Greenhouse Gas Reduction Fund (GGRF)
OFN is the nation’s leading network of more than 410 mission-driven lenders, including community development financial institutions (CDFIs). With 40 years of experience and more than $1 billion in assets under management, OFN is a trusted financial intermediary between public and private sector partners and mission-driven community lenders working nationwide. OFN’s network has $42 billion in assets under management, and through 2022, our members have originated $111 billion in financing in rural, urban, and Native communities.
Last October, OFN submitted a historic bid to finance a clean energy transition in underinvested communities through the Clean Communities Investment Accelerator (CCIA), part of the EPA’s $27 billion Greenhouse Gas Reduction Fund (GGRF). In April, OFN was selected to receive a $2.29 billion award. Through this transformative partnership, OFN will transform the community development finance industry with a new clean energy financing ecosystem. The program will launch in the summer of 2024.
About the Greenhouse Gas Reduction Fund
Authorized under the Inflation Reduction Act and administered by the EPA, GGRF is a $27 billion federal investment that addresses the climate crisis, especially in the rural, urban, and Native communities most impacted by climate change and left behind by mainstream finance.
The GGRF will be implemented across the following three environmental justice grant programs:
- $14 billion National Clean Investment Fund.
- $6 billion Clean Communities Investment Accelerator.
- $7 billion Solar for All.
The program’s goals are to reduce greenhouse gas emissions and other sources of air pollution, lower energy costs, create clean energy jobs, mobilize additional private capital, and strengthen local economies.
OFN’s Approach to the Greenhouse Gas Reduction Fund
Mission-driven lenders have a long record of successfully investing in low-income, low-wealth communities. More than half (55%) of OFN’s members currently offer green or climate financing products. This perfectly positions the CDFI industry to finance a just clean energy transition through GGRF.
As a selected awardee, OFN will invest in mission lenders nationwide to transform the market for clean energy finance and deliver community benefits.
OFN will serve as a resource hub for community lenders, offering grants, technical assistance, and loans that support CDFIs and other community lenders all along the climate capacity curve — from nascent to established climate lenders.
The following principles guide our approach:
- The needs of low-income, low-wealth communities will be central in program design and implementation.
- CDFIs and other mission lenders that can target federal funds to underserved markets are the priority.
- Environmental justice and equity are paramount.
- Speed to market must be balanced with long-term community transformation.
How to Get Involved
Stay in Touch
Sign up to receive the latest news and information from OFN about climate finance, including grants and funding, training opportunities, and all things related to the Greenhouse Gas Reduction Fund.
Join OFN
Mission-driven community lenders who meet OFN’s membership criteria are welcome to apply for membership and participate in this program.
Have Questions?
If you have questions about OFN and the Greenhouse Gas Reduction Fund or Clean Communities Investment Accelerator, visit our FAQs. If your question is not answered there, you can send an email to ggrf@ofn.org.