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Unprecedented new and expanded federal applications have basically shifted the panorama of what’s economically and politically possible for state policymakers, creating a large alternative for states to unlock wide-ranging advantages and entice billions in federal funds and personal funding for his or her residents and companies.
Right now, there are extra causes than ever earlier than for states to proactively drive clear vitality coverage to reap financial, well being, and environmental advantages for his or her residents because the unparalleled inflow of federal funding all of a sudden renders as soon as formidable insurance policies cost-effective.
Introduction
RMI has recognized 5 focused coverage interventions that may assist states to:
Safe wide-ranging financial, well being, and environmental advantages, together with new high-quality jobs, decrease vitality prices, elevated federal and personal sector funding, averted deaths, decreased sickness, and cleaner air and water
Drive the vitality transition of their state, becoming a member of the race to the highest in a clear vitality economic system to seize the total alternative of fresh applied sciences and industries
Entice billions in federal and personal sector investments within the type of federal grants, rebates, and tax credit that preserve funding {dollars} in-state in addition to clear business investments in new services, companies, and jobs
Dozens of federal funding streams can be found to pay for implementing these interventions, making it simpler to move and fund confirmed insurance policies that generate equitable native financial and well being advantages. On the identical time, these insurance policies would allow, complement, and assist the in-state uptake of federal grants, loans, and tax credit, rising the stream of federal and personal funding to the state.
This doc outlines the 5 high-impact insurance policies and their advantages. It then pairs these coverage levers with the federal funding applications that supply one of the best alternative (typically together) to assist and pay for them:
Clear electrical energy customary
Clear car requirements
Managed vitality infrastructure transition
Methane requirements
Complete-home vitality retrofit program
Sturdy federal funding is obtainable to assist pay for 5 key state vitality insurance policies.
This desk summarizes the various kinds of federal funding accessible to assist every coverage and consists of hyperlinks to view extra details about every funding alternative in AFFORD*.
These insurance policies have been carried out throughout a variety of states — geographically and politically — and are confirmed to drive the uptake of fresh vitality applied sciences, present market certainty for clear vitality industries, and guarantee all communities understand advantages. We additionally present alternate approaches for every coverage to advance comparable outcomes if these particular insurance policies are usually not instantly possible in a given state.
This data is meant for these seeking to advance state-level vitality coverage to make sure they capitalize on the chance for cleaner communities, regionally produced vitality, decrease air air pollution, high-quality jobs, and infrastructure funding in a clear vitality economic system. For data on how essentially the most impactful insurance policies fluctuate by state, this text outlines the highest insurance policies to chop emissions, enhance jobs, and scale back air pollution in 24 states.
States can use this doc to establish the related federal funding streams to assist every coverage. Notably, some funding streams — such because the State Power Program, Greenhouse Gasoline Discount Fund, Local weather Air pollution Discount Grants, and Environmental and Local weather Justice Block Grant Program — are extremely versatile and will be utilized in assist of many various insurance policies. States ought to prioritize the usage of these versatile funds for insurance policies and tasks that lack different sturdy federal funding streams (e.g., landfill methane discount), and establish alternatives for versatile funds to fill funding gaps, unlock different funding streams, or kickstart implementation whereas ready for brand new and specialised applications to start out up. To maximise the affect of federal funding on states’ efforts, states ought to think about the provisions inside this doc as alternatives to enhance, relatively than change, state funding.
To focus consideration, this doc narrows down the accessible federal funding assets to spotlight solely essentially the most instantly helpful grants, tax credit, and mortgage applications that assist every coverage. Some alternatives are omitted as a result of they supply comparatively restricted funding, are expired and never anticipated to resume quickly, or are eligible just for a slim use case. In different phrases, much more federal funding is obtainable than this doc presents. Customers can discover the AFFORD instrument and different gadgets, such because the IRA Program and Incentive Abstract and Decarbonizing Trade Useful resource Instrument (DIRT), to study extra alternatives.
See RMI go into extra depth on these 5 focused coverage interventions right here.
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