Steel Modernization Act of 2024

This Act may be cited as the Steel Modernization Act of 2024.

The table of contents for this Act is as follows:

The Secretary of Energy shall, subject to the availability of appropriations for such purpose, award eligible entities covered financial assistance in accordance with this section.

The Secretary of Energy may award, on a competitive basis, covered financial assistance to an eligible entity to carry out a project for—

(1) construction of an eligible facility that will use an advanced industrial iron technology or an advanced industrial steel technology;

(2) the purchase, installation, or implementation, of an advanced industrial iron technology or an advanced industrial steel technology at an eligible facility;

(3) retrofits, upgrades to, or operational improvements at, an eligible facility to install or implement an advanced industrial iron technology or an advanced industrial steel technology at such eligible facility;

(4) demonstration of an early-stage advanced industrial iron technology or an early-stage advanced industrial steel technology at an eligible facility; or

(5) engineering studies and other work needed to construct an eligible facility described in paragraph (1) or prepare an eligible facility for activities described in paragraph (2), (3) or (4).

To be eligible to receive covered financial assistance under this section, an eligible entity shall submit to the Secretary of Energy an application at such time, in such manner, and containing such information as the Secretary may require, including—

(A) a plan for the proposed project, including a description of—

(i) the technical and commercial viability of the applicable advanced industrial iron technology or advanced industrial steel technology;

(ii) how the project will enable the steel or iron industry to decrease its greenhouse gas emissions; and

(B) a description of how the eligible entity plans to source domestically produced material, including iron and steel, for all construction related to the proposed project;

(C) any new iron, steel, or other metal production capacity expected;

(D) the expected greenhouse gas emissions reductions to be achieved at the eligible facility and the methods for calculating such emissions reductions;

(E) the expected number of new jobs that will be created;

(F) the expected number of jobs retained that may have otherwise been terminated;

(G) the expected impact on production and capacity at existing facilities, including any related plans to idle or close a facility or layoff or reduce hours for current employees;

(H) a breakdown of costs of the project, including a proposed Federal Government share of total costs;

(I) a plan to recruit and train, and provide employment and advancement for women, people of color, people of lower economic status, and other minorities;

(J) assurances that all laborers and mechanics employed by the eligible entity or any contractor or subcontractor in the performance of construction, alteration, or repair work (including retrofits, upgrades, and any other improvements) carried out, in whole or in part, with covered financial assistance made available under this Act shall be paid wages at rates not less than those prevailing on projects of a character similar in the locality as determined by the Secretary of Labor in accordance with subchapter IV of chapter 31 of title 40, United States Code. With respect to the labor standards specified in this subsection, the Secretary of Labor shall have the authority and functions set forth in Reorganization Plan Numbered 14 of 1950 (64 Stat. 1267; 5 U.S.C. App.) and section 3145 of title 40, United States Code;

(K) with respect to any eligible facility for which the total estimated cost of the construction contract is $25,000,000 or more, an assurance that every contractor and subcontractor engaged in the construction on the project agree, for that project, to negotiate or become a party to a project labor agreement as that term is defined in section 22.502 of title 48, Code of Federal Regulations; and

(L) for eligible entities that are applying for more than $50,000,000 of covered financial assistance under this section—

(i) a plan for how the eligibly entity will carry out the training program described in subsection (g)(1);

(ii) a community benefits plan that meets the requirements of subsection (h); and

(iii) a commitment and plan to conduct town halls with local communities, including frontline communities, membership-based nonprofit organizations with members in the community, and labor organizations, and get letters of support from community groups representing a broad range of constituencies that demonstrate that the groups understand the eligible entity’s planned project and agree to it.

The Secretary of Energy shall publish criteria on evaluating applications submitted under this subsection.

An eligible facility with respect to which covered financial assistance under this section is awarded shall—

(i) begin production of near-zero emissions intensity steel or near-zero emissions intensity iron not later than the earlier of—

(I) January 1, 2035; and

(II) the date that is 7 years after the date on which covered financial assistance for the project is received by the applicable eligible entity; and

(ii) after the date of production described in clause (i) begins, only produce iron that is near-zero emissions intensity iron or steel that is near-zero emissions intensity steel.

An eligible facility with respect to which covered financial assistance under this section is awarded for any project to upgrade a blast furnace that actively produces iron as of the date of enactment of this Act shall achieve at least a 50 percent reduction in emissions intensity at the start of production of near-zero emissions intensity iron relative to average emissions intensity of the iron produced by the eligible facility between June 1, 2023, and June 1, 2024.

For a project described in clause (i) that will upgrade to a direct reduced iron furnace, such direct reduced iron furnace shall—

(I) be capable of using 100 percent hydrogen to reduce iron ore;

(II) blend at least 10 percent non-fossil based hydrogen not later than 2 years after the direct reduced iron furnace commences operation; and

(III) use 100 percent clean hydrogen by the earlier of the dates described in clause (i).

In the event that hydrogen is not available in sufficient volumes or at reasonable price (as determined by the Secretary of Energy, in consultation with stakeholders from relevant industries) the Secretary may, as the Secretary determines appropriate, modify any requirement under clause (ii).

An eligible entity awarded covered financial assistance under this section shall report to the Secretary of Energy any greenhouse gas emissions (determined on a mine-to-metal basis), related to the production by the applicable eligible facility of iron or steel after the date on which covered financial assistance is received by the eligible entity.

An eligible entity awarded covered financial assistance under this section shall offer to provide buyers of the near-zero emissions intensity steel or near-zero emissions intensity iron produced at the applicable eligible facility environmental product declarations that are—

(i) specific to the near-zero emissions intensity steel or near-zero emissions intensity iron produced at such eligible facility; and

(ii) updated at least annually, beginning not later than 12 months after production of such near-zero emissions intensity steel or near-zero emissions intensity iron begins.

Eligible entities that receive covered financial assistance of more than $50,000,000 under this section shall meet the requirements under subsection (g).

Eligible entities that receive covered financial assistance of more than $50,000,000 under this section shall meet the requirements under subsection (h).

Eligible entities that receive covered financial assistance under this Act shall comply with the requirements under subsection (c)(1)(J).

With respect to any eligible facility for which the total estimated cost of the construction contract is $25,000,000 or more, the eligible entity shall comply with the requirements under subsection (c)(1)(K).

