Sec. 30103. Greenhouse gas reduction fund
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Part A of title I of the Clean Air Act ( 42 U.S.C. 7401 et seq. ), as amended, is further amended by adding at the end the following: In addition to amounts otherwise available, there is appropriated for fiscal year 2022, out of any money in the Treasury not otherwise appropriated— $7,495,000,000 to the Administrator, to remain available until expended (except that no funds shall be disbursed after September 30, 2026), to make grants, on a competitive basis and not later than 180 calendar days after the date of enactment of this section, to States, units of local government, the District of Columbia, territories of the United States, Tribal governments, and eligible recipients for the purposes of providing financial and technical assistance to enable low-income and disadvantaged communities to deploy zero-emission technologies, including distributed zero-emission technologies on residential rooftops, and to carry out other greenhouse gas emission reduction activities, as determined appropriate by the Administrator in accordance with this section; $19,995,000,000 to the Administrator, to remain available until expended (except that no funds shall be disbursed after September 30, 2026), to make grants, on a competitive basis and not later than 180 calendar days after the date of enactment of this section, to eligible recipients, of which $8,000,000,000 shall be used to provide financial assistance in low-income and disadvantaged communities; and $10,000,000 to the Administrator, to remain available until expended (except that no funds shall be disbursed after September 30, 2031), for the administrative costs necessary to carry out activities under this section.
An eligible recipient that receives a grant pursuant to subsection
(a)shall operate in accordance with the following: An eligible recipient shall— use a broad range of finance and investment tools to provide financial assistance to qualified projects at the national, regional, State, and local levels, including, as applicable, through both concessionary and market rate financing; prioritize investment in qualified projects that would otherwise lack access to financing; retain, manage, recycle, and monetize all repayments and other revenue received from fees, interest, repaid loans, and all other types of financial assistance provided using grant funds under this section to ensure continued operability; and meet any requirements set forth by the Administrator to ensure accountability and proper management of funds appropriated by this section. An eligible recipient shall provide financial and technical assistance to establish new or support existing public, quasi-public, or nonprofit entities that provide financial assistance to qualified projects at the State, local, territorial, or Tribal level or in the District of Columbia, including community- and low-income-focused lenders and capital providers. In this section: The term eligible recipient means a nonprofit organization that— is designed to provide capital, including by leveraging private capital, and other forms of financial assistance for the rapid deployment of low- and zero-emission products, technologies, and activities; does not take deposits, other than from repayments and other revenue received from financial assistance provided using grant funds under this section; is funded by public or charitable contributions; and invests in or finances projects alone or in conjunction with other investors. The term qualified project includes any low- or zero-emission project, technology, or activity that— reduces or avoids greenhouse gas emissions and other forms of air pollution in partnership with, and by leveraging investment from, the private sector; or assists communities in the efforts of those communities to reduce or avoid greenhouse gas emissions and other forms of air pollution. The term zero-emission technology means any technology that produces zero emissions of— any air pollutant that is listed pursuant to section 108(a) (or any precursor to such an air pollutant); and any greenhouse gas. .
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Sec. 30103
Greenhouse gas reduction fund
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