Shift Key with Robinson Meyer and Jesse Jenkins

The Hardest Working $27 Billion in the IRA

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Sep 25, 2024

Delve into the $27 billion allocated for new green banks aimed at decarbonization. Discover how these institutions could revolutionize funding for solar farms, EV chargers, and more. Listen as experts discuss the innovative financial mechanisms and the role of personal action in systemic change. Explore the significant challenges facing climate investment and the importance of community collaboration in overcoming financing gaps. Finally, uncover the latest breakthroughs in clean energy innovations and their potential impact.

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INSIGHT

GGRF Mechanisms

The Greenhouse Gas Reduction Fund (GGRF) supports clean tech deployment through three mechanisms.
These include Solar For All, National Clean Investment Fund, and Clean Communities Investment Accelerator.

INSIGHT

GGRF Leverage

The GGRF's $27 billion capitalization is expected to generate much larger investments, potentially over $100 billion.
This is due to the leveraging of public funds with private capital and the recycling of funds.

INSIGHT

GGRF's Unique Approach

Unlike tax credits or grants, the GGRF invests in long-lived institutions.
These institutions can dynamically adapt to the changing needs of the clean energy transition.

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It’s potentially one of the most important — but least understood — provisions in the Inflation Reduction Act, and it’s finally out in the world. Last month, the Environmental Protection Agency spent $27 billion to set up new green banks across the country.

These new lending institutions could direct billions of dollars to supercharging decarbonization, financing new solar farms, geothermal projects, EV chargers, and more. They’ll also recycle their funding indefinitely, meaning they will likely last longer than any other provision in the law.

On this week’s show, Rob and Jesse bring you a user’s guide to these new green banks and what they might mean for decarbonization. The episode features two conversations: First, Rob speaks with Jahi Wise, the former director for the Greenhouse Gas Reduction Fund program at the Environmental Protection Agency. Second, Rob and Jesse chat with Dawn Lippert, the founder and CEO of Elemental Impact, a climate tech investment and nonprofit organization. Shift Key is hosted by Robinson Meyer, the founding executive editor of Heatmap, and Jesse Jenkins, a professor of energy systems engineering at Princeton University.

Mentioned:

The EPA’s $27 billion GGRF announcement

The three big new green banks: Climate United, Coalition for Green Capital, Power Forward Communities

Elemental’s $100 million in new funding from GGRF

Jesse’s upshift (and the new facility in Flint, Michigan); Rob’s upshift.

This episode of Shift Key is sponsored by …

Watershed’s climate data engine helps companies measure and reduce their emissions, turning the data they already have into an audit-ready carbon footprint backed by the latest climate science. Get the sustainability data you need in weeks, not months. Learn more at watershed.com.

As a global leader in PV and ESS solutions, Sungrow invests heavily in research and development, constantly pushing the boundaries of solar and battery inverter technology. Discover why Sungrow is the essential component of the clean energy transition by visiting sungrowpower.com.

Antenna Group helps you connect with customers, policymakers, investors, and strategic partners to influence markets and accelerate adoption. Visit antennagroup.com to learn more.

Music for Shift Key is by Adam Kromelow.

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