The White house announced on Tuesday that President Joe Biden is making $450 million funding for nationwide clean energy projects at the site of current or former coal mines. Projects are proposed and implemented within the framework of 2021 infrastructure law.
Additionally, investors in clean energy projects will benefit from bonuses and production tax credits provided by the Inflation Reduction Act. Bonuses offered by the act are hoped to encourage investment in energy communities, particularly coal communities, the White House said.
Developers are required to hire a sufficient proportion of apprentices on the job and pay sufficient wages. These conditions are set to “ensure that workers in energy communities reap the benefits of the clean energy economy they are helping to build,” Energy Secretary, Jennifer Granholm said.
Grant decisions are expected by early next year and applications are scheduled for the end of August.
In his speech, Biden outlined how the former Brayton Point power plant in Massachusetts manifests the clean energy transition his administration seeks to undertake.
Joe Biden’s administration set the goals of cutting greenhouse gas emissions in half by 2030. Furthermore, it hopes to reach net-zero emissions economy by 2050.
