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September 08, 2023

CUs: Join movement to access Greenhouse Gas Reduction Fund grants

NAFCU Vice President of Regulatory Affairs Ann Petros Thursday alerted credit unions to the opportunity to participate in the Greenhouse Gas Reduction Fund (GGRF) via a partnership between NAFCU and Ecority, an independent nonprofit established to leverage and scale the $27 billion EPA-administered GGRF, in new posts on the NAFCU Networks.

“Credit unions have earned their place at this table,” Petros wrote. “Our sector represents the most accountable way to put this unprecedented investment in green lending to work in our local communities. Together we will help your members – especially lower-income, energy-burdened households – save money on affordable clean energy projects that help your communities, create good jobs, grow the economy, and contribute to a healthier environment for all Americans and at lowest possible costs.”

Ecority is working to secure funding to help credit unions and Community Development Financial Institutions (CDFIs) access green lending grants – as high as $10 million – to benefit credit union members and communities. Credit unions are encouraged to indicate their interest in participating in the program by completing a brief form on Ecority’s website and sharing a letter of interest that will be sent to the EPA to strengthen Ecority’s application for funds.

In posts on the member-only CEO, CFO, and ONES + CFPB Supervision Networks, Petros provides details on Ecority, the GGRF programs, and how credit unions can receive funding and technical assistance for offering members loan guaranty-backed affordable financing for:

  • electric vehicles and EV infrastructure;
  • home or business energy improvements;
  • net-zero building construction (family, manufactured and multi-family homes, and commercial buildings);
  • solar panels; and
  • other technologies deemed to reduce greenhouse gases and other pollutants.

Forms to indicate interest are due to Ecority Friday, Sept. 15.

NAFCU advocated for credit unions’ ability to participate in the GGRF and will continue to work with the EPA and Congress to ensure appropriate implementation of the fund and credit unions’ access to it for qualified projects. The association also has a CUPP podcast episode focused on the fund.

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