Latest reports show that the Biden administration has made efforts to allocate over $74bn of funding for climate initiatives before Donald Trump’s inauguration, leaving $20bn vulnerable to potential rollback by the incoming president, new figures reveal.
As the inauguration of Trump looms, the outgoing administration has been accelerating its allocation of cash for climate change and clean energy programs before they are throttled by the incoming US president.
Laden with funds from the landmark Inflation Reduction Act (IRA), the Biden administration is rushing to lock in support for renewable power, electric vehicles, batteries and other initiatives aimed at combating the climate crisis in a way that Trump cannot easily axe.
Trump has vowed to kill off what he calls the “green new scam and rescind all of the unspent funds” once he becomes president on 20 January. “That will be such an honor,” the president-elect said on the campaign trail, calling the climate bill “the greatest scam in the history of any country”.
Read also: LA residents brace for more fire evacuations
While Trump will be able to stymie unallocated spending, funding already committed will be difficult to claw back. The Biden administration has therefore been racing to push out money to make it Trump-proof, having now allocated $74bn of IRA funding, according to figures provided by Atlas Public Policy.
But the outgoing administration still has about $20bn, or around a fifth, of the climate spending unallocated, which will be vulnerable to a Trump rollback once he re-enters the White House.
“The Biden administration has awarded the majority of IRA climate grant funding, but billions are still available for climate-smart agriculture, clean energy tax credits, and clean energy loans and much of it could be at risk in 2025,” said Annabelle Rosser, a research analyst at Atlas.
Encouraging companies to make and deploy clean energy components in the US has taken time, as have treasury rules on what qualifies for tax credits, but the Biden administration has sought to move quickly despite this, according to Kate Gordon, formerly a senior adviser to Jennifer Granholm, Biden’s energy secretary.
Story was adapted from the Guardian.
