Biden announces $20 billion for 'clean energy financing,' praises 'Bidenomics' for green transition

President Joe Biden’s administration unveiled a $20 billion funding “competition” to bolster his green energy agenda and address climate change. 

The announcement on Friday described the funding as an opportunity to “massively expand investment in new projects that reduce pollution” nationwide. 

“The funding is part of the Environmental Protection Agency’s Greenhouse Gas Reduction Fund,” the White House stated in a press release. It’s part of the president’s $27 billion competition through the 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.”

“Today’s announcement furthers the Biden-Harris Administration’s historic climate agenda” and “demonstrates how Bidenomics… is driving clean energy investment across the country,” the White House added.

The funding will be distributed through the National Clean Investment Fund (NCIF) competition and the Clean Communities Investment Accelerator (CCIA) competition. The former will distribute $14 billion in grants to “support two-to-three national clean financing institutions” partnering with private companies for clean energy projects, while the latter includes $6 billion in grants for “hub nonprofit organizations.”

Vice President Kamala Harris is slated to announce the competition at Coppin State University, where she’ll be joined by lawmakers and other officials.

Follow Addison on Twitter.