How Private Investors Can Fill In The $27 Billion Climate Gap

The Thomas family, new Georgia Bright clients stand in front of their yard grow beds and residential ... More solar installation. The Trump administration's economic policies have been summarized by most major financial institutions under the industry's greatest pejorative: uncertainty. It's bad enough when applied to yo-yo-ing tariffs that can send the economy teetering toward recession. And perhaps even worse when playing with the future of the planet: $27 billion in funding for companies and funds addressing the climate crisis that, if unabated, the World Economic Forum has estimated costing society as much as $75 trillion by 2050. Why was this funding frozen, and what can private investors do about it?
GGRF Funds in Limbo
Over the past 100+ days, there has been a bitter battle over the Greenhouse Gas Reduction Fund (GGRF), a $27 billion vehicle approved during the Biden administration designed to 'finance clean technology deployment nationally, finance clean technology deployment in low-income and disadvantaged communities while simultaneously building the capacity of community lenders that serve those communities, and spur adoption of clean distributed solar energy that lowers energy bills for millions of Americans in low-income and disadvantaged communities.'
One of the goals of this fund was to more effectively de-politicize what has too often been a hot potato industry in Washington: renewable energy, by focusing on the concrete, economic benefits that climate change mitigation and technological development can bring to communities. As noted in Forbes, clean energy jobs have historically grown at twice the national rate, and are more accessible to the average American: 'Clean energy jobs create economic mobility, with 21% higher wages than average, increasing access to unions, and expanding accessibility – 75% of expected jobs from IRA [Inflation Reduction Act]And yet, despite this strong economic data, on March 11, The EPA ordered Citibank to freeze the fund, in a move Senator Schumer, Markey, Warren, Whitehouse, Van Hollen and Merkley referred to as ' jeopardiz[ing] private investment, job creation, and economic opportunity in communities across the country' in a subsequent letter to Citibank.
Citibank, very much stuck in the middle, first received a judge's order saying they should proceed with funding, with presiding Judge Tanya Chutkan ruling that the EPA 'acted arbitrarily and capriciously when it failed to explain its reasoning and acted contrary to its regulations in suspending and terminating Plaintiffs' grants.' The very next day, however, an appellate court granted a stay to the EPA that refroze the funds until the courts can arrive at a long-term solution.
An EPA spokesperson responded to a request for comment via email, stating: 'Unlike the Biden-Har[r]is administration, this EPA is committed to being an exceptional steward of taxpayer dollars. In March, Administrator Zeldin notified National Clean Investment Fund and Clean Communities Investment Accelerator recipients of the termination of their grant agreements under the Biden-Harris Administration's $20 billion 'gold bar' scheme. This termination is based on substantial concerns regarding the Greenhouse Gas Reduction Fund (GGRF) program integrity, the award process, and programmatic waste and abuse, which collectively undermine the fundamental goals and statutory objectives of the award.'
Private Investment Steps Up
Caught in the middle are companies across the country in the business of getting clean energy into communities, or in the case of many Native Americans who live off-grid, like 30% of the Navajo Nation, any source of energy at all. Many entrepreneurs who were either approved or in the process to receive GGRF funds refuse to sit on their hands waiting to see what the courts decide and are forging a path with the support of private investors—a process I know well, given my firm Candide Group launched Afterglow, a climate justice debt fund, in 2024. The stories of these organizations not only exemplify the value potentially being destroyed by the delay of the GGRF, but also, represent opportunities for private capital to step in.Solar Holler (West Virginia)
Boyd County High School sports part of its new solar array in a partnership with Solar Holler.
Solar Holler is a West Virginia-based solar developer and installer serving Appalachia, including Virginia, Kentucky and Ohio. Working with households, churches, schools and other non-profit organizations, Solar Holler has sought to build on the region's history as an energy producer, without the staggering long-term threats to public health generated by coal. This month, it completed five of seventeen intended solar projects installed on the roofs of West Virginia public schools.
