The United States Department of Energy (DoE) has recently launched a new grant initiative — Inclusive Energy Innovation Prize (IEIP) which was established to award up to $2.5 million in cash prizes to underrepresented groups in climate technology. This grant is open to African Americans who have programs, businesses, and nonprofits in the energy sector.
The funding support will be utilized to encouraging entrepreneurship and innovation in communities that have been historically underrepresented in climate and energy technology funding for years. African American communities have been affected by the low rate of energy funding awards. A recent study shows that just over 1% of $1 billion in philanthropic funding went to energy-justice-focused organizations in 2020 alone.
This energy grant program is looking to bridge the gap and provide financial and economic opportunities for underserved communities in the energy sector. For many who may have gone through third-party funding applications, and have not been awarded grants for one reason or the other, this program provides yet another opportunity to apply for a government grant.
Inclusive Energy Innovation Prize
The Inclusive Energy Innovation Prize awards are given to those that meet the requirements that have been set forth by the grant-issuing agency. No doubt, the impact of climate change and global warming have been felt globally, but particularly in worse hit areas as a result of the lack of infrastructure and facilities to help manage challenging situations. The pathway to an inclusive energy future hopes to bridge the gap by providing the needed support to help create an equitable distraction of funding for economically and financially disadvantaged individuals and their communities.
The move is to help encourage more clean energy technology. The DOE program is placing priority on ensuring that they serve these too often overlooked communities. The Inclusive Energy Innovation Prize is geared toward providing the necessary financial support and empowerment to help create access to opportunities in the energy sector.