President Joe Biden Announces Major Climate Initiative

<div class="block">President Joe Biden just announced a major climate initiative that will provide $575 million toward efforts in protecting the Great Lakes and coastal regions. </div>

Closing Bell

And on his tour through California, President Biden announced a $575 million climate change initiative that's focused on resilience in the Great Lakes and coastal regions. It's the latest action that he's taking as the impacts of climate change threaten communities across the US. Here with more is Tter news, senior reporter Chloe, a Chloe. What will this money address? It's going to what's called the climate resilience? Regional challenge to a competitive effort to fund projects in coastal and Great Lake communities that are improving resilience against climate change related extreme weather events like sea level rise, flooding and storm surge. Take a listen to what Biden had to say about that. We're taking the most aggressive climate action ever. It's focused on mitigation which means historic investments in developing clean energy by reducing dependence on fossil fuel and resilience, which means communities, communities can better withstand the impacts of climate change and extreme weather. The challenge offers $575 million available through the inflation reduction act eligible applicants include coastal states, territories, counties, cities, tribes, public or private nonprofit organizations as well as institutions of higher education. Now, there are two tracks for this track, one will award 20 to 25 applicants anywhere from 500,000 to $2 million each. It's meant to form new regional efforts or a existing efforts that push more coastal communities to climate action. The second track will award 15 applicants larger sums anywhere from 15 million to $75 million each. That's for implementing climate adaptation projects. Regionally eligible projects include acquiring vulnerable land building, natural infrastructure planning for relocation efforts for communities, strengthening or protecting public access to coastal natural resources. And more. Now, if you're interested in these programs, a letter of intent is due August 21st and the full application is due February 13 of 2024. Now, Biden also mentioned a $2.3 billion investment into states territories, tribes and Washington DC to boost grid resilience starting with about $67 million in California. That funding is meant to help the Golden State reduce impacts from extreme weather, natural disasters and wildfires and ensure the reliability of the state's power grid. Through this President Biden said at the time last year alone, natural disasters in America caused $165 billion in damage but the worsening impacts are not inevitable. This is coming of course as the side effects of climate change grow increasingly severe. Interesting stuff, Chloe, thank you for that report.