April, 04 2024, 10:23am EDT
![Union of Concerned Scientists (UCS)](https://assets.rbl.ms/32012677/origin.jpg)
For Immediate Release
Contact:
Sanjali De Silva Communications Officer Energy, Climate Accountability
SDeSilva@ucsusa.org
EPA Announces Nonprofits to Lead National Green Bank Implementation
Washington
The United States Environmental Protection Agency (EPA) announced today that three non-profits will manage the distribution of the National Clean Investment Fund (NCIF), a $14 billion fund that can help leverage additional private sector capital to significantly expand clean energy projects across the country. The fund—a part of the Greenhouse Gas Reduction Fund (GGRF) created by the Inflation Reduction Act (IRA)—is designed to increase access to affordable financing for critical clean energy technology and efficiency projects. The EPA also announced that five non-profits will manage $6 billion in awards under the Clean Communities Investment Accelerator (CCIA). According to White House officials, 70% of the GGRF capital announced today will flow to low-income and disadvantaged communities. Vice President Kamala Harris and EPA Administrator Michael Regan will formally announce these award selections later today in North Carolina.
The NCIF builds on the success of over 40 existing state and local green bank programs that are using limited public funding to leverage greater private sector investment in clean energy. These programs have mobilized $21.8 billion in cumulative investments for clean energy projects since 2011, including $7 billion in 2023 alone, according to the Coalition for Green Capital.
Below is a statement by Steve Clemmer, the director of energy research and analysis at the Union of Concerned Scientists (UCS).
“Establishing the National Clean Investment Fund is pivotal in catalyzing the transition to an equitable, decarbonized economy. Using seed money from public funding to unlock additional private sector investment and new low-cost financing is a cornerstone in the transition to clean energy, and this program ensures the associated benefits are accessible to all. It is hopeful to see a list of non-profits that have a proven track record of financing clean energy in low-income and disadvantaged communities.
“With the lead nonprofit institutions and a consortium of partners in place, the hard work begins to ensure capital and resources are directed to the communities most in need. This is a unique opportunity to empower all communities, businesses, and families to benefit from the clean energy transition. While the NCIF is a significant step forward, UCS research shows clearly that even more ambition by all levels of government is needed to meet U.S. climate goals and advance environmental justice.”
UCS strongly advocates for the acceleration of renewable energy deployment across the country, with a particular focus on ensuring the transition to clean energy is done equitably and does not leave vulnerable, historically burdened communities behind. UCS is a member of the Equitable and Just National Climate Forum (EJNCF), which put forward joint recommendations on the GGRF urging the EPA to design and implement this fund to maximize investments and benefits delivered to disadvantaged and low-income communities. UCS has also worked closely with the Coalition for Green Capital and state green bank programs, as well as contributing to a joint letter to the U.S. Environmental Protection Agency (EPA)’s design and implementation.
A recent UCS study found that for the United States to meet its climate goals—including cutting economywide heat-trapping emissions in half by 2030 and achieving net-zero emissions no later than 2050—wind, solar, and other renewables would need to nearly triple from 22% of U.S. electricity generation in 2021 to 60% in 2030, and 92% in 2050. The analysis also found that the IRA’s clean energy incentives provide important momentum for the United States to make major near-term emissions reductions, but those could be at risk if fossil fuel use is expanded simultaneously. Additionally, while the IRA roughly doubles the current pace of annual emissions reductions to about 3% per year through 2030, the country will need to further accelerate its reductions to roughly 5% per year to achieve its climate targets.
The Union of Concerned Scientists is the leading science-based nonprofit working for a healthy environment and a safer world. UCS combines independent scientific research and citizen action to develop innovative, practical solutions and to secure responsible changes in government policy, corporate practices, and consumer choices.
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"The richest 1% of humanity continues to fill their pockets while the rest are left to scrap for crumbs."
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The richest sliver of the global population hauled in more than $40 trillion in new wealth over the past decade as countries around the world cut taxes for those at the very top, supercharging inequality that poses a dire threat to democracy and the planet.
An Oxfam analysis released Thursday ahead of a meeting of G20 finance ministers estimated that over the past 10 years, the global 1% has accumulated $42 trillion in new wealth. That's "nearly 34 times more than the entire bottom 50% of the world's population," the group observed.
"That is disgusting," Michael Taylor, founder of the Australian Independent Media Network, wrote in response to the new figures.
The analysis comes amid a growing push by current and former world leaders for rich countries to enact a global tax on billionaire wealth that would begin to reverse the damage done by decades of regressive policy. Oxfam found in a separate analysis released earlier this year that economic and political elites' global "war on fair taxation" has slashed taxes for the rich by 32% since 1980.
Oxfam said Thursday that global billionaires "have been paying a tax rate equivalent to less than 0.5% of their wealth."
"Inequality has reached obscene levels, and until now governments have failed to protect people and planet from its catastrophic effects," Max Lawson, Oxfam's head of inequality policy, said in a statement Thursday. "The richest 1% of humanity continues to fill their pockets while the rest are left to scrap for crumbs."
"Momentum to increase taxes on the super-rich is undeniable, and this week is the first real litmus test for G20 governments," Lawson added. "Do they have the political will to strike a global standard that puts the needs of the many before the greed of an elite few?"
