The U.S. Department of Agriculture (USDA) has witnessed a surge in interest in conservation and clean energy programs funded by President Biden's Inflation Reduction Act. The act, which is part of President Biden's Investing in America plan, is the largest-ever investment in the fight against climate change.
Under the Inflation Reduction Act, the USDA's Natural Resources Conservation Service (NRCS) was granted access to nearly $20 billion over five years to meet the growing demand for popular conservation initiatives. This funding will enable farmers and ranchers to implement more extensive conservation strategies aimed at reducing greenhouse gas emissions and increasing carbon sequestration.
Importantly, many of the initiatives supported by the Inflation Reduction Act offer significant environmental benefits in addition to their potential to combat global warming.
In accordance with the directive from Congress, the NRCS allocated $850 million for these projects in Fiscal Year 2023. However, the agency has already received far more interest than the funds allocated by the statute.
The Environmental Quality Incentives Program (EQIP), which has $250 million available, received approximately 9,000 applications totaling nearly $475 million. The Agricultural Conservation Easement Program (ACEP), with $100 million in funding for 2023, saw over $180 million in applications. The Conservation Stewardship Program (CSP), which has a total of $250 million in financing, received about 3,700 submissions. Additionally, the Regional Conservation Partnership Program (RCPP), which had $250 million available, received funding requests for project concepts totaling over $2 billion.
The Urban and Community Forestry Program, which received $1.5 billion in funding for Fiscal Year 2023, also experienced high interest. This program aims to increase tree cover in urban areas, promote equitable access to nature, and enhance resilience to extreme heat, flooding, and other climate impacts. Applicants submitted a total of $6.4 billion in funding requests for this program.
Last week, the USDA awarded funding totaling over $1 billion to nearly 400 projects in all 50 states. This demonstrates the widespread interest and demand for conservation and clean energy initiatives supported by the Inflation Reduction Act.
The USDA's observations highlight the significant need for continued investment in conservation and clean energy projects. The Inflation Reduction Act has provided a substantial boost to these efforts, but there is still much work to be done in the fight against climate change.