The Secretary of Energy shall—

(1) in awarding covered financial assistance under this section, give priority—

(A) to eligible entities that will support training of current and former workers to build skills required to work in an upgraded or new facility and retention of such current workers;

(B) to eligible entities that will ensure the utilization of registered apprentices during the construction of the eligible facility in accordance with the standards and requirements set forth in parts 29 and 30 of title 29, Code of Federal Regulations;

(C) to projects that will be carried out in existing or legacy iron or steel-making communities;

(D) to eligible entities that commit to hiring at least 25 percent of the applicable workforce from an existing or legacy iron or steel-making community;

(E) to projects based on the extent to which the applicable project would provide the greatest benefit to the greatest number of people within the metropolitan area in which the eligible facility is located;

(F) to projects based on the expected greenhouse gas emissions reductions to be achieved by carrying out the applicable project;

(G) to projects based on the extent to which the applicable project will enable the steel or iron industry to decrease its greenhouse gas emissions by 2050;

(H) to projects that will result in the largest improvement in air quality;

(I) to projects to upgrade blast furnaces that actively produce iron as of the date of enactment of this Act;

(J) to eligible entities based on whether the applicable eligible entity participates or would participate in a program that connects producers of near-zero emissions intensity steel or near-zero emissions intensity iron with buyers of such near-zero emissions intensity steel or near-zero emissions intensity iron;

(K) to eligible entities that commit, and provide a plan, to source at least 30 percent of electricity for use at the project site from zero-carbon sources within 2 years of receiving the covered financial assistance, and use 100 percent zero-carbon electricity by 2035, with the Secretary of Energy determining the rate at which such zero-carbon electricity use should scale to 100 percent; and

(L) to projects that would result in an increased supply of iron or steel products that are needed by current and prospective end users as identified through a request for information issued not later than 2 months after the date of enactment of this Act by the Department of Energy’s Office of Clean Energy Demonstrations; and

(2) in awarding covered financial assistance for over $50,000,000 under this section, give priority to eligible entities that commit to—

(A) employing local individuals and individuals from frontline communities, and providing robust training, workforce development opportunities, mentorship programs and career advancement opportunities to these individuals;

(B) and provide a plan for—

(i) contracting with an objective and independent third party to conduct a report to forecast the impact of the applicable proposed project on pollution and health of individuals in the project area; and

(ii) contracting with an objective and independent third party to conduct air quality monitoring before any construction associated with the proposed project begins and continuing until 6 months after such construction ends, in frontline communities that are exposed to persistent air pollution and within 25 miles of the metropolitan area where which such construction will occur; and

(C) building new zero-carbon electricity generation capacity, hydrogen generation capacity, or energy storage capacity.

The non-Federal cost share of a project for which covered financial assistance is provided under this section shall be not less than 50 percent, as determined by the Secretary of Energy.

The Secretary of Energy shall determine the cost-share and amount of covered financial assistance awarded to an eligible entity under this section based on the final emissions intensity of the near-zero emissions intensity steel or near-zero emissions intensity iron to be produced.

The amount of covered financial assistance provided under this section shall not exceed $500,000,000 per project.

In the case of any calendar year beginning after 2024, there shall be substituted for any dollar amount described in subparagraph (B), an amount equal to the product of—

(i) such dollar amount, multiplied by

(ii) the inflation adjustment factor for such calendar year determined under section 43(b)(3)(B) of the Internal Revenue Code of 1986 for such calendar year, determined by substituting 2023 for 1990.

Subparagraph (A) shall apply with respect to each dollar amount in—

(i) subsection (c)(1)(J);

(ii) subsection (e)(2);

(iii) paragraph (3) of this subsection;

(iv) subsection (g)(1); and

(v) section 201.

Beginning on the date that an eligible entity receives any amount of covered financial assistance under this Act in excess of $50,000,000, and ending on the date that is 5 years after the date the eligible entity received such covered financial assistance, an eligible entity shall—

(i) carry out a training program described in subparagraph (B);

(ii) reserve 5 percent of the labor costs of the eligible entity to carry out such training program; and

(iii) not later than 12 months after any such receipt, certify to the Secretary that the eligible entity is carrying out such training program.

An eligible entity required to carry out a training program required under subparagraph (A)(i) shall satisfy the following requirements:

(I) Participants in the training program shall be trained to learn skills or knowledge that are related to the production of near-zero emissions intensity iron or near-zero emissions intensity steel.

(II) Such participants shall be existing employees, new hires, or prospective employees of the eligible entity.

(III) The participants shall be paid at a rate equivalent to that of an individual working full-time in the position for which they are training.

(IV) If a participant is not guaranteed full-time employment with the eligible entity after the completion of the training program, such a participant shall be provided a stipend (as described in clause (ii)) on a weekly basis.

(V) An eligible entity shall provide to each individual who completes the training program a certificate of completion that states the skills and knowledge taught during the program.

The Federal share of a stipend provided to an individual described in clause (i)(IV) shall be—

(aa) equal to $500 for each month; and

(bb) not more than $2500 in aggregate.

A stipend provided to an individual described in clause (i)(IV) shall not be taken into account in determining the need or eligibility of such individual for any Federal, State, or local program financed in whole or in part with Federal funds.

During the period described in subparagraph (A), the Secretary of Energy shall provide to an eligible entity, on a monthly basis for each individual participating in training program carried out by the eligible entity, the lesser of—

(I) $500; or

(II) an amount not to exceed 25 percent of—

(aa) the training participant’s salary described in subparagraph (B)(iii); or

(bb) if the training participant is not guaranteed full-time employment after completion of the training program, the stipend provided to the training participant.

The Secretary of Energy may not provide to an eligible entity more than $2,500 per training participant for each instance of covered financial assistance provided to the eligible entity.

An eligible entity described in subparagraph (A) shall establish a labor-management committee that—

(i) oversees the training program required under subparagraph (A)(i);

(ii) regularly raises safety concerns to the eligible entity for the eligible entity to address; and

(iii) provides to the eligible entity a reasonable process and time line to address such concerns to mitigate injuries at the workplace.

With respect to the employees employed by an eligible entity at an eligible facility that is supported by covered financial assistance provided under this Act, the eligible entity that employs such employees, and any labor organization that seeks to represent such employees, this paragraph shall supersede the National Labor Relations Act (29 U.S.C. 151 et seq.) to the extent that such Act conflicts with this paragraph.

