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1 1 (February 14, 2023)

handle is hein.crs/govekpg0001 and id is 1 raw text is: sgCongressional ____ R .fesearch Service EPA's Greenhouse Gas Reduction Fund Updated February 14, 2023 On August 16, 2022, President Biden signed H.R. 5376 (P.L. 117-169), a budget reconciliation measure commonly referred to as the Inflation Reduction Act of 2022 (IRA). IRA contains eight titles, each with some provisions that directly or indirectly address issues related to climate change, including the reduction of U.S. greenhouse gas (GHG) emissions and the promotion of adaptation and resilience to climate change impacts. IRA Section 60103: Greenhouse Gas Reduction Fund Section 60103 of IRA (codified at 42 U.S. Code §7434) amends the Clean Air Act to provide for a Greenhouse Gas Reduction Fund (GHGRF) to be administered by the U.S. Environmental Protection Agency (EPA). The provision appropriated $27 billion to EPA for FY2022, out of any money in the Treasury not otherwise appropriated, to remain available until September 30, 2024, to make grants, on a competitive basis, as follows: * $7.0 billion to states, municipalities, tribal governments, and eligible recipients for the purposes of providing grants, loans, or other forms of financial assistance, as well as technical assistance, to enable low-income and disadvantaged communities to deploy or benefit from zero-emission technologies; * $11.97 billion to eligible recipients for the purpose of providing financial and technical assistance for qualified projects; * $8.0 billion to eligible recipients for the purpose of providing financial and technical assistance for qualified projects in low-income and disadvantaged communities; and * $30.0 million for agency administrative costs. IRA defines eligible recipient as a nonprofit organization that is designed to provide capital, leverage private capital, and provide other forms of financial assistance for the rapid deployment of low- and zero-emission products, technologies, and services; does not take deposits other than deposits from repayments and other revenue received from financial assistance provided using grant funds under the IRA; is funded by public or charitable contributions; and Congressional Research Service https://crsreports.congress.gov IN12090 CRS INSIGHT Prepared for Members and Committees of Congress

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