Energy Secretary Confirms Her Department Has More Than $40 Billion in Funds to Transition to Clean Energy

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Energy Secretary Jennifer Granholm, who was confirmed by the Senate just last week, has confirmed that her department, thanks to its reactivated loan program, has more than $40 billion in funds to boost the transition to clean energy sources. Though Granholm did not offer a timeline on when these loans would be offered, the news marks an important step for the United States as it further divests itself from fossil fuels and addresses the climate crisis.

“I am ready to rev those engines back up so that we can spur the next generation of innovation and deployment,” Granholm said in her remarks at the CERAWeek conference, which was held virtually this year as a result of the Covid-19 pandemic.

During the conference, Granholm said clean energy finance expert Jigar Shah, who championed decarbonization efforts as co-founder and president of Generate Capital, would aid in the transition.

“He’s going to help us put together an indomitable portfolio of investments for American taxpayers, that will help us tackle climate change and create jobs,” she said. “We’re ready to invest in advanced vehicles, carbon capture, advanced reactors, and so much more.”

Granholm also appeared on ABC’s The View, where she talked at length about how transitioning to and supporting clean energy alternatives will create jobs and boost the economy.

“The result of clean energy as well as jobs is so exciting,” she said. “It’s why I’m so honored to be part of this because the mission here is about deploying clean energy and about creating jobs all over the country, all kinds of jobs, all kinds of people.”

You can listen to Granholm in the video below.