An eligible entity described in subparagraph (A) shall recognize, for purposes of collective bargaining, a labor organization that demonstrates that a majority of the employees at an eligible facility described in subparagraph (A), in a unit appropriate for collective bargaining, have signed valid authorizations designating the labor organization as their collective bargaining representative and that no other labor organization is certified or recognized pursuant to section 9 of the National Labor Relations Act (29 U.S.C. 159) as the exclusive representative of any of the employees in such unit who perform or will perform such work. Upon demonstrating that a majority of the employees in the unit have designated a labor organization as their collective bargaining representative, the eligible entity shall notify the labor organization and the National Labor Relations Board that the eligible entity—

(i) has determined that the labor organization represents a majority of the employees in such unit who perform or will perform such work; and

(ii) recognizes such labor organization as the exclusive representative of the employees in such unit.

If a dispute over majority status or the appropriateness of the unit described in subparagraph (B) arises between the eligible entity and the labor organization, either party may request that the National Labor Relations Board investigate and resolve the dispute.

If the Board finds that a majority of the employees in a unit appropriate for purposes of collective bargaining who perform or will perform work funded under this section has signed valid authorizations designating the labor organization as their representative for such purposes and that no other individual or labor organization is certified or recognized as the exclusive representative of any of the employees in the unit who perform or will perform such work for such purposes, the Board shall not direct an election but shall certify the labor organization as the representative described in section 9(a) of the National Labor Relations Act (29 U.S.C. 159(a)).

Not later than 10 days after an eligible entity described in subparagraph (A) receives a written request for collective bargaining from a labor organization representing the employees of the entity who perform or will perform work at an eligible facility that is supported by funds provided pursuant to this Act, or within such period as the parties may agree upon, the labor organization and eligible entity shall meet to begin bargaining and shall make every reasonable effort to conclude and sign a collective bargaining agreement.

If, after the expiration of the 90-day period beginning on the date on which collective bargaining is commenced under subparagraph (D), or such additional period as the parties may agree upon, the parties have failed to reach an agreement, either party may notify the Federal Mediation and Conciliation Service (referred to in this paragraph as the Service) of the existence of a dispute and request mediation. Whenever such a request is received, it shall be the duty of the Service promptly to communicate with the parties and to use its best efforts, by mediation and conciliation, to bring them to agreement.

If, after the expiration of the 30-day period beginning on the date on which the request for mediation is made under subparagraph (E), or such additional period as the parties may agree upon, the Service is not able to bring the parties to agreement by mediation and conciliation, the Service shall refer the dispute to a tripartite arbitration panel established in accordance with such regulations as may the Service may prescribe.

A tripartite arbitration panel established under this subparagraph with respect to a dispute shall be composed of 1 member selected by the labor organization, 1 member selected by the eligible entity, and 1 neutral member mutually agreed to by the labor organization and the eligible entity. Each such member shall be selected not later than 14 days after the expiration of the 30-day period described in clause (i) with respect to such dispute. Any member not so selected by the date that is 14 days after the expiration of such period shall be selected by the Service.

A majority of a tripartite arbitration panel established under this subparagraph with respect to a dispute shall render a decision settling the dispute as soon as practicable and (absent extraordinary circumstances or by agreement of the parties) the panel shall render such decision not later than 120 days after the establishment of the panel.

Such a decision shall be binding upon the parties for a period of 2 years, unless amended during such period by written consent of the parties.

The panel shall consider the following when making a decision:

(aa) The financial status and future financial status of the eligible entity.

(bb) The size and type of the operation and business of the eligible entity.

(cc) The cost of living of the employees employed by the eligible entity.

(dd) The ability of such employees to sustain themselves, their families, and their dependents on the wages and benefits earned from the eligible entity.

(ee) The wages and benefits other employees earn in the same or a similar industry.

An eligible entity described in subparagraph (A) may only procure goods or services from a contractor or subcontractor, whose employees perform or will perform work funded under this section, if the contractor or subcontractor comply with the requirements set forth in subparagraphs (A) through (F).

In this paragraph, the terms employee and labor organization have the meanings given the terms in section 2 of the National Labor Relations Act (29 U.S.C. 152).

An eligible entity may not assist, promote, or deter organizing of labor organizations.

It is the sense of Congress that—

(A) the United States must tap into all our Nation’s talent in order to successfully usher in an industrial renaissance in the United States;

(B) building a factory is not enough, it is necessary to build the infrastructure and ecosystem to power such factory;

(C) the United States must make sure jobs in the iron and steel industries, and in all industries, are good jobs, that all workers have quality, affordable childcare and healthcare, and that all jobs pay a family-sustaining wage;

(D) child care is critical to expanding employment opportunities for economically disadvantaged individuals, especially for economically disadvantaged women and children; and

(E) to meet families’ needs and expand employment opportunity, child care should be—

(i) affordable, with costs in reach for low- and medium-income households;

(ii) accessible, at a convenient location with hours that meet workers’ needs;

(iii) reliable, giving workers confidence that they will not need to miss work for unexpected child care issues; and

(iv) high-quality, providing a safe and healthy environment that families can trust and that nurtures the healthy growth and development of children.

The Secretary of Energy and the Administrator of the Environmental Protection Agency, in consultation with, and written approval from, the White House Environmental Justice Advisory Council, shall jointly establish an advisory council (in this section referred to as the advisory council) to—

(I) not later than 5 months after the date of enactment of this Act, submit to the Secretary of Energy guidance on—

(aa) information to be included in a community benefits plan under this section; and

(bb) criteria for weighing the strength of a community benefits plan submitted under this section;

(II) not later than 2 years after the date of enactment of this Act, submit to the Secretary of Energy guidance on information to be included in a community benefits agreement under this section; and

(III) act as a liaison to communities described in paragraph (3)(A) by sharing—

(aa) information and resources developed by the Department of Energy or eligible entity applicants about the proposed projects and their environmental, public health, and jobs impacts; and

(bb) community input with eligible entity applicants and the Secretary of Energy in order to facilitate the drafting of community benefits plans.

In establishing the advisory council, the Secretary of Energy and the Administrator of the Environmental Protection Agency shall jointly—

(I) publish in the Federal Register an announcement about its formation; and

(II) conduct targeted outreach and recruiting to ensure there is adequate stakeholder representation on the advisory council.

The advisory council shall consist of representatives from existing or legacy iron or steel-making communities, communities that will be significantly affected by the steel supply chain, labor organizations, civil society and public interest advocates who represent the interests of such communities, membership-based nonprofit organizations with members in the community, constituencies of such communities, and individuals who have experience negotiating workforce and community benefits agreements.

