How Does the Federal Green Bank Fit in With the Inflation Reduction Act?

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How does the creation of a federal green bank, and this endr the greenhouse gas reduction fund, how does that fit in with the efforts the climb ate related measures of the inflation reduction act? Really a complimentary, you know, like one finger of a glove? So here's an example. Let's take a heat pump. What you'd like to be able to do is have a contractor in the particular community. Could i please install a heat pump? Here's a no money down contract for you to sign. Also, because of this legislation, here's a cash rebate that we can give you to day. Behind that, there's a tax credit for the company that made the heat

In this episode of the ESG Insider podcast, we delve into a measure in the recently passed U.S. Inflation Reduction Act, or IRA, that allocates $27 billion toward green banks and other local investments via the U.S. Environmental Protection Agency's Greenhouse Gas Reduction Fund.

In an interview with Connecticut Green Bank President and CEO Bryan Garcia, we explore how green banks could use this new influx of federal funds to accelerate the low-carbon transition. The Connecticut Green Bank was the nation's first green bank and was formed in 2011.

We also talk with Reed Hundt, the CEO of the Coalition for Green Capital, a nonprofit with the goal of accelerating investment in clean energy technologies, which has helped organize a number of green banks.

To hear more about the implications of the Inflation Reduction Act, check out our recent episode on the topic here: https://www.spglobal.com/esg/podcasts/what-landmark-new-us-climate-law-means-for-emissions

And to learn more about green banks, check out this podcast episode of ESG Insider: https://podcasts.apple.com/us/podcast/how-green-banks-can-accelerate-climate-finance/id1475521006?i=1000534974896

Register for the event S&P Global Sustainable1 is hosting during Climate Week here: https://events.spglobal.com/event/bc170867-ebf3-423d-a828-2c379780a571/summary?RefId=social&rt=suGjbadFj0uCGwHKysKQtQ

We'd love to hear from you. To give us feedback on this episode or share ideas for future episodes, please contact hosts Lindsey Hall (lindsey.hall@spglobal.com) and Esther Whieldon (esther.whieldon@spglobal.com).

Photo credit: Getty Images

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