News
Virginia Seeks Millions of Dollars in Federal Funds Aimed at Reducing Pollution and Electrifying Transportation and Buildings
Community planners in Virginia say $4.6 billion in Inflation Reduction Act funds could be used to switch to electric vehicles, power homes with renewable energy and invest in public transit. Fossil fuel companies worry that the state is abandoning its “all of the above” energy strategy.
By Jake Bolster
Virginia is seeking millions of dollars in federal funds this month for state and local government programs to reduce pollution and greenhouse gases. The state outlined its most urgent emissions-reduction strategies in a Priority Climate Action Plan (PCAP) submitted to the Environmental Protection Agency (EPA) in March and must file its funding request by Monday.
Related Knowledge Center: Climate economics
State of Play
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”