GRID Alternatives employees install no-cost solar panels on the rooftop of a low-income household on Oct. 19 in Pomona, California. GRID Alternatives has installed no-cost solar for over 29,000 low-income households located in underserved communities which are most impacted by pollution, underemployment and climate change.Last month, the Greenhouse Gas Reduction Fund committed to sending $27 billion to a range of organizations to support community climate and clean energy projects.
“This is really a scale play,” says Wise. “The idea here is to use this public capital to spur financial innovation and financial products that allow more projects to be completed.” Its structure is also somewhat complicated. It’s divided into three sub-programs, which then fund an array of independent non-profit organizations. Those organizations are then responsible for putting the money to work—convening with project developers, entrepreneurs, and communities to hammer out the best ways to use the funds while meeting mandates and guidelines laid out by the GGRF.
Potential financing tools are wide ranging and might include loans for specific projects, debt to help a company enter a new market, or loan guarantees for communities perceived as having credit risk—to name a few. These aren’t new mechanisms, but the innovation comes in adapting them to fit the particular needs of clean energy projects in communities, particularly where private finance has yet to fund these sorts of projects.
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