Joe Biden’s administration unveiled a $20 billion financial commitment to support projects focused on renewable energy and the mitigation of climate change. This initiative’s main objective is to benefit communities in vulnerable situations. The EPA, the United States environmental protection agency, together with Vice President Kamala Harris, was in charge of announcing these subsidies.
They aim to mobilize private capital to support “tens of thousands of projects” linked to the reduction of pollutionenergy costs and the promotion of clean energies.
These US$ 20,000 million would work as leverage to raise more financingin a proportion of US$ 7 of private capital for US$ 1 of public fundsthe EPA statement stated.
About 70% of the total should go to disadvantaged communities, Harris stressed.
The funded projects range from solar panels at a Detroit restaurant to installing heat pumps in substandard housing.
Source: Gestion
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