The Secretary of Energy may add additional members to the advisory council who represent communities described in paragraph (3)(A), as determined appropriate by the Secretary.

Frontline community members who serve on the advisory council shall be compensated for their time using funds made available to carry out this Act.

Participation in the advisory council does not preclude members from also serving in a community benefits group described in paragraph (6).

Not later than 1 month after the date of enactment of this Act, the Secretary of Energy shall publish a request for information (to remain open for a period of not less than 3 months) soliciting information from individuals living in existing or legacy iron or steel-making communities and individuals with experience negotiating community benefits agreements on criteria that should be included in guidelines for community benefits plans and guidelines community benefits agreements under this subsection.

The Secretary of Energy shall develop and, not later than 5 months after the date of enactment of this Act, publish on the platform established under this subsection guidelines and required inclusions for community benefits plans and guidelines and required inclusions for community benefits agreements under this subsection. In developing such guidelines and required inclusions, the Secretary shall take into consideration any information solicited pursuant to subparagraph (A), guidance submitted by the advisory council under paragraph (1)(A), and any relevant information from existing community benefits plan processes of the Department of Energy, including for the Industrial Demonstrations Program of the Department of Energy.

The Secretary of Energy may update the guidelines published under subparagraph (B) as the Secretary determines appropriate.

A community benefits plan required to be included in an application under this section shall include the following:

(A) A stakeholder analysis that—

(i) identifies any community that is located in an area that is within a 25 mile radius of the applicable eligible facility, and members of such a community, that may be impacted by the applicable proposed project or by operation of the applicable eligible facility, including impacts on social, economic, and environmental conditions, including cumulative effects, and impacts on members of such a community who are traditionally excluded from decision-making processes; and

(ii) examines potential reasons for such exclusion, including community history and dynamics, including social, cultural, environmental, economic, and political landscapes.

(B) Information on prior and ongoing efforts by the applicant to engage local stakeholder groups who may be impacted by the applicable proposed project or by operation of the applicable eligible facility.

(C) A description of existing concerns impacting communities described in subparagraph (A) that have already been identified through input to the advisory council and other government tools or surveys that enable government agencies to understand the economic, social, environmental, and labor circumstances of these communities, including the Climate and Economic Justice Screening Tool, academic research, media reports, citizen enforcement actions for permit violations, and public hearings.

(D) A description of potential concerns impacting communities described in subparagraph (A) emanating from the applicable proposed project or operation of the applicable eligible facility.

(E) A description of benefits that the applicable eligible entity can deliver to communities described in subparagraph (A) that reflect the eligible entity’s understanding of such existing concerns and such potential concerns.

(F) A strategy for—

(i) sharing the descriptions under subparagraphs (C), (D), and (E);

(ii) disseminating the community benefits plan; engaging with communities described in subparagraph (A); and

(iii) incorporating such communities’ feedback into any applicable community benefits agreement.

(G) A strategy for reporting and verifying progress on delivering the benefits described in subparagraph (E) with communities described in subparagraph (A).

(H) A description of the resources that the eligible entity plans to provide to ensure the full participation of communities described in subparagraph (A) in discussions with the eligible entity, including participation of members of such communities who are traditionally excluded from decision-making processes, including providing facts regarding the potential impacts of the proposed project and operation of the applicable eligible facility after completion of such project on such communities, monetary resources to compensate for members of the applicable community benefits group described in paragraph (6) for their time, experts who can interpret the information shared by the eligible entity and represent such communities’ perspectives, and other support measures to facilitate engagement, such as providing childcare and food during discussions.

(I) A commitment to, and a plan for how such eligible entity will, cover the costs of training and skills and knowledge acquisition for community liaisons focused on air quality monitoring and reduction of air pollution.

(J) A commitment to, and a plan for how such eligible entity will, regularly and actively engage with frontline communities and leaders to determine and develop legally binding community benefit agreements and report progress on its execution.

(K) Any additional information the Secretary of Energy determines appropriate based on the guidance submitted by the advisory council pursuant to paragraph (1).

The strength of a community benefits plan submitted pursuant to this section, as determined by the Department of Energy Merit Reviewer process, shall constitute at least 20 percent of the graded criteria in determining whether to award covered financial assistance under this section.

The Secretary of Energy shall establish a platform to host the text of each—

(i) community benefits plan submitted by an eligible entity awarded covered financial assistance under this section;

(ii) memorandum of understanding described in paragraph (6); and

(iii) final community benefits agreement entered into pursuant to paragraph (7).

The Secretary of Energy may, on a case-by-case basis, redact confidential business information from the platform established under subparagraph (A).

Not later than 6 months after initial receipt of covered financial assistance under this section, an eligible entity awarded such covered financial assistance shall seek to enter into a memorandum of understanding with a community benefits group described in subparagraph (C).

A memorandum of understanding under this paragraph shall include a commitment to enter into a community benefits agreement in accordance with paragraph (7).

A community benefits group described in this subparagraph shall include individuals who represent the communities identified in paragraph (3)(A), including members of such communities who are traditionally excluded from decision-making processes.

An eligible entity awarded covered financial assistance under this section shall recruit individuals described in subparagraph (C) to serve on a community benefits group described in such subparagraph and publicize the opportunity for additional stakeholders to self-identify and self-nominate to the community benefits group.

Members of a community benefits group described in subparagraph (C) shall be remunerated for their time and receive resources in accordance with the eligible entity’s community benefits plan.

Not later than one year after entering into a memorandum of understanding with a community benefits group in accordance with paragraph (6), an eligible entity awarded covered financial assistance under this section shall seek to enter into a legally binding community benefits agreement with such community benefits group.

Members of the community benefits group participating in negotiations of a community benefits agreement shall be remunerated for their time and receive resources that facilitate their engagement. Failure to enter into a community benefits agreement pursuant to this subsection shall not eliminate the obligation of an eligible entity to reimburse the applicable community benefits group and any other member of the impacted community who is participating in such negotiations for their time engaging with the eligible entity.

A community benefits group described under subparagraph (A) shall select its own legal representation for all matters relating to a community benefits agreement, which will be paid for by the applicable eligible entity described in such subparagraph.

Any dispute that cannot be resolved within a reasonable period of time (as determined by the Secretary of Energy) between a community benefits group and eligible entity under this section shall be resolved through mediation with a mediator selected by the community benefits group.

