Inclusiv selected for a $1.87 billion grant through EPA’s Greenhouse Gas Reduction Fund
Greenhouse Gas Reduction Fund will unlock clean energy investment for low-income communities across America
NEW YORK, NY (April 4, 2024) — Inclusiv is thrilled to be selected by the Environmental Protection Agency (EPA) for $1.87 billion in funding through the Greenhouse Gas Reduction Fund (GGRF) Clean Communities Investment Accelerator (CCIA). The grant will be transformational, enabling community development credit unions to deliver energy efficiency, electrification, and solar access to consumers, homeowners and small businesses to reduce carbon emissions and generate clean energy in their homes, transportation and businesses.
“President Biden and Vice President Harris have put communities at the center of their Investing in America agenda. Today, we’re putting an unprecedented $20 billion to work in communities that for too long have been shut out of resources to lower costs and benefit from clean technology solutions,” said EPA Administrator Michael S. Regan. “The selectees announced today will deliver transformational investments for American communities, businesses, and families and unleash tens of thousands of clean technology projects like putting solar on small businesses, electrifying affordable housing, providing EV loans for young families, and countless others. That translates to good-paying jobs, energy bill savings, and cleaner air, all while delivering on President Biden’s historic agenda to combat climate change.”
“Inclusiv is honored to be selected for the EPA’s Clean Communities Investment Accelerator (CCIA). The grant offers the opportunity to build a more equitable environmental, energy and financial system in this country. We are thrilled that CCIA will enable us to direct grants and assistance to a network of high-impact, community-owned and governed credit unions and cooperativas with deep roots in low-income and disadvantaged communities. Our approach scales lending that will decarbonize communities and enable consumers, households and businesses to benefit from greater energy efficiency, resilience and financial security,” said Cathie Mahon, President and CEO, Inclusiv.
The Clean Communities Investment Accelerator funding will allow Inclusiv to provide community development credit unions grants for capitalization, staffing, training, software and other operating costs. We will build local and national markets for green lending by scaling our Solar and Green Lending training and technical assistance program for community-based lenders; expanding our proprietary lending data analytics software to target financing to low-income and disadvantaged communities; building our consumer financial empowerment platform for climate resilience; and helping connect community lenders to minority-owned clean energy businesses.
Community development credit unions will enable residents and businesses to access affordable financing for efficient heating and cooling systems, efficient appliances, electric vehicles, solar panels and other projects that reduce energy bills, improve air quality and health outcomes, create good jobs and establish greater resilience and financial security.
“As the leading provider of green lending training and technical assistance for community-based lenders, we look forward to supporting hundreds more credit unions in building green lending programs serving low-income and disadvantaged communities in the coming years. The CCIA grant will supercharge how we support and grow the green lending ecosystem, and the capitalization and capacity-building grants for credit unions will remove many of the barriers credit unions face when developing green lending programs so they are positioned to participate in the National Clean Investment Fund,” said Neda Arabshahi, Senior Vice President, Center for Resiliency and Clean Energy, Inclusiv.
“The EPA’s decision to select Inclusiv for this grant is a testament to the organization’s commitment to advancing equity in climate finance and creating the tools needed for community development credit unions, like MariSol FCU, to meet the energy efficiency and green lending needs of our communities. Inclusiv’s training, support and connections have already been invaluable in expanding our credit union’s climate-focused work. As a low-income designated, certified CDFI credit union based in Phoenix, Arizona, we understand the needs of our members are not in heating a home, but in cooling it. We want our members who live in historic areas of color to weatherize their homes so they can withstand the high temperatures associated with Arizona’s climate. We currently work with solar and air conditioning installers who speak Spanish, and we offer low-cost solar, energy-efficient appliance, and home energy efficiency loans to support our borrowers’ energy goals. We hope to use GGRF grant dollars to expand this work and partner with Inclusiv to identify opportunities to reach deeper into our community,” said Robin Romano, Inclusiv Board Chair and CEO, MariSol Federal Credit Union.
Inclusiv congratulates all of the organizations selected to participate in the Greenhouse Gas Reduction Fund and is looking forward to working across the movement with the organizations selected for both the Clean Communities Investment Accelerator and the National Clean Investment Fund to ensure that equitable climate finance is centered on building opportunities for consumers and households.
About Inclusiv
Founded in 1974, Inclusiv empowers its member credit unions to advance financial inclusion through advocacy, education, technology, and impact investment.
Inclusiv is a certified CDFI intermediary instrumental in driving private and public investment in credit unions to build wealth for individuals, households, businesses, and communities formerly excluded from the financial mainstream.
About lnclusiv’s Center for Resiliency and Clean Energy
The lnclusiv Center for Resiliency and Clean Energy was created in 2019 in partnership with the Center for Impact Finance at the University of New Hampshire’s Carsey School of Public Policy. To date, the Center has provided training and technical assistance to over 700 lending professionals from community-based lending institutions (credit unions, Puerto Rican financial cooperatives, community banks, green banks, CDFI loan funds, and other mission-driven financial institutions) and has built a network of hundreds of community lenders that are designing and scaling financing solutions to address climate change and energy cost burden. The Center’s network operates in all 50 states, Washington DC, and Puerto Rico, and has made green and clean energy more affordable and accessible for thousands of people across the U.S.
