The Biden administration is looking to allocate $74 billion in funding to tackle climate change before President Donald Trump takes office, leaving $20 billion vulnerable to potential policy rollbacks by the next president. That’s revealed by new numbers.
As President Trump’s inauguration approaches, the outgoing administration is accelerating funding for climate change and clean energy programs before the budget is reined in by the next U.S. president.
Loaded with money from the landmark Inflation Control Act (IRA), the Biden administration is building renewable power, electric vehicles, batteries, We are urgently seeking support for other initiatives.
President Trump has vowed to stamp out what he calls the “Green New Fraud” and cancel all unspent funds once he takes office on January 20. “It’s a great honor,” the president-elect said on the campaign trail, calling the climate change bill “the greatest fraud in the history of any country.”
President Trump may be able to block unallocated spending, but it will be difficult to recover the money already spent. So the Biden administration is scrambling to find funding to withstand a Trump presidency, with $74 billion in IRA funds currently earmarked, according to figures provided by Atlas Public Policy.
However, the outgoing administration still has about $20 billion in unallocated funds, equivalent to about one-fifth of climate spending, and when Trump returns to the White House, this funding will be used to offset Trump’s cuts. It will make you vulnerable.
âWhile the Biden administration has awarded the bulk of IRA climate change grants, there are still billions of dollars available for climate-smart agriculture, clean energy tax credits, and clean energy loans, many of which will be available in 2025. could be at risk,” said Annabelle Rosser. Atlas Research Analyst.
Incentivizing companies to manufacture and deploy clean energy components in the U.S. will take time, and Treasury regulations on what qualifies for tax credits will take time, said Kate Gordon, a former senior adviser to Jennifer. Despite this, the Biden administration is said to be trying to act quickly. Granholm is Biden’s energy secretary.
“The urgency has been there since the beginning, and the urgency has definitely increased,” said Gordon, now CEO of California Forward. âThere is a huge need to raise money and get a deal done.â
Major recent investments include $1.5 billion to electric car maker Rivian in November to expand its presence in Georgia, and $460 million to Samsung to make batteries in December, also That includes $754 million last month for Novonyx to supply rare earth materials for batteries.
Billions of dollars in funding yet to be delivered will target climate-friendly agricultural practices, home energy efficiency improvements, conservation programs, and assistance to coastal communities dealing with flooding and other climate impacts. It is said that
The Atlas figures do not include a range of other IRA-funded programs, and the 2022 bill also includes increased funding for government agencies and financing for cutting-edge green technologies. There is. Most of the bill’s support would come in the form of ongoing tax credits for projects aimed at reducing global warming emissions.
Much of that could now be watered down after Republican House Speaker Mike Johnson called the tax credits “waste” and vowed to put a “scalpel” into the bill.
But some Republicans are nervous about the political backlash against completely repealing the climate change bill, despite a unanimous vote against it.
More than three-quarters of the $160 billion of privately-led clean energy and manufacturing projects supported by the IRA are in Republican-controlled districts, according to the Atlas Investment Tracker, with 166,000 newly announced They are responsible for employing more than 1,000 people. Last summer, a group of Republican lawmakers sent a letter to Johnson urging him not to repeal the bill.
“This new administration is really doubling down on fossil fuel use, and canceling these projects would put pressure on ratepayers and be a political disaster. No one wants that. ,â Gordon said.
“Some of the IRA will be thrown under the bus, but I don’t think everything will slow down significantly because it doesn’t make sense politically.”
The IRA will still help accelerate reductions in U.S. global warming emissions, but the Trump administration comes at a time when the U.S., like many other countries, is lagging far behind in efforts to contain the climate crisis. It was done. Last year was the warmest on record worldwide, researchers have confirmed, continuing a record-breaking year.
As storms, floods, and other climate disasters (such as the wildfires that hit Los Angeles) increase, the pace of emissions reductions is fast enough to alleviate the situation and meet international climate goals. Scientists warn that this is not the case. It has a huge impact on our overheated world.