Their CEO, Dan Conant, commented on LinkedIn, 'It's these sorts of projects that get me out of bed in the morning—the kind that cram as much good into one place as possible. The kind that provide educational opportunities for West Virginian kids to stay home. The kind that support American manufacturing and union labor. The kind that lower bills for organizations doing God's work.'
He added, 'every panel we put up means more money for teachers and supplies, and…actual education. The electricity generated by the solar is 20% cheaper than what the out-of-state monopoly utility is charging.'
Allume (National)
Curtis, an apartment resident consuming solar energy through SolShare said, "Since I'm saving money ... More on my utility bills, that allows me to invest back into my small business or put it in my savings account." Allume Energy unlocks rooftop solar potential for multifamily buildings with its SolShare technology, expanding access to clean and affordable energy for apartment residents.
'Allume's mission is to bring rooftop solar to the more than 110 million people living in multifamily housing, many of whom are low-income,' Aliya Bagewadi, Alume's Director of US Strategic Partnerships, said in an email. 'Our SolShare technology allows solar energy to be shared across multiple units in the same building, enabling apartment tenants to directly consume solar and reduce their electricity bills by an average of 40 percent. Without the federal Investment Tax Credit, affordable housing providers won't be able to reduce financial strain or strengthen housing resilience in the communities they serve. The rollback would halt projects that deliver immediate and lasting savings to the families who need it most.'
Georgia Bright (Georgia)
Photo of lawn with sign promoting Georgia Bright with solar installers working in the background.
Georgia BRIGHT is a program of the Capital Good Fund (CGF), a Rhode Island-based nonprofit social finance organization grappling with poverty and environmental injustice in America. Capital Good Fund offers solar leases, low-interest loans, and one-on-one financial coaching for lower-income residents of Georgia, Rhode Island, Texas, Illinois, Florida, Delaware, Massachusetts, New Jersey, Connecticut, Pennsylvania, and Colorado.
This federally funded solar power program makes solar leasing more accessible for homeowners and nonprofits. In addition to helping low- and moderate-income communities save money, this work also enhances grid stability — increasingly essential as climate change strains grids.'$156 million in Solar for All funding is an amazing start, but if we are going to serve 16,000+ Georgia families over the next four years, we can't rely on public investment alone,' Alicia Brown, Georgia BRIGHT Director said. 'To unlock the full potential of rooftop and community solar, we need private capital at the table. The Georgia BRIGHT initiative isn't just about clean energy—it's about saving families money as utility bills rise, boosting Georgia's economy, and strengthening our grid that is straining under the weight of rapid load growth.'
Dollaride (New York)
Dollaride team in front of one of the orgs new EV vans. Photos Taken by Eli Jules
Dollaride is a New York-based company electrifying fleet vehicles in transit deserts, starting with New York City's locally essential 'dollar vans.' Roughly 1.4 million people in NYC live with limited access to public transit, which hinders economic mobility. Dollar vans provide an informal transit network that serves more than 100,000 riders daily in the outer boroughs of Queens and Brooklyn.
'As federal support for crucial climate projects becomes uncertain, the leadership of local governments, paired with private capital, is essential to fill the gap,' Dollaride CEO Su Sanni said. 'Ultimately, this ensures that disadvantaged communities retain access to essential transportation and breathe cleaner air. This is the kind of high-impact, scalable model that private capital can and should be amplifying nationwide.'
Companies like these who are developing climate projects in low-income communities — which are already feeling the substantial strain of climate change —may struggle if GGRF funds ultimately can't reach their intended recipients. This may lead to political ramifications in red and blue states alike.
The good news is that renewable energy not only has the potential to save money for consumers, according to the Department of Energy, but also make money for investors, with an International Energy Agency report finding clean energy outperformed fossil fuels for both 5 and 10 year periods. Private markets may rush in where the EPA fears to tread.
Full disclosures related to my work available here. This post does not constitute investment, tax, or legal advice, and the author is not responsible for any actions taken based on the information provided herein. Solar Holler, DollaRide and Georgia BRIGHT are investees of the Afterglow Climate Justice Fund at Candide Group. Certain information referenced in this article is provided via third-party sources and while such information is believed to be reliable, the author and Candide Group assume no responsibility for such information.

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