If a community benefits agreement is not entered into by the deadline under subparagraph (A), the applicable eligible entity shall be required to submit to the Secretary of Energy a letter from the applicable community benefits group ascertaining good faith effort by the eligible entity in order for the eligible entity to remain eligible to receive covered financial assistance and extend the time allowed for negotiations with community. In order for currently operating iron and steel facilities to remain eligible for covered financial assistance, the Administrator of the Environmental Protection Agency shall additionally confirm through the Environmental Protection Agency’s modeling the emissions and co-pollution reduction potential stipulated in this Act and the award decision.

Failure to enter into a community benefits agreement by the deadline under subparagraph (A) and to submit a letter pursuant to subparagraph (D), or failure to abide by a community benefits agreement entered into pursuant to this subsection, shall result in the suspension of funding under this section.

(1) Section 48C(f) of the Internal Revenue Code of 1986 is amended to read as follows:

A credit shall not be allowed under this section for any qualified investment—

(1) with respect to which any covered financial assistance was awarded under section 101 of the Steel Modernization Act of 2024, or

(2) for which a credit is allowed under section 48, 48A, 48B, 48E, 45Q, or 45V.

The amendment made by this subsection shall apply to property placed in service after the date of the enactment of this Act.

Covered financial Assistance awarded under this section may not be used for the construction, installation, use, or maintenance of equipment involved in the capture or sequestration of carbon oxides.

The Secretary of Energy may not award covered financial assistance under this section after December 31, 2032.

There is authorized to be appropriated to carry out this section $10,000,000,000.

The Secretary of Energy shall establish a pilot program to enter into contracts, on a competitive basis, with entities for payment of costs associated with the production or purchase of near-zero emissions intensity steel.

Not later than 10 years after the date of enactment of this Act, the Secretary shall enter into at least 2 contracts under the pilot program established under this section, with each contract term for a period of no longer than 5 years.

At least one of the contracts entered into under paragraph (1) shall be for payment of costs associated with the production or purchase of near-zero emissions intensity steel that is produced using a direct reduced iron furnace.

The amount of a payment, with respect to near-zero emissions intensity steel described in subsection (a), to an entity with which the Secretary of Energy has entered into a contract under the pilot program established under subsection (a) shall be—

(1) the cost of such near-zero emissions intensity steel that is produced or purchased; minus

(2) the applicable fair market value, as determined by the Secretary of Energy, to produce or purchase an equal quantity of conventional steel.

An eligible entity that enters into a contract under the pilot program established under this section shall—

(1) comply with the requirements under section 101(c)(1)(J); and

(2) with respect to any eligible facility for which the total estimated cost of the construction contract is $25,000,000 or more, comply with the requirements under section 101(c)(1)(K).

There is authorized to be appropriated $500,000,000 to carry out this section.

Subpart D of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section:

For purposes of section 38, in the case of an eligible taxpayer, the near-zero emissions intensity iron production credit for any taxable year is an amount equal to $89 per ton of near-zero emissions intensity iron produced by the taxpayer at an eligible facility during such taxable year.

The amount determined under subsection (a) with respect to iron produced at an eligible facility with respect to which a credit was allowed under section 38 by reason of subsection (a) for 10 prior taxable years shall be zero.

For purposes of this section—

The term eligible taxpayer means a taxpayer that—

(A) is not under the influence, control, or ownership of a foreign entity of concern (as defined in section 108 of the Steel Modernization Act of 2024),

(B) has, with respect to any eligible facility with respect to which a credit is determined under section 38 by reason of this section for a taxable year, fulfilled the following requirements at all times during such taxable year:

(i) The requirements described in paragraphs (1), (5), and (6) of section 101(d) of the Steel Modernization Act of 2024.

(ii) All requirements made applicable to any entity described in section 101(g) of the Steel Modernization Act of 2024.

The terms eligible facility and near-zero emissions intensity iron have the meanings given such terms in section 108 of the Steel Modernization Act of 2024.

The amount determined under subsection (a) with respect to any near-zero emissions intensity iron which was produced pursuant to a contract established under section 102 of the Steel Modernization Act of 2024 shall be zero.

In the case of any taxable year beginning in a calendar year after 2024, there shall be substituted for the dollar amount in subsection (a) an amount equal to the product of—

(1) such dollar amount, multiplied by

(2) the inflation adjustment factor for such calendar year determined under section 43(b)(3)(B) for such calendar year, determined by substituting 2023 for 1990.

This section shall not apply to taxable years beginning after December 31, 2045.

Section 38(b) of such Code is amended by striking plus at the end of paragraph (40), by striking the period at the end of paragraph (41) and inserting, and, and by adding at the end the following new paragraph:

(42) in the case of an eligible taxpayer (as defined in section 45BB(c)), the near-zero emissions intensity iron production credit determined under section 45BB(a).

The table of sections for subpart D of subchapter A of chapter 1 of such Code is amended by adding at the end the following new item:

The amendments made by this section shall apply to iron produced after the date of the enactment of this Act.

Subpart E of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new sections:

In the case of an eligible taxpayer, for purposes of section 46, the on-site zero-emission energy investment credit for any taxable year is an amount equal to 10 percent of the qualified investment for such taxable year.

The qualified investment with respect to any qualified facility for any taxable year is the sum of—

(A) the basis of any property placed in service by the taxpayer during the taxable year—

(i) which is—

(I) tangible personal property, or

(II) other tangible property (not including a building or its structural components), but only if such property is used as an integral part of the qualified facility,

(ii) with respect to which depreciation (or amortization in lieu of depreciation) is allowable, and

(I) the construction, reconstruction, or erection of which is completed by the taxpayer, or

(II) which is acquired by the taxpayer if the original use of such property commences with the taxpayer, and

(B) the basis of any qualified property placed in service by the taxpayer during such taxable year which is part of a facility described in subsection (c).

Rules similar to the rules of subsections (c)(4) and (d) of section 46 (as in effect on the day before the enactment of the Revenue Reconciliation Act of 1990) shall apply for purposes of this section.

The amount which is treated as the qualified investment for all taxable years with respect to any qualifying advanced energy project shall not exceed the amount designated by the Secretary as eligible for the credit under this section.

