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 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.