The Biden administration is working quickly to approve large amounts of green funding before Donald Trump's inauguration in January. Trump has threatened to cut spending on renewable energy and clean technology in favor of fossil fuels, putting Biden's climate policy, the Inflation Reduction Act, at risk. The Department of Energy's Loan Programs Office is trying to finalize as many loans as possible before the government changes hands, fearing uncertainty under the Trump administration. Companies expecting funding are worried about delays or cancellations, and some fear that setbacks in the U.S. green transition could allow China to gain an edge geopolitically.
Following the recent election of Donald Trump as the next president of the U.S., the Biden administration is racing to approve huge quantities of green funding to ensure the U.S. gets the best chance possible at a green transition. The Biden government's far-reaching climate policy , the Inflation Reduction Act IRA, is under threat as President-elect Trump has repeatedly threatened to cut spending on renewable energy and clean tech in favour of greater fossil fuel production.
The office is now racing to finalise various funding decisions for fear that Trump may attempt to halt green spending once in office. In his July Party Platform, Trump stated his intention to DRILL, BABY, DRILL.' He said, 'We will become Energy Independent, and even Dominant again. The United States has more liquid gold under our feet than any other Nation, and it's not even close. The Republican Party will harness that potential to power our future.
Green Funding Climate Policy Inflation Reduction Act Donald Trump Biden Administration
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