage Private Finance:
o Becoming a Global Leader in Innovative Debt-for-Nature Swaps. The U.S. International Development Finance Corporation (DFC) has further strengthened its standing as a global leader in debt restructurings for nature with nearly $2 billion in commitments generating funding for marine protection, terrestrial conservation, biodiversity, climate resilience, and sustainable livelihoods in Belize, Ecuador, and Gabon. In addition, deals executed by Treasury, State and USAID under the Tropical Forest and Coral Reef Conservation Act have unlocked over $380 million in new financing over the life of the program.
o Announcing that DFC and the Government of India intend to invest up to $1 billion in the India Green Transition Fund. This private credit fund will target market-based returns, provide climate impact benefits, and accelerate the development of clean energy transition projects in India through investments in solar, energy storage, and e-mobility. The fund, and all projects in which it invests, will adhere to DFC’s environmental and social policies and procedures, as well as international environmental and social standards, including the IFC Performance Standards. DFC and the India Green Transition Fund are in late-stage discussions regarding indicative terms.
o Advancing the Energy Transition Accelerator (ETA). At COP28, the U.S. Department of State, the Bezos Earth Fund, and The Rockefeller Foundation will partner with other countries and leading companies to present the core framework of the ETA, an innovative carbon finance platform that will catalyze private capital to speed the transition from fossil-based to clean power in developing and emerging economies. Several countries will announce they are joining the ETA as pilot countries or express interest in participating. Several major companies will sign a letter of interest welcoming the ETA as an opportunity to support large-scale power sector transformation while accelerating progress towards their ambitious climate goals.
o Mobilizing up to $20 billion in New Private Investment through the Comprehensive Action for Climate Change Initiative (CACCI) Partnership for Climate Action (PCA). USAID will identify promising mitigation and adaptation investments that help countries meet their climate commitments and strengthen their resilience in the face of climate change. CACCI is a key piece of USAID’s response to the COP28 Global Stocktake. At COP28, USAID will announce memoranda of understanding with two private sector partners: BG Titan and Genesis Energy Group. These companies are pivoting their business towards climate investments and, with USAID’s guidance, they will aim to responsibly leverage up to $10 billion each in private sector investment over the next five years to support renewable energy projects, green housing and infrastructure, and climate-resilient agriculture in developing countries.
o Mobilizing over $1.4 billion through Innovative Blended Finance Approaches. Through the Blended Finance for the Energy Transition (BFET) program, the U.S. State Department, in partnership with USAID’s Climate Finance for Development Accelerator, will help mobilize over $1.4 billion of capital to accelerate the energy transition in emerging markets. With co-funding from the Danish Ministry of Foreign Affairs and the Investment Fund for Developing Countries, and engagement from DFC, BFET competitively awarded funding to two private sector-led blended finance investment funds.
o The U.S. Trade and Development Agency (USTDA) and the Investor Leadership Network (ILN) intend to sign a Strategic Partnership Agreement aimed at mobilizing climate finance from ILN’s global coalition of institutional investors, which manages over $10 trillion in assets. Under the Strategic Partnership, USTDA will support project preparation assistance in emerging economies for priority clean energy and critical minerals projects that are designed to catalyze institutional investment for climate-aligned financing.
o Delivering Progress under MCC and USAID’s Climate Finance +. MCC and USAID launched Climate Finance + at COP27 as a collaborative approach to strategically use public finance to unlock billions in private investments for green and climate-friendly infrastructure. Under this program, MCC has provided $10 million in financing estimated to catalyze up to $200 million in climate-related investments in industrial zones in Morocco. In Indonesia, MCC will build on USAID investments to catalyze financing to develop and de-risk transactions that expand public transit, promote transition to electric vehicles, and build more efficient transport networks. And to facilitate greater access to MCC Compacts, USAID is supporting the Liquidity and Sustainability Facility to improve the terms of African Sovereign Eurobonds issuances and catalyze Sustainable Development Goal-related investments in clean energy infrastructure in Africa.
o Supporting the Launch of the Green Guarantee Company (GGC). The GGC is the first privately run guarantee company devoted to green bonds and loans in developing countries, focusing on Africa, Asia and Latin America. The United States – through USAID, State Department and Prosper Africa – alongside the U.K. Foreign Commonwealth and Development Office, the GCF and the Nigerian Sovereign Investment Authority, contributed to GGC’s initial balance sheet of $100 million. GGC will use this catalytic seed funding to mobilize $1 billion in new, mainstream private capital for climate change adaptation and mitigation projects.
ADVANCING WOMEN AND GIRL’S LEADERSHIP IN TACKLING THE CLIMATE CRISIS
In the 21st century, no economy can get ahead if half of its population is left behind. In our rapidly modernizing global economy, the Biden-Harris Administration is committed to ensuring women are prepared for, and part of, the industries of the future. At COP28, the Administration announced:
• $1.4 Billion in Investments through the Women in the Sustainable Economy (WISE) Initiative, Including $449 Million in Additional Aligned U.S. Commitments. WISE, which the Vice President first launched at the APEC Economic Leaders’ Summit in November, aims to bolster women’s economic participation at home and around the world by expanding access to employment, training, leadership roles, and financial resources in green and blue industries that are critical to the future of our planet, including clean energy, fisheries, recycling, forest management, and environmental conservation. At COP28, the U.S. will announce an additional $449 million in aligned U.S. commitments to the initiative, for a total of $612 million in direct and aligned U.S. commitments under WISE. This includes new programs like Global Girls Creating Change (G2C2), which aims to introduce 900 girls and young women in at least 29 countries to professional opportunities in the sustainable economy through training, skills development, and mentoring, with focused efforts in Brazil, Indonesia, Nepal, and Uganda. New partner commitments announced at COP include: the Rockefeller Foundation will commit to advance gender equity amid climate change, including through a $25 million commitment to the Co-Impact Gender Fund and five-year climate strategy which will, among other objectives, help advance women’s leadership and access to climate finance in green sectors; The UPS Foundation will commit $3 million to the Climate Gender Equity Fund to foster a greener world and create economic opportunities for women, augmenting The UPS Foundation’s ongoing efforts through the Women Exporters Program and UPS’s Green Exporters Program; and the African Development Bank will commit to leverage up to 3 million through the Affirmative Finance Action for Women in Africa initiative to facilitate women’s access to finance in sectors such as sustainability, climate mitigation, and clean energy.
