EPA head Regan defends $20B green bank: 'I feel really good about this program'

abcnews.go.com:

The head of the Environmental Protection Agency on Friday defended a new $20 billion federal “green bank” program

PHILADELPHIA — The head of the Environmental Protection Agency on Friday defended a new $20 billion federal “green bank” program, saying it will finance a variety of projects to create low-carbon solutions to combat climate change, including in disadvantaged communities that are most affected by pollution.

The money could fund tens of thousands of eligible projects ranging from residential heat pumps and other energy-efficient home improvements to larger-scale projects such as electric vehicle charging stations and community cooling centers, EPA Administrator Michael Regan said.

Republicans in Congress have called the program a “slush fund” and voiced concern over how the money will be used and whether there will be sufficient accountability and transparency from private groups that have received the money. The Republican-controlled House approved a bill last month to repeal the bank and other parts of President Joe Biden's climate agenda.

“Here’s the real deal: EPA received $20 billion to invest in climate solutions. We felt ‘hey, the government isn’t the best at doing this, so why not have a transparent grant competition nationwide?’" Regan said at a meeting of the Society of Environmental Journalists.

«So we had a great competition. We had eight great national recipients. We have metrics for how they can use capital to finance some of these projects that we believe will create low-carbon solutions,'' he said, adding that the agency consulted with commercial banks and other financial experts.

“Twenty billion dollars is a heck of a lot of money,'' Regan said. “But we know based on the eight recipients that