Environmental Protection Agency announces $400M fund to fight climate change
The Environmental Protection Administration announced Tuesday that it will spend $400 million to combat climate change and promote clean energy.
The new fund, known as the Climate Innovation Fund, will focus on developing a range of technologies and partnerships with businesses to reduce carbon emissions and adapt to climate change.
“We are making progress toward reducing emissions and increasing energy efficiency.
But there are still major challenges in implementing and implementing clean energy and renewable energy solutions, and these technologies have the potential to have a profound impact on our environment,” said Gina McCarthy, acting administrator of the EPA.
The agency said the fund is a direct response to President Donald Trump’s executive order that called for reducing greenhouse gas emissions by 25 percent by 2025 and $100 billion a year over the next 10 years by investing in technologies that could help reduce greenhouse gas pollution.
“These investments will support clean energy technologies that are affordable, efficient, and competitive,” McCarthy said.
“The EPA’s Climate Innovation Initiative is focused on helping businesses and states find innovative and effective solutions to climate impacts and protect the health of the environment,” McCarthy added.
“As part of the Climate Initiatives, the EPA is supporting state, local, and tribal efforts to create clean energy jobs and economic development.”
McCarthy said the initiative will be available to states through the Federal Energy Regulatory Commission and the U.S. Department of Energy.
The funding will also go to environmental and tribal organizations to support energy efficiency, renewable energy, and climate change adaptation.
The Trump administration has made the decision to cut back on greenhouse gas regulations in recent months, including by delaying implementation of the Clean Power Plan that would limit carbon dioxide emissions from power plants.
The administration said it will reduce the amount of carbon dioxide that is emitted by the power sector by 20 percent by 2030 and 20 percent below 1990 levels by 2050.
Environmental groups, including the Natural Resources Defense Council, called the decision a step backward for the United States and vowed to fight it.
“President Trump’s misguided plan to shut down the power grid will make the climate crisis worse, not better,” said NRC Vice President John C. Reilly.
“Our communities are already suffering from the devastating effects of climate change, and this action will only make it worse.
Our communities deserve better than a broken climate.”
The Clean Power plan would limit power plant emissions from 2030 through 2025 by a total of 6.8 billion metric tons, while the rule that would phase out CO2 emissions from new and existing power plants by 2025 will reduce emissions by 9.5 billion metric pounds.
Trump’s executive action is part of a broader effort to slow climate change through executive actions, including a cap-and-trade plan, which would limit the amount greenhouse gas pollutants emitted by power plants to 26 percent below pre-industrial levels by 2025.