U.S. has allocated $20 billion for clean energy initiatives

The White House allocates $20 billion for the development of clean energy in the United States. This was announced by Vice President of the United States Kamala Harris.

“Today I am proud to announce the largest investment in local climate finance in our nation’s history. One of the reasons this is so important is that we need to make up for lost time. We know that by significantly accelerating our work, we can reduce emissions. We will do this through $20 billion in funding from a national network of nonprofit and public lenders and other financial institutions that are financing tens of thousands of climate and clean energy projects across America,” she said, speaking at Coppin State University in Baltimore, Maryland.

Harris recalled that together with U.S. President Joe Biden, they have set an “ambitious goal” to halve greenhouse gases by 2030 and reach net zero by 2050. “The investment we are announcing today will help us achieve those goals,” the vice president added.

She explained that the federal investment will, among other things, allow developers who build affordable housing to have “the required capital to install energy-efficient appliances in new homes, which will reduce energy consumption and help residents reduce energy costs.” In addition, small business owners will also be able to receive zero-interest loans to purchase electric trucks, Harris pointed out. She added that the allocation of funds provides for the state to actively partner with private businesses and allow for the creation of new jobs.

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