Biden admin gives $20 BILLION to 8 nonprofits to fight 'climate change'

Eight environmental nonprofits are set to receive a combined $20 billion in federal funds from the Biden administration as part of its efforts to fight climate change. The money was authorized in the Inflation Reduction Act, which despite its name was a massive spending bill pushed through Congress by the then-Democrat majority.

In a written statement, Vice-President Kamala Harris celebrated the allocation of these funds, referring to the initiative as “the largest investment in financing for community-based climate projects in our nation’s history.”

“The grantees announced today will help ensure that families, small businesses, and community leaders have access to the capital they need to make climate and clean energy projects a reality in their neighborhoods,” Vice President Kamala Harris said in a written statement.

These funds come from the 2022 Inflation Reduction Act, which was essentially a climate, tax, and healthcare bill which many Republican lawmakers have referred to as a “slush fund." The Biden administration is seeking to quickly distribute these funds before 2025, when Republicans could potentially regain control of Congress and eliminate them.

According to The Hill, the eight nonprofits set to receive these funds are the Climate United Fund, Coalition for Green Capital, Power Forward Communities, Opportunity Finance Network, Inclusiv, Justice Climate Fund, Appalachian Community Capital, and Native CDFI Network.

These nonprofits will utilize the funds to provide loans to businesses, homeowners, and various groups, with a focus on promoting the adoption of clean energy technologies, per the New York Times. $14 billion of the funds are specifically reserved for low-income and rural areas, neighborhoods of color, and other specific communities.

Opportunity Finance Network is set to be the largest recipient of the organizations mentioned. The organization is a network of over 400 community development financial institutions and has stated that it aims to "revolutionize the community development finance industry through new clean energy investments in underinvested communities, prioritizing climate action, equity, and community benefits."

EPA administrator Michael Regan called this initiative “unprecedented” and stated that the funds will help communities “that for too long have been shut out of resources to lower costs and benefit from clean technology solutions.”