Support for Communities Affected by Energy Transition
This act establishes a fund and a corporation to assist communities reliant on fossil fuels in transitioning to a new economy. Citizens in these regions can expect financial support for local governments, job retraining programs, and investments in local development, aiming to mitigate the economic impacts of these changes.
Key points
Creation of the National Energy Transition Endowment Fund with an initial deposit of $20 billion to support communities impacted by changes in the fossil fuel industry.
Establishment of the Community Revitalization Corporation to manage the fund and provide financial assistance, including grants and investments, to local governments and organizations.
Funds will be used for economic development, workforce retraining, and infrastructure projects in regions affected by declining fossil fuel extraction or production.
Priority support for communities experiencing acute fiscal crises due to the closure of fossil fuel power plants or mines.
Expired
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