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A new report from the Center for American Progress outlines a new framework to restructure the Community Reinvestment Act (CRA) to address environmental racism and build climate resilience in low-income communities of color.
The CRA was enacted in 1977 to combat redlining and other forms of discriminatory lending but did not factor in environmental criteria. Since then, it has become increasingly clear that climate change has disproportionately impacted the health and economic futures of low-income communities of color.
In “A CRA To Meet the Challenge of Climate Change,” CAP lays out a blueprint to identify the low- and moderate-income communities most impacted by climate change and a framework to reform the CRA to encourage banks to provide loans, investments, and other services that address climate resilience in a way that focuses more strongly on geographic racial and ethnic disparities.
The report provides the following recommendations:
“If climate resilience planning and policy do not account for racial equity and racial justice, we will only perpetuate racial segregation and the health inequalities that have led Black and Latino communities to suffer worse outcomes during the COVID-19 pandemic,” said Michela Zonta, senior policy analyst for Housing and Consumer Finance Policy at CAP and a co-author of the report. “By modernizing the CRA, a new administration can use its regulatory powers to effectively confront environmental racism and build climate resilience in low-income communities of color.”
Read: “A CRA To Meet the Challenge of Climate Change” by Michela Zonta and Zoe Willingham
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