Remember that Inflation Reduction Act?
In 2022, a democratic-led effort in Congress managed to pass what could be argued to be their crown climate achievement: The Greenhouse Gas Reduction Act, included as part of the Inflation Reduction Act. The bill was put forth as a means to begin to meaningfully act upon the impending climate crisis, incentivizing green energy sources and climate-resistant infrastructure investments.
An important component of the Greenhouse Reduction Act was the Greenhouse Gas Reduction Fund, dubbed the 'Green Bank'. It's a multibillion-dollar fund for initiatives meant to aid developers, nonprofits, and aid groups with their respective missions.
Oftentimes, these organizations used the money to fund projects meant to make communities more resilient to the effects of climate change and put forth climate justice for the disadvantaged. Where conventional banks and investors will overlook these underprivileged communities, the Green Bank would offer grants to them to cover the costs of adaptation.
It had handed out $20 billion in grants in the years prior to Trump's takeover, primarily to banks and coalitions who have a mission of providing aid, in the form of money and lending, to local and state initiatives for implementing green energy and climate resilience solutions. Such coalitions are important, since green initiatives might not otherwise have the funding to get off the ground.
Now, remember that Lee Zeldin guy, head of the EPA?
Yeah, the guy who didn't think that government money should be used for climate change initiatives? He intends to uphold his beliefs. He has recently declared that the EPA will attempt to retrieve the congressionally-allocated funding from the eight grant recipients. He claimed the nonprofits were "far-left activist groups" and that he considered the allocated funds to be wasteful. This comes amidst a federal obsession with 'efficiency' and cutting what they view to be 'wasteful' spending, which has already targeted many helpful, life-saving programs and administrations.
It also comes at a time of unprecedented weather extremes, spurred by a worsening climate.Kentucky, Missouri, Idaho, and a number of other states are all suffering under the flooding and snow brought about by a recent stream of winter storms- the sixth within two months according to the Weather Channel. The Los Angeles wildfires are still fresh in victim's minds.
Cutting costs in the present means they will skyrocket in the future
If the EPA were to retract the allocated grants, it could pull the rug out from under efforts to make communities more resistant to weather extremes that are only becoming more prevalent. Without such resistance, damage done by severe weather events is almost certain to be much worse, when it otherwise may have been preventable, or at least able to be mitigated.
Zeldin and the larger Trump administration may be trying to be stingy about their government spending habits, but it's almost guaranteed that the cost of becoming climate-resilient and moving to renewables will be dwarfed by the costs of rebuilding and migrating in the face of unfettered climate change.
Luckily, Zeldin's vow to revoke the Green Bank grants is yet to happen. He will try to direct the coalitions to return the money, but it is yet to be seen if he has the authority to do so. The Green Bank funding is congressionally allocated, and with Congress' power of the purse protected under the constitution itself, Zeldin will face significant legal challenges the whole way down. After all, a single man in a position of federal authority is not meant to be able to withhold or change aspects of a Congressionally-authorized budget. Let's hope that holds true.