The amount which is treated as the qualified investment for all taxable year with respect to any qualified facility project shall not exceed the amount that is equal to—

(i) $500,000,000, minus

(ii) the sum of—

(I) any financial assistance provided to such project pursuant to the Steel Modernization Act of 2024,

(II) any credits allowed for any taxable year relating to such project under this section, plus

(III) any credits allowed for any taxable year relating to such project under section 48G.

In this section, the term qualified facility project means a project, any portion of the qualified investment of which is certified by the Secretary under subsection (e) as eligible for a credit under this section, which re-equips, expands, or establishes a zero-carbon electricity or heat generating or storage facility which is located on-site with an eligible facility (as such term is defined in section 108 of the Steel Modernization Act of 2024).

In this section, the term eligible taxpayer means a taxpayer that—

(1) is not under the influence, control, or ownership of a foreign entity of concern (as defined in section 108 of the Steel Modernization Act of 2024); and

(2) has, with respect to any qualified facility project, met the requirements described in section 101(d)(5) and (6) of the Steel Modernization Act of 2024.

Not later than 180 days after the date of enactment of this section, the Secretary shall establish an on-site zero-emission energy project program to consider and award certifications for qualified investments eligible for credits under this section to qualified facility project sponsors.

The total amount of credits that may be allocated under the program shall not exceed $500,000,000.

Each applicant for certification under this paragraph shall submit an application containing such information as the Secretary may require during the 2-year period beginning on the date the Secretary establishes the program under paragraph (1).

Each applicant for certification shall have 1 year from the date of acceptance by the Secretary of the application during which to provide to the Secretary evidence that the requirements of the certification have been met.

An applicant which receives a certification shall have 3 years from the date of issuance of the certification in order to place the project in service and if such project is not placed in service by that time period, then the certification shall no longer be valid.

In determining which qualified facility projects to certify under this section, the Secretary—

(A) shall take into consideration only those projects where there is a reasonable expectation of commercial viability, and

(B) shall take into consideration which projects—

(i) will provide the greatest domestic job creation (both direct and indirect) during the credit period,

(ii) will provide the greatest net impact in avoiding or reducing air pollutants or anthropogenic emissions of greenhouse gases,

(iii) have the greatest potential for technological innovation and commercial deployment,

(iv) have the lowest levelized cost of generated or stored energy, or

(v) of measured reduction in energy consumption or greenhouse gas emission (based on costs of the full supply chain),

(C) have the shortest project time from certification to completion, and

(D) shall take into consideration only those projects that have met the requirements described in section 101(d)(5) and (6) of the Steel Modernization Act of 2024.

Not later than 4 years after the date of enactment of this section, the Secretary shall review the credits allocated under this section as of such date.

The Secretary may reallocate credits awarded under this section if the Secretary determines that—

(i) there is an insufficient quantity of qualifying applications for certification pending at the time of the review, or

(ii) any certification made pursuant to paragraph (2) has been revoked pursuant to paragraph (2)(B) because the project subject to the certification has been delayed as a result of third party opposition or litigation to the proposed project.

If the Secretary determines that credits under this section are available for reallocation pursuant to the requirements set forth in paragraph (2), the Secretary is authorized to conduct an additional program for applications for certification.

The Secretary shall, upon making a certification under this subsection, publicly disclose the identity of the applicant and the amount of the credit with respect to such applicant.

In the case of any taxable year beginning in a calendar year after 2024, there shall be substituted for the dollar amount in subsection (b)(3)(B)(i) an amount equal to the product of—

(1) such dollar amount, multiplied by

(2) the inflation adjustment factor for such calendar year determined under section 43(b)(3)(B) for such calendar year, determined by substituting 2023 for 1990.

This section shall not apply to taxable years beginning after December 31, 2045.

In the case of an eligible taxpayer, for purposes of section 46, the iron and steel green energy and grid system upgrade investment credit for any taxable year is an amount equal to 10 percent of the qualified investment for such taxable year.

For purposes of this section—

In this section, the term eligible taxpayer means a taxpayer that—

(A) is not under the influence, control, or ownership of a foreign entity of concern (as defined in section 108 of the Steel Modernization Act of 2024), and

(B) has, with respect to any qualified interconnection property and qualified property, met the requirements described in section 101(d)(5) and (6) of the Steel Modernization Act of 2024.

The qualified investment for any taxable year is the sum of—

(A) the amount of any expenditures which are paid or incurred by the taxpayer for qualified interconnection property—

(i) placed in service during the taxable year of the taxpayer, and

(ii) properly chargeable to capital account of the taxpayer, and

(B) the basis of any qualified property placed in service by the taxpayer during such taxable year which is part of a qualified facility.

The term qualified interconnection property means qualified interconnection property (as such term is defined in section 48(a)(8)(B)) which is necessary to transmit energy to an eligible facility.

The term qualified property has the meaning given such term in section 48E(b)(2).

The term qualified facility means a qualified facility (as defined in section 48E(B)(3) except that such paragraph shall be applied without regard to subparagraph (C) thereof) which sells energy attribution certificates to an eligible facility.

The term eligible facility has the meaning given such term in section 108 of the Steel Modernization Act of 2024.

This section shall not apply to taxable years beginning after December 31, 2045.

(1) Section 46 of such Code is amended by striking and at the end of paragraph (6), by striking the period at the end of paragraph (7) and inserting a comma, and by adding at the end the following new paragraphs:

(8) the on-site zero-emission energy investment credit, and

(9) the iron and steel green energy and grid system upgrade investment credit.

(2) Section 49(a)(1)(C) of such Code is amended by striking and at the end of clause (vii), by striking the period at the end of clause (viii) and inserting a comma, and by adding at the end the following new clauses:

(ix) the basis of any qualified property which is part of a qualified facility under section 48F, and

(x) the basis of any qualified interconnection property and any qualified property which is part of a qualified facility under section 48G.

The table of sections for subpart E of subchapter A of chapter 1 of such Code is amended by inserting after the item relating to section 48E the following new items:

The amendments made by this section shall apply to property placed in service after the date of the enactment of this Act.

The Secretary of Energy shall conduct a study, and publish a report on the findings of such study on a publicly accessible website, on opportunities for new Federal, State, and local policies, regulations, and other measures to help stimulate demand for near-zero emissions intensity iron and near-zero emissions intensity steel, including demand related to shipbuilding, railroads, and offshore wind electricity generation.

