The Maryland Clean Energy Center (MCEC) is calling for ideas and ready-to-implement, longer-term proposals for projects, programs, partnerships, and initiatives designed to help the state achieve greenhouse gas reduction goals and address economic development and climate justice challenges in the near term.
In 2021, the Maryland General Assembly enacted the Climate Solutions Now Act (CSNA) with ambitious statewide greenhouse gas (GHG) emissions targets, new climate and clean energy policies and programs, and a new program funding mechanism- the Climate Change Catalytic (C3) Fund. This financing vehicle will provide funds to end users through a combination of loans, grants, and equity-based financial instruments to support project implementation and capacity building, including small scale investments within broader scale-up programs for market transition as well as large, capital-intensive projects. Funds are targeted for high priority actions in the energy, buildings, transportation, agriculture, forestry, and waste sectors.
Starting in July 2023, the C3 Fund is funded through three annual appropriations of $5 million and authorizes further capitalization through leveraging of public and private funds, including federal funding.
MCEC serves as a hub focused on matching financial resources with needs to implement impactful solutions, including leveraging the C3 Fund with public and private capital to attract even more resources for this purpose.
New federal legislation that can support leveraging of the C3 Fund includes the 2021 Bipartisan Infrastructure Law (BIL) and the Inflation Reduction Act of 2022 (IRA). The BIL provides $1.2 trillion over five years nationally to support state, local, and private projects, programs, and capacities for climate change, economic recovery, and social equity through 375 separate funding programs. The IRA provides $369 billion in climate change-related grants, loans, tax credits, and direct payments as well as $27 billion through a national Greenhouse Gas Reduction Fund (GGRF) administered by the US EPA.
The Center is preparing to submit applications for various sources of Federal grants, including over $15 billion of EPA Greenhouse Gas Reduction Funds appropriated in the Inflation Recovery Act.
MCEC invites state and local institutions, community leaders, business and industry representatives, and other organizations interested in clean energy, climate mitigation, and social equity to submit proposals and concepts for consideration and possible funding support.
If you think your projects, programs, partnerships, or initiatives should be included in this grant proposal or would be eligible for funding in future funding rounds, MCEC asks that you respond through this MCEC NETWORK PARTNER INTAKE FORM by 5:00 PM (EST) on Tuesday, February 14, 2023.
There will be opportunities for future submittals after the C3 Fund is launched.
If you would like assistance to discuss further development of your concept or proposal, or if you need assistance to develop one, please contact Steven Cowan, MCEC Chief Investment Officer, at 301-314-6063.