42 USC 7434 - Greenhouse gas reduction fund

U.S Code last checked for updates: May 02, 2024

§ 7434.

Greenhouse gas reduction fund

(a)

Appropriations

(1)

Zero-emission technologies

(2)

General assistance

(3)

Low-income and disadvantaged communities

(4)

Administrative costs

(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

(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

(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 Pub. L. 117–169, title VI, § 60103, Aug. 16, 2022, 136 Stat. 2066.)

cite as: 42 USC 7434