Not later than 1 year after the date of enactment of this Act, the Secretary of Energy shall submit to Congress a report describing—

(1) a whole of Government strategy to—

(A) increase the supply of zero-greenhouse gas emissions electricity on the electric grid;

(B) improve electricity transmission;

(C) upgrade regional energy distribution systems; and

(D) ensure industrial entities can afford zero-greenhouse gas emissions electricity;

(2) the amount of steel, aluminum, and other materials produced in the United States that would be needed to implement such strategy; and

(3) additional investments and policies recommended to be able to finish and fabricate materials described in paragraph (2) domestically.

None of the funds authorized to be appropriated or otherwise made available pursuant to this Act may be made available—

(1) to construct, modify, retrofit, or otherwise be used for a facility that is not located in the United States; or

(2) to any entity that is partly or wholly owned by—

(A) the Government of the People’s Republic of China; or

(B) a foreign entity of concern.

In this title:

The term advanced industrial iron technology means a technology related to iron production that is directly involved in an industrial process, and designed to reduce, or results in a reduction of, greenhouse gas emissions, as determined by the Secretary of Energy.

The term advanced industrial steel technology means a technology related to steel production that is directly involved in an industrial process, and designed to reduce, or results in a reduction of, greenhouse gas emissions, as determined by the Secretary of Energy.

The term clean hydrogen means hydrogen that is produced through a process that results in a lifecycle greenhouse gas emissions rate of not greater than 0.45 kilograms of carbon dioxide equivalent per kilogram of hydrogen.

For purposes of subparagraph (A), the term lifecycle greenhouse gas emissions shall only include emissions through the point of production, as determined under the most recent Greenhouse gases, Regulated Emissions, and Energy use in Transportation model (commonly referred to as the GREET model) developed by Argonne National Laboratory, or a successor model (as determined by the Secretary of Energy).

The term covered financial assistance includes a grant, rebate, direct loan, cooperative agreement, low- to no-interest loans, and a loan guarantee.

The term early-stage means, with respect to a technology, that the technology has not yet been proven viable at scale.

The term eligible entity means the owner or operator of an eligible facility.

The term eligible facility means a domestic, non-Federal, nonpower industrial or manufacturing facility engaged in production processes or research and development for iron, steel, steel mill products, or other industrial processes related to iron or steel-making, as determined by the Secretary of Energy.

The term environmental justice community means a community with significant representation of communities of color, low-income communities, or Tribal and indigenous communities, that experiences, or is at risk of experiencing, higher or more adverse human health or environmental effects than other communities.

The term existing or legacy iron or steel-making community means—

(A) an area that is within a 25 mile radius of an iron or steel production facility—

(i) that is producing iron or steel as of the date of enactment of this Act; or

(ii) that has produced iron or steel anytime since January 1, 1985; or

(B) any community within a 25 mile radius of a location in which metallurgical coke, or metallurgical coal destined to be metallurgical coke, has been produced, mined, or processed at any time since January 1, 1985.

The term foreign entity of concern has the meaning given such term in section 40207(a)(5) of the Infrastructure Investment and Jobs Act (42 U.S.C. 18741(a)(5)).

The term frontline community means—

(A) a low-income community;

(B) an environmental justice community; or

(C) a disadvantaged community (as defined by the Justice40 Initiative established under section 223 of Executive Order 14008, titled Tackling the Climate Crisis at Home and Abroad).

The term mine-to-metal basis means the greenhouse gas accounting rule under criterion 10.4, Determination of site-level GHG emissions for the purpose of reporting GHG emissions intensity when producing crude steel for determining a site’s greenhouse gas emissions, under Responsible Steel International Production Standard Version 2.1, effective from May 21, 2024.

The term near-zero emissions intensity iron means iron that has an emissions intensity of 0.35 tons of carbon dioxide equivalent per ton of iron or less, with greenhouse gas emissions determined on a mine-to-metal basis.

The term near-zero emissions intensity steel means steel that has an emissions intensity that is equal to or less than progress level 4 emissions intensity that is determined, using a sliding scale of emissions intensity based on scrape share of metallics input, in accordance with criterion 10.6 of Responsible Steel International Production Standard Version 2.1, effective from May 21, 2024, and with greenhouse gas emissions determined on a mine-to-metal basis.

Not later than June 30, 2026, and every 2 years thereafter, the United States International Trade Commission shall transmit to the President and publish a report with respect to the following:

(1) The average greenhouse gas emissions intensity of domestic iron and steel production, expressed in tons of CO2-e per ton of iron or steel, respectively.

(2) The average greenhouse gas emissions intensity of the domestic manufacture of covered iron and steel product categories and finished goods produced using covered iron and steel product categories, expressed in tons of CO2-e per ton of iron or steel, respectively.

(3) An estimate the 90th emissions intensity percentiles for all domestically manufactured reported product categories.

No later than June 30, 2026, and every 2 years thereafter, the United States International Trade Commission shall transmit to the President and publish a report with respect to the emissions intensity of the manufacture of covered iron and steel products in all foreign markets from which the United States imported in excess of $200,000,000 of iron and steel products, including finished goods, in any 1 of the preceding 5 years. The emissions intensity with respect to such covered products shall be determined based on—

(A) the emissions intensity of the general economy of the country of origin of covered products as compared to the emissions intensity of the United States economy; or

(B) if the Commission determines that transparent, verifiable, and reliable information is available with respect to the iron and steel industry in the country of origin of covered products and that the country of origin is a transparent market economy—

(i) the emissions intensity of the iron and steel industry in such country; or

(ii) if sufficiently disaggregated information is available, the emissions intensity of the manufacture of specific covered product in such country.

For purposes of this subsection, the average emissions intensity with respect to the production of a covered iron or steel product shall be determined based upon greenhouse gas emission and production data from all facilities which produce such good which are under common control of the manufacturer of such good, including any subsidiary, parent company, or joint venture of such manufacturer within the country of origin.

With respect to any covered iron or steel product which is imported into the United States and for which other covered iron or steel products were used as inputs by the manufacturer in the production of the imported product, any greenhouse gas emissions associated with the production of the other inputs shall be included in the determination of the greenhouse gas emissions associated with production of the imported product.

For purposes of this subsection, with respect to any country, the emissions intensity of the general economy of such country shall be an amount equal to the quotient of—

(A) the greenhouse gas emissions of such country for the most recent year for which the President determines there is reliable information, divided by

(B) the gross domestic product of such country for such most recent year.

