CHRISTIANSBURG, Va. – A new initiative will fund clean energy projects here in Southwest Virginia and across the country promising to add thousands of jobs.
Christiansburg-based Appalachian Community Capital is using half a billion dollars in funding from the EPA to launch the Green Bank for rural America.
The Green Bank would then leverage that money to fund more than 2,000 green energy projects, creating 13,000 jobs and reducing pollution by a projected 850,000 tons.
Projects would be prioritized in Appalachia as well as other rural areas, including those with communities of color and Native populations.
“These are often the communities that are most impacted by environmental issues and environmental crises, said Donna Gambrell, president and CEO of Appalachian Community Capital. “So the idea was why not shift federal funding to these communities, and work in those communities to increase renewable energy projects?”
The EPA award is part of the $27 billion Greenhouse Gas Reduction Fund, an initiative that’s part of the Inflation Reduction Act.
“We want to make sure that overall that we are funding high-impact projects … that create good jobs that stay in the rural communities, helping local communities thrive,” Gambrell told 10 News.
The Green Bank also aims to help small businesses be successful and create healthier communities, Gambrell said.
Potential partners can apply beginning in late October, with the first awards announced after the first of the year.