Economic development and environmental conservation are becoming increasingly intertwined, as communities look for new ways to be more environmentally and economically resilient. Under the Biden-Harris Administration, new approaches to sustainable development are proving that economic growth can be achieved in ways that simultaneously reduce environmental impacts and support work to build a climate-ready nation. In fact, this Administration approaches addressing climate change as both an economic and national security imperative.
“The Biden-Harris Administration’s sustainable development agenda is proving that economic growth and environmental progress are not mutually exclusive,” said Assistant Secretary of Commerce Alejandra Y. Castillo. “EDA is committed to ensuring the promise of American prosperity is sustainably and equitably realized through our investments in projects designed to spur innovation and competition in the green and blue economies. We’re proud to join other bureaus of the U.S. Department of Commerce in observing the 53rd annual Earth Day.”
Sustainable, Climate-Ready Investments
In 2021, EDA adopted a new set of investment priorities that places sustainable development at the forefront of the bureau’s equity-focused grantmaking agenda. Since the adoption of the sustainable development investment priority, EDA has committed more than $545 million in 121 projects related to environmentally sustainable development, including 75 funded through President Biden’s American Rescue Plan Act.
Recent investments include:
- Clean Energy R&D. In New York, a $2 million EDA investment is empowering The Clean Fight NY to expand its core accelerator program to include 25 new high-impact growth-stage clean energy companies, thereby supporting the adoption of new climate-friendly technologies and removing barriers that inhibit growth-stage clean energy companies.
- Biomass Reclamation. EDA awarded a $5 million grant to the Scotts Valley Band of Pomo Indians to jumpstart the Tribe’s renewable energy industry through development of a sustainable fuel processing facility. Once complete, this new facility will transform locally sourced biomass into firewood and other bioenergy products.
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In 2022, Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo (second from left) joined Senator Jeff Merkley (left) and Senator Ron Wyden (third from left) to announce a $41.4 million grant to expand Oregon’s emerging mass timber industry. Blue Economy. Through a $49 million Build Back Better Regional Challenge grant to the Southeast Conference, EDA is supporting the development of a sustainable mariculture (utilizing aquatic resources for food, jobs and economic development through ecosystem-based approaches to fisheries and management) industry in Alaska to produce shellfish and seaweed for the long-term benefit of the state’s economy, environment, and communities.
- Sustainable Forestry. EDA also awarded $41.4 million through the Build Back Better Regional Challenge to develop and expand Oregon’s emerging mass timber industry. The EDA-supported Oregon Mass Timber Coalition is working to expand and advance the economic benefits of mass timber, a renewable building material with a low carbon footprint.
- Coal Transition. EDA recently announced a $2.6 million grant to the National Association of Counties (NACo) to lead a coal-focused Community of Practice called the Building Resilient Economies in Coal Communities Initiative (BRECC). The BRECC is creating a knowledge-sharing and peer-learning community of practice to empower local leaders and other champions to develop new ideas, approaches and fundable projects as coal communities seek to retool and transition local and regional economies.
Economic Growth and Environmental Progress
These projects, and more like them, are helping communities and regions build the capacity for sustainably managed economic development. According to grantee estimates, they are expected to create or retain 24,498 jobs and attract nearly $5.3 billion in private investment.
In addition to standalone projects focused on sustainability, EDA is also weaving the principles of environmentally friendly development into all its initiatives. With the forthcoming Tech Hubs program, EDA is seeking to strengthen U.S. national and economic security by developing clusters of businesses, communities, colleges and universities, and workers focused on accelerating innovation and technology deployment throughout the country. Tech Hubs can be created around green and sustainable industries, and analysis of sustainability is an element of the application process.
EDA proudly collaborates with its fellow agencies at the Department of Commerce and across the Administration in a whole-of-government approach to ensure we are making sustainable, equitable investments. Just one example is found in the connection between EDA and NOAA in shaping infrastructure investment policies that reflect the needs of a nation grappling with a rapidly changing climate.
Learn more about EDA’s investment priorities, including its commitment to sustainable development, at eda.gov.
