The new Inflation Reduction Act includes a $27 billion Greenhouse Gas Reduction Fund that will support competitive grants to national and local “green banks,” which will use the money to invest in projects and innovations intended to reduce or avoid greenhouse gas emissions and other forms of air pollution. While the fund will provide plenty of opportunity to those “green banks,” program applicants should be wary of potential pitfalls that could spark False Claims Act liability.
Much of the “green bank” fund is earmarked for renewable energy projects that will benefit low-income and disadvantaged communities. It will be administered by the US Environmental Protection Agency (EPA) through its authority under the Clean Air Act, which was amended to authorize this fund.
While details of the application process have yet to be released, prospective applicants can take note of a few key qualifications and restrictions on the use of funds.
The fund's money is divided into three pots. The first contains $7 billion that is earmarked for projects intended to help low-income and disadvantaged communities deploy or benefit from zero-emission technology or other greenhouse gas emission reduction activities. The EPA has the authority to further qualify use of funds awarded through that funding stream when it implements the fund and begins making grant awards.
The second pot is also earmarked to support low income and disadvantaged communities by funding...
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