"Biden Administration Launches $20 Billion 'Green Bank' Initiative to Combat Climate Change"

The Biden administration is making $20 billion available from a federal "green bank" for clean energy projects, with a focus on disadvantaged communities. Two programs, worth $14 billion and $6 billion, respectively, will offer competitive grants to nonprofits and other groups to invest in clean energy projects. The grants will accelerate the deployment of clean energy in underserved communities and promote environmental justice. The projects funded could include residential heat pumps, electric vehicle charging stations, and community cooling centers. The green bank is expected to unlock private investment and signal the types of investments needed for a clean energy transition. Republicans have criticized the green bank as a taxpayer-funded "slush fund," but officials assure rigorous reporting and accountability.