Earlier this month, the Environmental Protection Agency (EPA) posed 35 questions to Climate United and other awardees as part of an oversight request. In alignment with our deep commitment to transparency, Climate United is pleased to share our formal responses to their questions.
Our responses are built on nearly 12 months of working with the EPA to shape our goals, policies, and investment strategy while ensuring strong oversight and controls. During that time, EPA has had access to hundreds of documents, transaction-level visibility into our bank accounts, and robust budget and compliance requirements.
Despite the challenges and freezes, Climate United is surpassing benchmarks for community investments to date.
96% of our total expenditures and investments to date is providing financial assistance directly to communities and projects, exceeding the EPA-approved budget amount of 88%.
Only 2.8% of our total expenditures to date is program administration costs, falling well below the EPA-approved threshold of 7.6%.
The remaining 1.1% of expenditures support predevelopment and market building activities that support direct investments in communities. The approved budget for this spending category is 4.4%.
Across the investment portfolio, Climate United expects to attract 3 to 4 dollars in private capital for every 1 dollar of public capital spent. To date, Climate United has closed four loans totaling $47 million that are expected to mobilize a total of $1.6 billion in private capital, or more than 30 times the amount of closed funding. We are projecting a total leverage of $21 billion in private capital by 2030. Overall, we have committed $542 million to qualified projects – on track to meet or exceed our year one goal.
Learn more about our investments so far on our impact page.
Early investments are delivering impact at scale, primarily in rural America. Already, Climate United is financing projects that will generate millions of dollars in energy savings for schools and universities, reduce operational costs for small trucking businesses, and support the growth of domestic manufacturing of solar, steel, batteries, and heavy-duty vehicles.
Beginning with our application and through the award process, we have always been committed to transparency in our work and will continue to provide information to the EPA and the public. Climate United looks forward to helping Americans better understand how our work reduces energy costs, creates jobs, and boosts demand for U.S. manufacturing.
Notice of Funding Opportunity (NOFO)
Climate United Investment Strategy
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