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League Joins Effort to Protect Fund Supporting Green Lending Initiatives

2/12/2024

The Virginia League has signed on with other system partners to a letter to federal lawmakers in support of the U.S. Environmental Protection Agency's Greenhouse Gas Reduction Fund (GGRF). Your League and other partners believe that GGRF funds will be targeted by lawmakers in the coming weeks, with some legislators working to significantly reduce monies previously appropriated for the fund.

The GGRF makes historic investments in communities across the United States, leveraging additional public and private investment to create jobs, lower energy costs, and reduce climate pollution. Your League has partnered with Ecority in pursuit of funding from the GGRF. The goal is to use that funding to support credit unions' green lending initiatives. Green loans cover such a broad swath, but the following are examples of how credit unions might use the Ecority program for funding and technical assistance in offering members affordable financing:

  • Electric vehicles and EV infrastructure;
  • Home or business energy improvements such as replacement windows;
  • Net-zero building construction (family, manufactured and multi-family homes, and commercial buildings);
  • Solar panels; and
  • Other technologies deemed to reduce greenhouse gases and other pollutants.

League President/CEO Carrie Hunt is serving on an advisory board for Ecority, an independent nonprofit seeking to secure for credit unions and Community Development Financial Institutions a share of funding from a $27 billion fund at EPA. Ecority is composed of credit unions and CDFIs in 43 states, including Virginia’s own Langley Federal Credit Union.

“I’m proud of how credit unions and industry partners came together through Ecority to seize this unique opportunity. I wanted to ensure the Virginia League took a leadership role in this initiative, knowing what we could accomplish if credit unions are able to leverage GGRF funds in serving members and our communities,” said Hunt.



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