President Joe Biden, on Friday, announced that he is directing $20 billion toward "clean energy projects."
The announcement came in a press release that the White House released on Friday.
The press release is titled, "FACT SHEET: Biden-Harris Administration launches historic $20 billion competition to catalyze investment in clean energy projects and tackle the climate crisis."
In short, the $20 billion is going to be used to further the political left's climate agenda.
The press release states that there will be a "$20 billion competition to capitalize a clean energy financing network that will massively expand investment in new projects that reduce pollution across the country."
The $20 billion will be distributed, according to the press release, by "two separate and complementary competitions."
One of these competitions is a "$14 billion National Clean Investment Fund (NCIF) competition." The press release states:
[The] competition will provide grants to support two-to-three national clean financing institutions that will partner with the private sector to provide accessible, affordable financing for tens of thousands of clean technology projects nationwide. At least 40% of NCIF funds will flow to low-income and disadvantaged communities, including communities with environmental justice concerns, traditional energy communities, rural communities, Tribal communities and other underserved areas.
The other competition is the "$6 billion Clean Communities Investment Accelerator (CCIA) competition."
This competition, according to the press release, will:
work in tandem with the NCIF by providing grants to support two-to-seven hub nonprofit organizations that will provide funding and technical assistance to community lenders working to finance clean technology projects – from retrofitting homes to be highly efficient and zero emissions to electrifying small businesses’ delivery fleets – in low-income and disadvantaged communities. All CCIA funds will flow to these communities, helping advance the Biden-Harris Administration’s commitment to environmental justice.
Ultimately, the money, of course, comes from the taxpayer.
But, the Associate Press reports:
All three programs will be overseen by the green bank, formally known as the Greenhouse Gas Reduction Fund, which Congress created in last year’s climate law.
The third program - worth $7 billion - is the Solar for All program, which the Biden administration announced in June. Its aim, according to the Associate Press, is to provide "residential and community solar projects in low-income communities."
The green bank is directed by Environmental Protection Agency Administrator Michael Regan. Regan claims that the $27 billion will be used to "tackle the climate crisis and reshape the economy."
Critics are skeptical and believe that the likelihood is that the money will be wasted in various ways, including through abuse.