Current:Home > Contact-usEPA head Regan defends $20B green bank: ‘I feel really good about this program’-Angel Dreamer Wealth Society D1 Reviews & Insights
EPA head Regan defends $20B green bank: ‘I feel really good about this program’
View Date:2024-12-23 20:51:48
PHILADELPHIA (AP) — The head of the Environmental Protection Agency on Friday defended a new $20 billion federal “green bank” program, saying it will finance a variety of projects to create low-carbon solutions to combat climate change, including in disadvantaged communities that are most affected by pollution.
The money could fund tens of thousands of eligible projects ranging from residential heat pumps and other energy-efficient home improvements to larger-scale projects such as electric vehicle charging stations and community cooling centers, EPA Administrator Michael Regan said.
Republicans in Congress have called the program a “slush fund” and voiced concern over how the money will be used and whether there will be sufficient accountability and transparency from private groups that have received the money. The Republican-controlled House approved a bill last month to repeal the bank and other parts of President Joe Biden’s climate agenda.
“Here’s the real deal: EPA received $20 billion to invest in climate solutions. We felt ‘hey, the government isn’t the best at doing this, so why not have a transparent grant competition nationwide?’” Regan said at a meeting of the Society of Environmental Journalists.
“So we had a great competition. We had eight great national recipients. We have metrics for how they can use capital to finance some of these projects that we believe will create low-carbon solutions,’' he said, adding that the agency consulted with commercial banks and other financial experts.
“Twenty billion dollars is a heck of a lot of money,’' Regan said. “But we know based on the eight recipients that we’ve chosen, the metrics that we put in place, we’re going to pull hundreds of billions of (dollars in) private capital off the sidelines’’ for climate-related projects. “I feel really good about this program.’'
Regan, who has battled Republicans over a range of agency actions, including stricter emissions standards for cars, trucks and power plants, said it was “frustrating” to hear “some of the disingenuous attitudes from those on Capitol Hill who want to legislate public private partnerships ... and then they complain about public-private partnerships” such as the green bank.
The program was created under the landmark climate law passed in 2022 with no Republican votes in the House or Senate.
Formally known as the Greenhouse Gas Reduction Fund, the $27 billion bank —including earlier money — is one of many federal efforts to invest in solutions that cut planet-warming greenhouse gas emissions and address human-caused climate change, a topic the Democratic president has emphasized in his first three years in office and his reelection campaign.
The bank’s goals are to reduce climate and air pollution and mobilize public and private capital in the communities that need it most.
A total of $14 billion was awarded Thursday to the National Clean Investment Fund, which designated three private groups that will partner with states and the private sector to provide affordable financing for projects across the country.
Another $6 billion was awarded to the Clean Communities Investment Accelerator, which in turned granted money to five institutions that will work with other groups to establish regional hubs that make funding and technical assistance accessible to community lenders.
The investments follow a $7 billion Solar for All program launched last year for residential and community solar projects in low-income communities.
Grant recipients committed to spending $7 in private sector funding for each $1 in public funds to “reduce or avoid” 40 million metric tons of carbon dioxide each year. The program earmarks 70% of the grants for disadvantaged and low-income communities that are often passed over by commercial banks and investors yet are disproportionately impacted by climate change.
On other topics, Regan said the agency is doing its best to ensure that a range of environmental rules survive likely court challenges by industry groups and Republican-led states. Lawsuits have been filed challenging an EPA rule over deadly soot pollution and other regulations.
The Supreme Court, with a 6-3 conservative majority, has restricted EPA’s authority to fight air and water pollution — including a landmark 2022 ruling that limited its authority to regulate carbon dioxide emissions from power plants that contribute to global warming. Justices heard arguments in February on a GOP challenge to the agency’s “good neighbor rule,” which restricts smokestack emissions from power plants and other industrial sources that burden downwind areas.
“We are living in challenging times in so many ways, but we at EPA are staying focused on the mission,’' Regan said. “And one of the important reasons for shoring up scientific integrity is to lead with science, lead with the data to make sure ... we’re setting environmental goals based on the data and the science.”
He added, “If we have to move just a tiny bit slower so that we write the rule a little bit more strategically, or stronger, based on experiences that we’ve had over the past couple years,’' that’s what officials will do. “And then we have to really just defend that case in court.’'
Regan also said the EPA will soon announce the first drinking water standards for PFAS chemical compounds, so-called “forever chemicals” that contribute to kidney disease, cancer and other illnesses.
“We are going to be very bold and very aggressive,” he said.
Separately, the EPA will soon announce a plan to sharply reduce the amount of chemical toxins released into the air by a Louisiana rubber plant and other industrial sites, Regan said.
___
The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.
veryGood! (184)
Related
- 1 dead, 2 children injured in wrong-way crash; driver suspected of DWI: Reports
- In rights landmark, Greek novelist and lawyer are the first same-sex couple wed at Athens city hall
- The Skinny Confidential's Mouth Tape With a 20K+ Waitlist Is Back in Stock!
- Rare 2-faced calf born last month at a Louisiana farm is flourishing despite the odds
- Taking stock of bonds: Does the 60/40 rule still have a role in retirement savings?
- What is an IUD? Answering the birth control questions you were too afraid to ask
- Minneapolis Uber and Lyft drivers due for $15 an hour under council’s plan but mayor vows a veto
- Miley Cyrus, Tish and Noah family feud rumors swirl: How to cope with family drama
- Beyoncé course coming to Yale University to examine her legacy
- Walmart to expand same-day delivery options to include early morning hours
Ranking
- Tom Brady Admits He Screwed Up as a Dad to Kids With Bridget Moynahan and Gisele Bündchen
- Sex abuse survivors dispute Southern Baptist leadership and say federal investigation is ongoing
- A man got 217 COVID-19 vaccinations. Here's what happened.
- A bill that could lead to a TikTok ban is gaining momentum in Congress. Here's what to know.
- What is best start in NBA history? Five teams ahead of Cavaliers' 13-0 record
- Sister Wives' Janelle Brown Speaks Out After Son's Garrison Death
- Former US Rep. George Santos, expelled from Congress, says he is running again
- They had a loving marriage and their sex life was great. Here's why they started swinging.
Recommendation
-
Get Your Home Holiday-Ready & Decluttered With These Storage Solutions Starting at $14
-
Miami Beach is breaking up with spring break. Here are the rules they're imposing and why.
-
New Mexico halts some oil-field lease sales in standoff over royalty rates in Permian Basin
-
'Wicked Tuna' star Charlie Griffin found dead with dog in North Carolina's Outer Banks
-
LSU student arrested over threats to governor who wanted a tiger at college football games
-
See Little People Big World's Zach Roloff Help His Son Grapple with Dwarfism Differences
-
Man walking his dog finds nearly intact dinosaur skeleton in France
-
Lego unveils 4,200-piece set celebrating 85 years of Batman: See the $300 creation