The Commission shall also include in each report published pursuant to paragraph (1) recommendations with respect to each applicable foreign market of the tariff rate to impose with respect to the importation of covered products from such market in order to compensate for any greater emissions intensity of production in such market.

In the case of any entity which imports a covered iron or steel product for which the Commission determines the emissions intensity under subsection (b)(1)(A) or subsection (b)(1)(B)(i), such entity may submit to the President a petition to determine any tariff pursuant to section 202 based on the average emissions intensity with respect to the production of the specific covered product by the manufacturer, including such information as the President may determine necessary to calculate such average emissions intensity.

In the case of any covered iron or steel product imported into the United States or withdrawn from warehouse for consumption on or after the date that is 90 days after the publication of the first report required by section 201(a), the President shall impose an additional tariff—

(A) pursuant to the recommendation with respect to the applicable foreign market in the most recent report published pursuant to section 201(b)); or

(B) in such other amount as the President may determine appropriate to carry out the purposes of this title.

In the case of any finished good which is imported into the United States on or after January 1, 2027, the President shall impose an additional tariff in an amount equal to the sum of the rates determined in accordance with paragraph (1) with respect to each covered iron or steel product that is a component part of such finished good.

For any covered iron or steel product imported from a country the Commission determines, pursuant to section 201(b)(1)(B), is not a transparent market economy, the tariff imposed shall be double the amount calculated pursuant to paragraph (1) or paragraph (2).

The President may waive the tariff otherwise imposed under this section with respect to covered iron and steel products imported from a country if the President determines that the country—

(1) has implemented policies which impose explicit costs on the emission of greenhouse gases which are materially similar to the charges imposed pursuant to the provisions of this section;

(2) imposes such costs on similar product categories and based on the emissions intensity of production in the country of origin;

(3) achieves an emissions intensity for the domestic manufacture of covered product categories that does not exceed 150 percent of the emissions intensity of manufacture in the United States; and

(4) waives any tariffs that would be imposed pursuant to such emissions policy on products from the United States.

If a covered iron or steel product imported into the United States is melted or poured in a third country, the tariff imposed under this section shall be determined based on the emissions intensity of the third country rather than the country from which the product is imported, unless the President has approved a petition submitted pursuant to section 201(c) with respect to the importation of such product.

In this title:

The term Administrator means the Administrator of the Environmental Protection Agency.

Subject to subparagraph (B), the term CO2-e means, with respect to a greenhouse gas, the quantity of such gas that has a global warming potential equivalent to 1 metric ton of carbon dioxide, as determined pursuant to table A–1 of subpart A of part 98 of title 40, Code of Federal Regulations, as in effect on the date of the enactment of this subchapter.

In the case of methane, the term CO2-e means the quantity of methane that has the same global warming potential over a 20-year period as 1 metric ton of carbon dioxide, as determined by the Administrator.

The terms covered iron product and covered steel product are defined as follows:

(i) Articles classifiable under the following headings of the Harmonized Tariff Schedule of the United States:

(I) 7206.10 through 7216.50.

(II) 7216.99 through 7301.10.

(III) 7302.10.

(IV) 7302.40 through 7302.90.

(V) 7304.10 through 7306.90.

(ii) Subject to subparagraph (B), any other iron or steel article the President determines is imported from a country with a greater emissions intensity than the United States, if the President directs and the Commission subsequently includes—

(I) an analysis of the domestic production of such product in the most recent study published in accordance with section 201(a); and

(II) an analysis of the foreign production of such product in the most recent study published in accordance with section 201(b).

A product otherwise meeting the definition under subparagraph (A) shall not be treated as a covered iron product or a covered steel product, as applicable, under this title if—

(i) a like or similar article is not produced in the United States;

(ii) the product is produced in (including as a component of a finished good) and imported from a relatively least developed country (as described in section 124 of the Foreign Assistance Act of 1961 (22 U.S.C. 2151v)) that does not produce at least 3 percent of total global exports, by value, of the product; or

(iii) the product is imported from a country during any period in which a waiver is in effect with respect to such country pursuant to section 202(b).

The term finished good means any good which—

(i) for calendar years 2027 and 2028—

(I) contains greater than 500 pounds of any combination of any covered iron or steel products, or

(II) was produced from inputs of any combination of covered iron or steel products, the value of which comprise more than 90 percent of the total value of the material inputs involved in the production of such good,

(ii) for calendar years 2029 and 2030—

(I) contains greater than 100 pounds of any combination of any covered iron or steel products, or

(II) was produced from inputs of any combination of covered iron or steel products, the value of which comprise more than 75 percent of the total value of the material inputs involved in the production of such good, and

(iii) for any calendar year after calendar year 2030—

(I) contains greater than such amount as is determined by the Secretary (as determined in coordination with the relevant parties, and which shall not be greater than 100 pounds) of any combination of any covered iron or steel products, or

(II) was produced from inputs of any combination of covered iron or steel products, the value of which comprise more than such percentage as is determined by the Secretary (as determined in coordination with the relevant parties, and which shall not be greater than 75 percent) of the total value of the material inputs involved in the production of such good.

The term finished good shall not include any waste or scrap product that is imported or exported.

The term greenhouse gas has the meaning given such term under section 211(o)(1)(G) of the Clean Air Act, as in effect on the date of the enactment of this subchapter.

The term greenhouse gas emissions means the amount of greenhouse gases, expressed in metric tons of CO2-e, which were emitted to the atmosphere.

The term relevant parties means—

(A) the Administrator,

(B) the Secretary of Energy,

(C) the Secretary of Commerce,

(D) the United States Trade Representative, and

(E) the Chair and Vice Chair of the United States International Trade Commission.

For fiscal year 2025 and each subsequent fiscal year, there is appropriated, out of any funds in the Treasury not otherwise appropriated, to the Secretary of Energy an amount equal to 75 percent of the total amount collected in the preceding fiscal year pursuant to the tariff imposed under section 202, to be made available to carry out this Act.

For fiscal year 2025 and each subsequent fiscal year, in addition to amounts otherwise available, there is appropriated, out of any funds in the Treasury not otherwise appropriated, an amount equal to 25 percent of the total amount collected in the preceding fiscal year pursuant to the tariff imposed under section 202, to be made available to carry out programs, projects, and activities authorized pursuant to section 531 of the Foreign Assistance Act of 1961 (22 U.S.C. 2346; referred to as the economic support fund) to provide bilateral and multilateral assistance to foreign countries to support decarbonization programs and other climate and clean energy programs.