Gov. Michelle Lujan Grisham was joined by state leaders on Friday to announce the creation of the New Mexico Climate Investment Center.
The Climate Investment Center will issue low-interest loans to local projects aimed at reducing greenhouse gas emissions.
Lujan Grisham says the investments will make a difference in communities around the state and will greatly benefit those where such costs would be prohibitive.
She says that will help individual households to be able to install their own solar panels.
“It’s a seed change of available resources for individuals and families and that’s by design, it is not by accident.” she said. “While we have Democratic majorities, you’ve got a ton of support in a number of these issues that are bipartisan in both the House and the Senate.”
The New Mexico Climate Investment Center is expected to bring between $50 and $70 million in initial state and federal funding to climate-focused projects.
The Governor says she will ask the Legislature for $20 million in start-up funding during the upcoming session. As the fund grows, it will be able to fund larger projects.
While the application for the NMCIC’s non-profit status is pending, it will operate through the Santa Fe Communities Foundation. The investment center and state will utilize federal dollars through the Greenhouse Gas Reduction Fund, part of the Inflation Reduction Act, to support carbon reduction technology projects.
