In 2023, the U.S. experienced a historic level of economic impact and damages due to extreme weather events related to climate change.
The National Oceanic and Atmospheric (NOAA) National Centers for Environmental Information (NCEI) reported 28 separate weather and climate disasters, each costing at least $1 billion, with a cumulative price tag of at least $92.9 billion. The cumulative cost of weather and climate disasters since 1980 has exceeded $2.66 trillion (about $8,200 per person in the U.S.), according to NOAA — a figure that will continue to grow as extreme weather events increase in frequency and severity.
Funding from the U.S. federal government is crucial for states, counties and cities to address climate change effectively, both mitigation efforts and adaptation and resilience efforts. Climate investments are essential for protecting and advancing economic security by mitigating the risks of impacts from extreme weather and enhance resilience for states, cities and local communities.
Federal funding can provide the significant financial resources needed for large-scale climate-related projects that individual states or local governments may not be able to afford on their own, creating jobs and contributing to economic growth in rural and urban areas.
Such funding opportunities can also help ensure that the transition to a low-carbon economy is inclusive, providing benefits and opportunities to communities, including those historically underserved or disproportionately impacted by climate change.
Navigating a Complex Array of Grants
Today, however, states, counties and cities face barriers in securing U.S. government funding for climate-related investments.
While funding opportunities exist, the challenges lie in navigating a complex array of federal programs, aligning investments with strategic sectors and ensuring inclusive economic opportunities. Local governments, often with limited capacity, may face barriers identifying the full range of federal grant programs spread across various agencies.
Moreover, the competition for these funds can be high and the application processes can be complex and time-consuming. The path from investment to broad economic opportunity requires well-designed strategies to secure funding and ensure that the benefits of climate investments reach community members, including in economically distressed regions.
Nearly a Trillion Dollars in Funding Across More Than 500 Programs
To help access needed capital for climate investments, WSP has developed Climate Fund Navigator (CFN)™.
The comprehensive database is designed to streamline the process for clients to identify federal funding for investments that can help either reduce emissions or help build resilience to unavoidable impacts of climate change.
The database offers detailed insights for nearly a trillion dollars in federal funding, encompassing 526 funding opportunities across 20 federal agencies. It includes a wide array of programs from new funding sources, including the Inflation Reduction Act and the Bipartisan Infrastructure Law, among others.
The CFN allows users to sort and filter programs by eligibility, funding instrument, funding agency (e.g. Department of Energy or Department of Transportation), theme (e.g. energy, transportation or property) and 56 subthemes – such as energy storage – to facilitate targeted funding identification for specific project needs.
To learn more about the tool and how WSP can help states, local governments and other organizations tap U.S. Federal funding opportunities for climate-related investments, visit our resource page, or reach out to the Climate Fund Navigator team at: [email protected].
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