Greenhouse Gas Reduction Fund: National Clean Investment Fund

 

The Inflation Reduction Act (IRA) amends the Clean Air Act to include Section 134 (42 USC 7434), which authorizes the EPA to make competitive grants under the National Clean Investment Fund. The National Clean Investment Fund is currently funded by two separate appropriations to make competitive grants to eligible recipients: $11.97 billion from Section 134(a)(2) and $2 billion from Section 134(a)(3) (out of $8 billion provided in Section 134(a)(3)). The National Clean Investment Fund implements the statutes use of funds for direct investments under Section 134(b)(1). Section 134(b)(1) directs recipients of funds for direct investments to (A) provide financial assistance to qualified projects at the national, regional, state, and local levels; (B) prioritize investment in qualified projects that would otherwise lack access to financing; and (C) retain, manage, recycle, and monetize all repayments and other revenue received from fees, interest, repaid loans, and any other financial assistance provided using the grant funds to ensure continued operability.

Active 66.957 Environmental Protection Agency B - Project Grants Fiscal Year 2023 The Notice of Funding Opportunity (NOFO) for this program was released on July 14, 2023. Clean Air Act, Section 134(a)(2) and 134 (a)(3) (42 US Code 7434) "Eligible recipients," as that term is defined in Clean Air Act Section 134(c)(1), are eligible for grants from this competition. Section 134(c)(1) defines "eligible recipient" as a nonprofit organization that (A) is designed to provide capital, leverage private capital and provide other forms of financial assistance for the rapid deployment of low- and zero-emission products, technologies, and services; (B) does not take deposits other than deposits from repayments and other revenue received from financial assistance using the grant funds; (C) is funded by public or charitable contributions; and (D) invests in or finances projects alone or in conjunction with other investors. Further information is provided in the NOFO about the specific criteria EPA will use to determine eligibility for funding under this program. This program will have widespread benefits to residents of the United States in communities across the country through the deployment of projects that reduce or avoid greenhouse gas emissions and other forms of air pollution. Required documentation is described in the NOFO. Preapplication coordination is required. This program is eligible for coverage under E.O. 12372, "Intergovernmental Review of Federal Programs." An applicant should consult the office or official designated as the single point of contact in his or her State for more information on the process the State requires to be followed in applying for assistance, if the State has selected the program for review. 2 CFR 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards applies to this program. Applicants, except in limited circumstances approved by the Agency, must submit all initial applications for funding through Grants.gov. For competitive awards, EPA will review and evaluate applications in accordance with the terms, conditions, and criteria stated in the NOFO. Competitions will be conducted in accordance with EPA policies/regulations for competing assistance agreements: https://www.epa.gov/grants/epa-order-57005a1-epas-policy-competition-assistance-agreements. The deadline for submission of applications, anticipated selections and anticipated award dates are communicated in the NOFO. From 120 to 180 days. Assistance agreement competition-related disputes will be resolved in accordance with the dispute resolution procedures published in 70 FR (Federal Register) 3629, 3630 (January 26, 2005). Disputes relating to matters other than the competitive selection of recipients will be resolved under 2 CFR 1500 Subpart E - Disputes, as applicable. Not applicable. The evaluation and selection criteria for competitive awards under this assistance listing will be described in the NOFO. Please refer to the Notice of Funding Opportunity (EPA-R-HQ-NCIF-23) for information on how assistance may be used under this program, or if there are any funding use restrictions. Performance Reports: Reporting requirements shall be determined at the time of grant award. Grants and cooperative agreements are subject to inspections and audits by the Comptroller General of the United States, the EPA Office of Inspector General, other EPA staff, or any authorized representative of the Federal government. Reviews by the EPA Project Officer and the Grants Specialist may occur each year. Recipients must keep financial records, including all documents supporting entries on accounting records and to substantiate changes in grants available to personnel authorized to examine EPA recipients grants and cooperative agreements records. Recipients must maintain all records until 3 years from the date of submission of final expenditure reports as required by 2 CFR 200.334. If questions, such as those raised because of audits remain following the 3-year period, recipients must retain records until the matter is completely resolved. Statutory formula is not applicable to this assistance listing.

Matching requirements are not applicable to this assistance listing.

MOE requirements are not applicable to this assistance listing. EPA is developing this program and will determine the length and phasing of awards. Assistance agreements may be incrementally (annually) or fully funded. None/Not specified. Asher Mayerson
Environmental Protection Agency, WJC Building North, 1200 Pennsylvania Avenue, N.W.
Washington, DC 20460 USA
GGRF@epa.gov
Phone: 202-564-7538 https://www.epa.gov/inflation-reduction-act/greenhouse-gas-reduction-fund 68-0103-0-1-304 (Project Grants (Discretionary)) FY 22$0.00; FY 23 est $0.00; FY 24 est $13,970,000,000.00; - As required by Sections 134(a)(2) and (a)(3) of the Clean Air Act, EPA must obligate funds under this program by September 30, 2024. EPA anticipates awarding $13.97 billion in funding through this program, including $11.97 billion from the appropriation under Section 134(a)(2) of the Clean Air Act and $2.00 billion from the appropriation under Section 134(a)(3) of the Clean Air Act. For General Assistance and Low-Income and Disadvantaged Communities Grants, costs will be determined in accordance with 2 CFR 200 and 1500 (EPA Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards); 40 CFR Part 33 (Participation by Disadvantaged Business Enterprises in United States Environmental Protection Agency Programs). Fiscal Year 2024 The statute limits the projects eligible for financial assistance under Section 134(b)(1) to “qualified projects.” Section 134(c)(3) provides that a qualified project is any project, activity or technology that (A) reduces or avoids greenhouse gas emissions or other forms of air pollution in partnership with, and by leveraging investment from, the private sector; or (B) assists communities in the efforts of those communities to reduce or avoid greenhouse gas emissions and other forms of air pollution.