Lawmakers have earned recognition for their recent victories in countering the Green New Deal proposal.
The Greenhouse Gas Reduction Fund, a $27 billion initiative aimed at supporting progressive nonprofits in their efforts to combat climate change, has been suspended following a series of legislative actions.
Congress, in a move to curb potential corruption, waste, and abuse, rescinded unobligated funds for the program and repealed it entirely. This decision came after the fund was deemed rife for such issues.
Prior to its suspension, one nonprofit was chosen to receive $8 billion to distribute as it saw fit. The specific name of this organisation was not disclosed in the available search results, but it is known that it is a community-based financial institution or nonprofit lender focusing on climate investments.
In addition, a handful of nonprofits were selected to receive $2 billion or more to distribute at their discretion. The identities of these organisations also remain undisclosed.
The OBBBA (Offshore Oil and Gas Leasing and Infrastructure Act) played a significant role in the changes to the Greenhouse Gas Reduction Fund. It repealed numerous electric vehicle tax credits and credits aimed at eliminating the use of natural gas in homes and buildings. Furthermore, the OBBBA rescinded unobligated funds for multiple IRA (Inflation Reduction Act) programs administered by the EPA, including the Greenhouse Gas Reduction Fund.
In an effort to reduce the availability of tax credits, eligibility for wind and solar project tax credits have been significantly tightened. These credits are no longer available for projects placed in service after December 31, 2027, unless construction began by July 4, 2026.
In the wake of the Greenhouse Gas Reduction Fund's suspension, it is clear that the landscape of climate change funding has shifted. The future of these initiatives and the organisations involved remains uncertain, as the program no longer exists in law and cannot be used without new legislation reestablishing the program.
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