Press Release: ICYMI: New Report Says EPA’s GGRF Will Save $52 Billion in Energy Costs, Create 41,000 New Jobs Per Year
For Immediate Release
May 13, 2025
Contact: Emily Samsel, emily@cleanpowerinformation.
Washington, DC – Today, Axios covered a new study of the EPA’s Greenhouse Gas Reduction Fund from the nonpartisan think tank Energy Innovation and the Carsey School’s Center for Impact Finance (CIF) at the University of New Hampshire that finds the program will generate approximately 40,000 new jobs each year and save American families $52 billion in energy costs.
The cost-saving, job-creating GGRF program is currently being held up by President Trump and EPA Administrator Zeldin’s lawless attempt to claw back $20 billion of the Congressionally appropriated funds. DC District Court Judge Tanya Chutkan found that the Trump EPA has “no rational explanation” for terminating the grants. A hearing next week is the next step in the courts.
Read the full story below:
Axios: Think tank makes new argument for EPA’s climate fund
A major EPA climate grant program in the Inflation Reduction Act would create tens of thousands of jobs and nearly $24 billion in additional wages over the next six years, new analysis first viewed by Axios finds.
Why it matters: The study by Energy Innovation — a firm that backs strong CO2-cutting policies — lands as Capitol Hill Republicans look to end the $27 billion Greenhouse Gas Reduction Fund.
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And EPA Administrator Lee Zeldin is already seeking to terminate most of it using existing authorities, alleging various abuses, but the efforts are tied up in court.
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The fund is the largest non-tax investment in the 2022 law.
Driving the news: The study of $24 billion targeted for project finance notes that while the fund’s main goal is embedded in its name, the program would have big economic spillovers.
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Energy Innovation — whose CEO, Sonia Aggarwal, is a former Biden White House climate aide — sees an average of 36,000 to 41,000 extra jobs annually compared to current policies.
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It also estimates $52 billion in consumer energy cost savings over 20 years and total investment in the U.S. economy of almost $65.5 billion.
Catch up quick: Much of the fund, dubbed a “green bank,” stakes nonprofits that will, in turn, seek to build and sustain a wide network of community finance institutions.
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They planned to provide low-cost loans and other aid, and it was designed to leverage private capital.
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Zeldin has called the program rife with conflicts and abuses, though a federal judge has called out EPA for failing to provide specific evidence.
What we’re watching: The fund’s fate in the courts, and in Congress, where today the House Energy and Commerce Committee marks up budget legislation that would end it.
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