NCIF and CCIA Fast Facts
The three selections under the $14 billion National Clean Investment Fund and five selections under the $6 billion Clean Communities Investment Accelerator will create a national clean financing network for clean energy and climate solutions across sectors, ensuring communities have access to the capital they need to participate in and benefit from a cleaner, more sustainable economy. Together, the eight selected applicants have committed to delivering on the three objectives of the Greenhouse Gas Reduction Fund: reducing climate and air pollution; delivering benefits to communities, especially low-income and disadvantaged communities; and mobilizing financing and private capital. As part of this collective effort, selected applicants have committed to the following:
Fund projects across sectors that will reduce or avoid greenhouse gas emissions by up to 40 Mt CO2 equivalent per year - equivalent to the emissions of nearly 9 million typical passenger vehicles—making a significant contribution to the President’s climate goals of reducing emissions 50 to 52 percent below 2005 levels in 2030 and achieving net-zero emissions by no later than 2050.
- With ~50% of funding dedicated to net-zero buildings, support the overall U.S. climate goals by accelerating the building sector’s decarbonization trajectory across the commercial and residential sectors
- With ~15% of funding dedicated to zero-emissions transportation, support the U.S. climate goal of reaching 50 percent zero-emission vehicles share of all new passenger cars and light trucks sold in 2030
- With ~20% of funding dedicated to distributed energy generation and storage, support the goal to achieve a carbon pollution-free electricity sector by 2035
- With ~15% of funding dedicated to other qualified projects, support the overall U.S. climate goals by accelerating the building sector’s decarbonization trajectory across agriculture, industry, and other sectors
Reach communities in all states and territories, including in Tribal Lands, with a particular focus on low-income and disadvantaged communities
- Deploy projects in 100% of states and territories, including all 50 states; District of Columbia; Puerto Rico; American Samoa; Guam; Northern Mariana Islands; and U.S. Virgin Islands
- Dedicate over $14 billion - over 70% of funding - to low-income and disadvantaged communities that need it most, ensuring that program benefits flow to the communities most in need and advance the President’s Justice40 Initiative
- Dedicate over $4 billion - over 20% of funding - to rural and energy communities
- Dedicate almost $1.5 billion - over 7% of funding - to Tribal communities
Mobilize private capital at an almost 7:1 ratio over the next seven years, with every dollar in grant funds leveraged for almost seven dollars in private funds
- At a nearly 7x private capital mobilization ratio, leverage $20 billion in funding against $130 billion in private capital to mobilize $150 billion of public and private investment directly into emissions- and air pollution-reducing projects over the next seven years
- Partner with some of the largest financial institutions in the U.S. and across the world, including banks and asset managers with trillions in assets, that have already provided letters of support to the selectees
- Work with a robust and growing system of transaction partners and counterparties, with almost 600 letters from potential transaction partners and counterparties disclosed in the selected applications, to deliver a transaction pipeline of billions of dollars—potentially in the first year alone
Fund community lenders and partners who are already working in communities across the country to deliver investments quickly
- Fund close to 1,000 community lenders that are already lending in low-income and disadvantaged communities, including U.S. Treasury-certified Community Development Financial Institutions (including Community Development Loan Funds, Community Development Banks, Community Development Credit Unions, and Community Development Venture Capital Funds); low-income credit unions, green banks, and others
- Work with hundreds of environmental justice organizations, community groups, and other community leaders and organizations, with selectees having already provided approximately 800 of these letters—including dozens from local and state-wide elected officials across every corner of the country
Deliver hundreds of thousands of good-paying, high-quality jobs, especially in low-income and disadvantaged communities.
- Create hundreds of thousands of jobs all across the country over the next seven years, supported by partnerships with some of the largest domestic manufacturers who expressed support for partnering with the selectees in their submitted application packages
- Ensure that those jobs are good-paying, high-quality jobs, supported by a number of local, regional, and national labor unions, including AFL-CIO (American Federation of Labor and Congress of Industrial Organizations), IBEW (International Brotherhood of Electrical Workers), IUPAT (International Union of Painters and Allied Trades), NABTU (North America’s Building Trades Unions), and SMART (International Association of Sheet Metal, Air, Rail and Transportation Workers), all of which submitted letters of commitment in the application packages to hold selected applicants accountable
- Comply with the statutory requirements of the Davis-Bacon and Related Acts (which apply Davis-Bacon Act labor standards to projects assisted by grants made under the Greenhouse Gas Reduction Fund) and the Build America, Buy America Act
Leverage their deep experience and lengthy track record to efficiently, effectively, and responsibly deliver against the goals and targets they have set to reduce emissions, deliver benefits to communities, and mobilize financing and private capital.
- Selected applicants and their partners have successfully deployed hundreds of billions of capital for mission-driven projects that reduce emissions and benefit communities
- Selected applicants are led by individuals with the expertise and diversity necessary to execute this program, with board members averaging decades of experience and hailing from 35+ states/territories as well as several Tribal Nations
- 60%+ of funding will flow to selected applicants and coalition partners that are either U.S. Treasury-certified CDFIs (or CDFI Intermediaries) or public/quasi-public financial institutions
- 60%+ of funding will be deployed by CDFIs; regulated financial institutions; public/quasi-public financial institutions; or existing federal grantees under analogous financing programs.
Disclaimer: The commitments above are taken or derived from the narrative proposals that selected applicants submitted to EPA and that were reviewed and selected in accordance with the evaluation criteria in Section V.A: Evaluation Criteria of the respective Notices of Funding Opportunity. Where selected applicants made commitments based on magnitudes of outputs and outcomes (such as reducing or avoiding greenhouse gas emissions), the commitments are adjusted for the amount of partial funding received relative to the initial funding requested. Note that EPA will work with the selected applicants to revise their narrative proposals into workplans that are subject to final approval from the EPA Award Official and that reflect adjustments made during workplan negotiations. Selections are contingent on resolution of all administrative disputes relating to the competition.