GGRF: Qualified Project Proxies
In early 2024, the following principles received directional approval by lender teams that were awarded implementation funding for two of the Greenhouse Gas Reduction Fund (GGRF) programs, the National Clean Investment Fund and the Clean Communities Investment Accelerator.
Institute a minimum (floor) for greenhouse gas (GHG) reductions at the programmatic level - Do not allow new heating or cooling systems to be installed that operate using fossil fuels with GGRF funding
- Use the net zero emissions buildings definition as a guide, and to be clear on how to achieve net zero (a balance between the amount of GHG produced vs. the amount that’s removed from the atmosphere) over time
- Manage/limit use, volume and distribution of refrigerants being phased out by EPA
- Reduce the energy burden/insecurity (the percentage of income spent on energy/utility costs), not increase it, particularly for rental housing residents
- Address health & safety barriers to do no harm; for example, sources of moisture must be addressed before air sealing and adding insulation.
- Prioritize local and minority/women owned contractors
- Seek a community-informed “localization” of the principles, taking into account the nuances in varied local landscapes
The linked spreadsheet shows how ~30 commonly used green building rating systems align with these guiding principles. The matrix is intended to assist lenders in their assessment of projects applying for loan funding:
For more information, please see this article on be-exchange.org.
Work funded in part by NRDC, and done in collaboration with BEEx, IMT, Elevate and VEIC