Bloomberg Philanthropies announced on Tuesday that three Tennessee cities will take part in an initiative that would use federal funds provided by the Biden administration.
Nashville, Memphis, and Chattanooga were selected for the organization’s American Sustainable Cities Initiative, which stated its focus would be on creating economic equity and green energy jobs, according to a Tuesday news release from Bloomberg Philanthropies. Mike Bloomberg, the former Democratic New York Mayor, founded Bloomberg Philanthropies.
The $200 million program would last three years and provide Nashville with an “innovation team” of up to three staff.
The initiative would leverage “over $400 billion” in federal funds freed up for local governments by President Joe Biden’s Inflation Reduction Act of 2022 and the Bipartisan Infrastructure Law, the organization said in the release.
Additionally, Bloomberg Philanthropies will also provide “multi-year, in-depth, customized policy and technical assistance” to achieve the project’s goals, according to the news release. The organization said in the release that “communities of color” are disproportionately impacted by climate change and that solutions to the two issues are connected.
Democratic Nashville Mayor Freddie O’Connell expressed his excitement in a post to X.
In a critical moment for addressing climate change and racial wealth equity, Nashville is proud to be selected by @BloombergDotOrg for Bloomberg American Sustainable Cities to increase innovation, maximize federal funding, and improve lives. Learn more: https://t.co/nejjgkYIQq pic.twitter.com/t2P66DfCL2
— Freddie O’Connell (@freddieoconnell) March 12, 2024
In the video, O’Connell expressed his excitement about the Bloomberg initiative’s “capacity to advance minority wealth, climate, and sustainability goals” in Nashville. He added that the project will focus on areas of Nashville that suffer from “chronic underinvestment,” such as North Nashville and Southeast Nashville.
“This project shows that Nashville is attracting investment and partnership that speaks to our vision and competitiveness,” the Nashville mayor wrote in the post.
The Tennessee Star reached out to O’Connell to ask how the federal funds would be used and how much the Nashville government expected to gain, but he did not respond by press time.
Memphis Mayor Paul Young, also a Democrat, is also enthusiastic about the initiative, saying Memphis could use the funds for affordable housing and reducing emissions.
Twenty-two other cities are slated to participate in the American Sustainable Cities initiative, many of which are Democratic cities in overall Republican states. Tennessee is the state with the second-most cities participating, only behind Ohio.
“Potential projects in the 25 cities announced today include developing affordable energy-efficient housing, increasing access to clean energy, investing in electric vehicles and infrastructure, and more,” Bloomberg Philanthropy wrote in the release.
Cities participating in the program have already applied for and received more than 100 federal grants that work toward the goals of American Sustainable Cities.
After the introduction of the Inflation Reduction Act of 2022, the national deficit increased dramatically in 2023. Consumer prices rose again in February after soaring inflation at the beginning of Biden’s term as president, though such increases have recently slowed.
The federal government estimated back in 2021 that the Bipartisan Infrastructure Law would increase the federal budget deficit by more than $250 billion over the following 10 years.
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Matthew Giffin is a reporter at The Tennessee Star and The Star News Network. Follow Matthew on X/Twitter.
Photo “Mike Bloomberg” by Mike Bloomberg.
