New Federal Funding for Clean Energy and Climate Solutions on its Way to Montgomery County Green Bank

For Immediate Release: Thursday, April 4, 2024

 

Montgomery County and the County’s Department of Environmental Protection (DEP) applaud the U.S. Environmental Protection Agency’s announcement today of additional Federal funding to finance climate and clean energy solutions. The Montgomery County Green Bank is among the sub-awardees for a $5 billion Environmental Protection Agency (EPA) grant awarded to the Coalition for Green Capital (CGC) to invest in clean energy projects with at least 50 percent of investments in low-income and disadvantaged communities.

The Montgomery County Green Bank is a member of the CGC, along with consortium of green banks and organizations across the country. The CGC was granted $5 billion by the EPA and is part of a historic $27 billion Greenhouse Gas Reduction Fund established under the Inflation Reduction Act under President Biden's Investing in America agenda.

The Montgomery County Green Bank plans to use the funding for growing green bank programming in three main areas:

• Building Energy Performance Standards (BEPS) Readiness and Energize Multifamily Programs will support building decarbonization.
• Solar Power Purchase Agreement and Access Solar programs will support distributed clean energy.
• EV Charging Infrastructure program will help grow electric vehicle adoption.
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These programs will be deployed throughout the County, focusing on benefiting low-income and disadvantaged communities to promote a just transition to a clean economy.

“We can’t solve the climate crisis unless everyone can feel the benefits of clean energy solutions,” said Montgomery County Executive Marc Elrich. “This grant, through the Montgomery County Green Bank, means new investments throughout the County in clean power projects in low-income and disadvantaged communities, new clean energy jobs and new ways for us to reach our climate goals to cut greenhouse gas emissions 80 percent by 2027 and by 100 percent by 2035. Congratulations to the Montgomery County Green Bank for its hard work to secure this monumental grant. This work will make a difference. We appreciate and are grateful for the financial support and partnership of the Biden/Harris Administration, the Montgomery County Congressional Delegation, the EPA and the Coalition for Green Capital. And I want to acknowledge and thank Senator Chris Van Hollen, who has championed the capitalization of a national green bank with public capital for the last 15 years."

Vice President Kamala Harris said: “When President Biden and I made the largest investment in our nation's history to address the climate crisis and to build a clean energy economy, we made sure that every community would be able to participate and benefit. 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.”

Michael S. Regan, EPA administrator, said: “President Biden and Vice President Harris have put communities at the center of their Investing in America agenda. Today, we’re putting an unprecedented $20 billion to work in communities that for too long have been shut out of resources to lower costs and benefit from clean technology solutions,” “The selectees announced today will deliver transformational investments for American communities, businesses, and families and unleash tens of thousands of clean technology projects like putting solar on small businesses, electrifying affordable housing, providing EV loans for young families, and countless others. That translates to good-paying jobs, energy bill savings, and cleaner air, all while delivering on President Biden’s historic agenda to combat climate change.” 

Reed Hundt, Coalition for Green Capital chief executive officer and co-founder, said: “In January 2009, then Congressmen Chris Van Hollen and Ed Markey championed the capitalization of a national green bank with public capital. Never abandoning their commitment to this goal through multiple Congresses and in various legislative forms, these two leaders and Congresswoman Debbie Dingell crafted the Inflation Reduction Act of August 2022 provisions that created the Greenhouse Gas Reduction Fund. The EPA’s $20 billion award is the largest single capitalization of green banks in any country in the world. The United States can now lead all nations in showing how public-private investment can deliver cheap, clean power faster than anyone has predicted – and can focus this new investment primarily on transforming the power platform in every low-income and disadvantaged community. With our pipeline of more than $30 billion in demand for public capital, we at CGC look forward to partnering with the agency, other award winners, and with all other community lenders that either did not apply for funds or were not selected. Five billion dollars in capitalization is a really good start.”  

Stephen Morel, Montgomery County Green Bank CEO, said: “We are honored to be selected as a sub-awardee under the Environmental Protection Agency's Greenhouse Gas Reduction Fund. With these grant funds, we are excited to amplify climate and equity impacts in Montgomery County, as well as with our partners throughout Maryland. Together, Maryland will make significant strides in decarbonizing buildings, expanding clean energy, and propelling zero-emissions transportation. And together we will grow the clean energy economy for all, with a focus on our disadvantaged communities.”  

Jon Monger, director of the Montgomery County Department of Environmental Protection, said: "This historic funding is about reducing emissions, delivering benefits to communities, and mobilizing capital. Here in Montgomery County, this funding award is another example of how we are meeting this critical moment for our environment and climate, and it will enable local businesses and residents to see more clean energy and climate-resilient projects soon. These projects will not only help save energy and reduce greenhouse gas emissions, but will also create healthier living and working environments, promote a more resilient economy and environment, and help the County achieve its environmental objectives. I look forward to working with the Montgomery County Green Bank to accelerate clean energy, achieve our County’s climate goals, and help all County residents and businesses realize the benefits of a green transition.”

Sarah Kogel-Smucker, Montgomery County climate change officer, said: “Climate change is no longer a distant threat, but an accelerating reality. Congratulations to Montgomery County Green Bank for their work in securing this historic grant. This funding will help us to create a greener future, accelerate clean energy across the County, and reduce climate and air pollution while also reducing energy costs, improving public health, and creating good-paying clean energy jobs in communities across the county, especially in low-income and disadvantaged communities.” 

Visit the Montgomery County Green Bank’s website for more information.

 

Release ID: 24-166
Media Contact: Cindy Peña 202-875-1563