Climate Lenders With $20 Billion in Grants Weigh Risk and Reward

The recipients of $20 billion in White House awards to fight climate change say they’re prepared to bulk up the nation’s clean financing capacity without taking on undue risk.

It’s a delicate balance because, on one hand, the Biden administration wants Greenhouse Gas Reduction Fund awardees to aggressively invest in projects that decarbonize the economy. The fund is meant to create a national financing network for clean energy projects and other climate solutions.

On the other hand, doing so will involve some risk, and congressional Republicans are primed to pounce on any investments that fail—or even look like they’ve failed ...