§7434. Greenhouse gas reduction fund
(a) Appropriations
(1) Zero-emission technologies
In addition to amounts otherwise available, there is appropriated to the Administrator for fiscal year 2022, out of any money in the Treasury not otherwise appropriated, $7,000,000,000, to remain available until September 30, 2024, to make grants, on a competitive basis and beginning not later than 180 calendar days after August 16, 2022, to States, municipalities, Tribal governments, and eligible recipients for the purposes of providing grants, loans, or other forms of financial assistance, as well as technical assistance, to enable low-income and disadvantaged communities to deploy or benefit from zero-emission technologies, including distributed technologies on residential rooftops, and to carry out other greenhouse gas emission reduction activities, as determined appropriate by the Administrator in accordance with this section.
(2) General assistance
In addition to amounts otherwise available, there is appropriated to the Administrator for fiscal year 2022, out of any money in the Treasury not otherwise appropriated, $11,970,000,000, to remain available until September 30, 2024, to make grants, on a competitive basis and beginning not later than 180 calendar days after August 16, 2022, to eligible recipients for the purposes of providing financial assistance and technical assistance in accordance with subsection (b).
(3) Low-income and disadvantaged communities
In addition to amounts otherwise available, there is appropriated to the Administrator for fiscal year 2022, out of any money in the Treasury not otherwise appropriated, $8,000,000,000, to remain available until September 30, 2024, to make grants, on a competitive basis and beginning not later than 180 calendar days after August 16, 2022, to eligible recipients for the purposes of providing financial assistance and technical assistance in low-income and disadvantaged communities in accordance with subsection (b).
(4) Administrative costs
In addition to amounts otherwise available, there is appropriated to the Administrator for fiscal year 2022, out of any money in the Treasury not otherwise appropriated, $30,000,000, to remain available until September 30, 2031, for the administrative costs necessary to carry out activities under this section.
(b) Use of funds
An eligible recipient that receives a grant pursuant to subsection (a) shall use the grant in accordance with the following:
(1) Direct investment
The eligible recipient shall-
(A) provide financial assistance to qualified projects at the national, regional, State, and local levels;
(B) prioritize investment in qualified projects that would otherwise lack access to financing; and
(C) retain, manage, recycle, and monetize all repayments and other revenue received from fees, interest, repaid loans, and all other types of financial assistance provided using grant funds under this section to ensure continued operability.
(2) Indirect investment
The eligible recipient shall provide funding and technical assistance to establish new or support existing public, quasi-public, not-for-profit, or nonprofit entities that provide financial assistance to qualified projects at the State, local, territorial, or Tribal level or in the District of Columbia, including community- and low-income-focused lenders and capital providers.
(c) Definitions
In this section:
(1) Eligible recipient
The term "eligible recipient" means a nonprofit organization that-
(A) is designed to provide capital, leverage private capital, and provide other forms of financial assistance for the rapid deployment of low- and zero-emission products, technologies, and services;
(B) does not take deposits other than deposits from repayments and other revenue received from financial assistance provided using grant funds under this section;
(C) is funded by public or charitable contributions; and
(D) invests in or finances projects alone or in conjunction with other investors.
(2) Greenhouse gas
The term "greenhouse gas" means the air pollutants carbon dioxide, hydrofluorocarbons, methane, nitrous oxide, perfluorocarbons, and sulfur hexafluoride.
(3) Qualified project
The term "qualified project" includes any project, activity, or technology that-
(A) reduces or avoids greenhouse gas emissions and other forms of air pollution in partnership with, and by leveraging investment from, the private sector; or
(B) assists communities in the efforts of those communities to reduce or avoid greenhouse gas emissions and other forms of air pollution.
(4) Zero-emission technology
The term "zero-emission technology" means any technology that produces zero emissions of-
(A) any air pollutant that is listed pursuant to section 7408(a) of this title (or any precursor to such an air pollutant); and
(B) any greenhouse gas.
(July 14, 1955, ch. 360, title I, §134, as added