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New federal funding for green energy projects from the Inflation Reduction Act is worth an estimated $370 billion, but some worry that a key tax incentive aimed at boosting renewables investment in communities formerly dependent on the fossil fuel industry is bypassing major urban areas. “All communities undergoing an energy transition — wherever they are located — deserve access to investment and federal funding,” said Heidi Binko.
A new analysis from the U.S. Department of the Treasury shows that funds from the Inflation Reduction Act are benefiting economically disadvantaged communities more than the rest of the country through clean energy investment in communities that have been underserved and are transitioning away from fossil fuel production.