LIFT Act aims to catalyze investment into climate infrastructure

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Legislators in Washington have reintroduced a bill aimed at accelerating climate resilient infrastructure projects in under-resourced communities, with P3s set to play a role.

The new Local Infrastructure Funding & Technical Assistance (LIFT) Act would provide $15bn in pre-development grants and technical assistance to help communities, such as Indian tribes, higher education facilities and economic development districts, to access federal funding and generate plans and projects.

The money would help cover activities such as market assessments, site acquisitions, permitting costs and capacity building.

Senator Edward J. Markey, who reintroduced the bill, said the proposal “would empower local leaders with the tools they need to develop projects that will help their communities thrive—building climate solutions, good jobs, and economic growth where we need it most.”

Speaking on the legislation, Dan Carol, senior director of public finance at the Milken Institute, said that to “help leverage and attract additional private investment and accelerate the use of P3s to close the nation’s long-term infrastructure funding chasm, additional investment in catalytic predevelopment capital is still needed.”

The legislation can be found by clicking here.