FACT SHEET: Biden

Vice President Harris visits Coppin State University, an HBCU in Baltimore, Maryland, on final day of Investing in America tour to announce historic investment to capitalize a national-scale clean energy financing network and provide unprecedented support for underserved communities

To close-out the Biden-Harris Administration’s second Investing in America tour and highlight the impact of Bidenomics in communities nationwide, Vice President Kamala Harris will announce a $20 billion competition to capitalize a clean energy financing network that will massively expand investment in new projects that reduce pollution across the country. The funding is part of the Environmental Protection Agency’s Greenhouse Gas Reduction Fund, a first-of-its-kind and national-scale $27 billion competition 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 in communities across the country, especially underserved communities, all while lowering energy costs for families and creating good-paying jobs.

The Vice President will make the announcement at Coppin State University, a Historically Black College and University (HBCU), where she will be joined by Senator Tom Carper, Senator Ed Markey, Senator Chris Van Hollen, Congressman Frank Pallone, Congressman David Trone, Environmental Protection Agency Administrator Michael Regan, and Maryland Lieutenant Governor Aruna Miller. The event concludes the second round of the Administration’s Investing in America tour, where President Biden, Vice President Harris, First Lady Jill Biden, Cabinet members, and other Administration leaders held over 50 events and traveled to over 30 states and territories to highlight how Bidenomics is growing the economy from the middle out and bottom up in every community across the country.

The $20 billion will be deployed through two separate and complementary competitions, each aimed at mobilizing a national-scale clean energy financing network that ensures the clean energy opportunity reaches all Americans in every zip code:

Last month, Environmental Protection Agency Administrator Michael Regan announced the first part of funding through the Greenhouse Gas Reduction Fund – $7 billion for the “Solar for All” competition, which will increase access to affordable, resilient, and clean solar energy for millions of low-income households.

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 investments flow to disadvantaged communities that are marginalized, underserved, and overburdened by pollution.

Today’s announcement furthers the Biden-Harris Administration’s historic climate agenda, which is lowering energy costs for hardworking families, bolstering America’s energy security, creating hundreds of thousands of good-paying jobs, advancing environmental justice, and strengthening community-driven climate resilience across the country. And it demonstrates how Bidenomics—President Biden’s vision for growing the economy from the middle out and the bottom up—is driving clean energy investment across the country.

The announcement today builds on a recent slate of major clean energy announcements through the Biden-Harris Administration’s Investing in America agenda, including:

Expanding Access to Capital and Funding for Clean Energy Projects

Investing in Clean Buildings and Schools

Driving Electric Vehicle Adoption

Supporting Rural and Energy Communities

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