CAP Solar: GGRF Conference at the New York Federal Reserve
Last month, I had the privilege of representing CAP Solar at the invitation-only Greenhouse Gas Reduction Fund (GGRF) Conference at the Federal Reserve Bank of New York. This event, co-hosted by the University of New Hampshire's Center for Impact Finance, brought together key GGRF winners, policymakers, and financial experts to strategize on the deployment of the EPA’s $27 billion GGRF fund. This fund aims to reduce greenhouse gas emissions while driving economic growth and environmental justice in underserved communities.
Unleashing the Power of Community Action
At the conference, the focus was on ensuring GGRF funds effectively reach local communities. CAP Solar emphasized the
reach and impact of Community Action agencies. With a presence in 90% of US counties, we are uniquely positioned to bridge the gap between high-level funding and grassroots implementation. Our message was clear: Community Action is the best conduit for channeling GGRF efforts into impactful projects.
Eligible projects for GGRF support include new, efficient building construction, energy retrofits, renewable energy installations, and electric vehicle deployment. CAP Solar’s focus is on using these funds to enhance the infrastructure of CAP buildings themselves, making them more energy- efficient and sustainable. By upgrading CAP facilities, we ensure that the organizations are better equipped to serve their communities effectively, leveraging the latest in renewable energy and efficiency technologies. This positions us perfectly to maximize the impact of these funds.
Introducing eCAP: Centralizing Efforts for a Sustainable Future
A significant highlight was the introduction of the Electric CAP (eCAP), a partnership between The Kresge Foundation, NCAP, and CAP Solar, aiming to centralize and streamline efforts across various Community Action Programs to develop comprehensive renewable energy projects. The response to eCAP was overwhelmingly positive with GGRF winners and financial institutions expressing great interest in our approach. We discussed potential collaborations with representatives from foundations, the US Treasury, the EPA, and various lending institutions, who recognized the value of eCAP in creating a unified pipeline of projects, potentially worth $100 million dollars. One encouraging aspect of the conference was the
enthusiasm for partnering with eCAP, highlighted in our discussions with the US Treasury about specific tax incentives for eCAP projects, and conversations with the EPA emphasizing the importance of ensuring GGRF dollars reach their intended communities. These interactions underscored the potential of eCAP to create a significant impact by centralizing efforts and building a large pipeline of projects, attracting low-interest loans from top- level GGRF winners.
Call to Action: Join the eCAP Movement
As we move forward, it is crucial for all Community Action agencies to recognize the immense potential of eCAP and the opportunities it presents. We urge all CAPs to register their buildings on our registration page at www.capsolar.org/reg. By doing so, you will become part of a growing pipeline of renewable energy and efficiency projects, positioning your community to benefit from the GGRF funds.
Together, we can make a substantial impact on our environment and our communities. Let’s seize this opportunity to lead the way in sustainable development and ensure that the benefits of the green economy reach every corner of our nation.
Join us for an engaging panel discussion, Transforming CAA Buildings: eCAP and the Greenhouse Gas Reduction Fund Opportunities on Wednesday, August 28, 2024 at the NCAP national Convention in Seattle.
We look forward to seeing you there.