Date: 02/20/2025
Type: Rollback of IRA
On February 20, 2025, some EPA grantees reported that they had lost access to about $20 billion in Greenhouse Gas Reduction Fund disbursements previously available through Citibank, following EPA Administrator Lee Zeldin’s call to rescind the funding. Federal prosecutor Denise Cheung resigned after refusing to follow a Department of Justice order to open a criminal investigation into Citibank’s green bank programs. The funds had been disbursed to eight nonprofit grantees, which were planning to send them to green banks to loan out in support of climate projects.
The Greenhouse Gas Reduction Fund is authorized by IRA section 60103, appropriating $27 billion to EPA to establish the fund.