A recent report by renowned economist Gabriel Zucman of the University of California, Berkeley outlined how nations could go about implementing a 2% minimum tax on the wealth of global billionaires—a policy change that he shows would raise up to $250 billion in annual revenue that could be used to support a range of priorities, from climate investments to education and healthcare programs.
"Thanks to recent progress in international tax cooperation, a common taxation standard for billionaires has become technically possible," said Zucman. "Implementing it is a question of political will."
The economist's report was commissioned by the government of Brazilian President Luiz Inácio Lula da Silva, who has championed a global billionaire tax in the face of resistance from powerful nations, including the United States—which has more billionaires than any other country. In 2018, U.S. billionaires paid a lower effective tax rate than working-class Americans.
But reporting indicates that the leaders of G20 nations—which are home to roughly 80% of the world's billionaires—are likely to rebuff Lula's push for billionaire wealth tax, opting instead to pursue what Bloombergdescribed as "research on taxation and inequality that could take years to deliver results."
Reuters similarly reported Wednesday that G20 finance ministers meeting in Brazil "are preparing a joint statement for Thursday in support of progressive taxation that will stop short of endorsing the hosts' proposal for a global 'billionaire tax.'"
The global billionaire wealth surge comes in the context of growing misery for large swaths of the world's population. A report released Wednesday by the United Nations' Food and Agriculture Organization (FAO) estimated that one out of 11 people around the world—or up to 757 million people—"may have faced hunger" last year.
"The world's poorest people are paying the highest price of hunger," Eric Munoz, Oxfam's food policy expert, said in response to the FAO report. "We need deeper, structural policy and social change to address all of the drivers of hunger, including economic injustice, climate change, and conflict."
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Pointing to June reports by The New York Times, Haaretz, and The Guardian, the groups—including the Center for International Policy, CodePink, Democracy for the Arab World Now (DAWN), National Iranian American Council (NIAC), U.S. Campaign for Palestinian Rights (USCPR) Action, and Win Without War—wrote to President Joe Biden and the departments of Homeland Security, Justice, and State.
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Although the Israeli ministry denied involvement in the campaign and Stoic didn't respond to requests for comment, the newspaper noted that "at its peak, it used hundreds of fake accounts that posed as real Americans on X, Facebook, and Instagram to post pro-Israel comments. The accounts focused on U.S. lawmakers, particularly ones who are Black and Democrats."
As The Guardian reported on June 24, "That effort is only one of many such campaigns coordinated by the ministry."
The newspaper detailed "a sprawling relaunch of a controversial Israeli government program initially known as Kela Shlomo, designed to carry out what Israel called 'mass consciousness activities' targeted largely at the U.S. and Europe."
"Concert, now known as Voices of Israel, previouslyworked with groups spearheading a campaign to pass so-called 'anti-BDS' state laws that penalize Americans for engaging in boycotts or other nonviolent protests of Israel," The Guardian explained, referring to the Palestinian-led Boycott, Divestment, and Sanctions movement.
"Its latest incarnation is part of a hardline and sometimes covert operation by the Israeli government to strike back at student protests, human rights organizations, and other voices of dissent," according to the newspaper. "Voices' latestactivities were conducted through nonprofits and other entities that often do not disclose donor information."
The coalition calling on Biden to launch an investigation wrote that "it is incumbent on our government to protect its citizens from efforts by foreign governments to inappropriately interfere in our democratic process by spreading disinformation, targeting U.S. elected officials, and seeking to intimidate members of U.S. civil society."
Highlighting previous action "to punish and deter such nefarious behavior" by Russian firms, the groups argued that "as an administration that has defined itself as defenders of American democracy against threats from both domestic and foreign state actors, the news of the Israeli government's attacks on our democracy must be addressed."
NIAC president Jamal Abdi said, "What this letter asks for is very simple: that President Biden and his administration treat reports of inappropriate Israeli influence operations with the same seriousness that it has allegations of Russian and Iranian influence campaigns."
"Unfortunately, what has been reported thus far could just be the tip of the iceberg," he continued. "The administration must work to defend our democracy fully, and ensure that no foreign state has a green light to inappropriately target American citizens or manipulate our democratic process."
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In addition to the reported covert operations, there have been overt actions by Israel's leaders. As Israeli National Security Minister Itamar Ben-Gvir on Wednesday endorsed former U.S. President Donald Trump for the November election, saying that he believes the Republican "will receive the backing to act against Iran," Israeli Prime Minister Benjamin Netanyahu was invited to address a joint session of Congress, despite protests from American lawmakers.
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"The report shows that the world has been set back 15 years, with levels of undernourishment comparable to those in 2008-2009," according to the FAO. "An alarming number of people continue to face food insecurity and malnutrition as global hunger levels have plateaued for three consecutive years."
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FAO Director-General Qu Dongyu said in a statement that "transforming agrifood systems is more critical than ever as we face the urgency of achieving the SDGs within six short years. FAO remains committed to supporting countries in their efforts to eradicate hunger and ensure food security for all."
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"It calls for increased and more cost-effective financing, with a clear and standardized definition of financing for food security and nutrition," the agency added.
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"We need to build on the progress achieved in this region, and share this experience with other regions, especially Africa," Qu said.
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Cindy McCain, executive director of the U.N.'s World Food Program (WFP), said Wednesday that "a future free from hunger is possible if we can rally the resources and the political will needed to invest in proven long-term solutions."
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