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| Biden Trump-proofs $74bn in climate funding but $20bn remains vulnerable |
| 2025-01-16 |
| [Guardian] Allocation of funds from Inflation Reduction Act makes it harder for president-elect to halt green initiatives. The Biden administration has raced to allocate $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”. 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. “There’s been an urgency from the beginning but that urgency is now definitely ramping up,” said Gordon, now chief executive of California Forward. “There’s a huge need to get the money out and contracted.” Major recent investments include $1.5bn to the electric car manufacturer Rivian in November to expand its presence in Georgia, $460m to Samsung in December to build batteries and $754m to Novonix, also last month, to supply rare earth materials for batteries. Of the money not yet handed over, there are billions of dollars targeted at climate-friendly farming practices, upgrades to energy efficiency in homes, conservation programs and support for coastal communities dealing with floods and other climate impacts. The figures from Atlas do not include an array of other programs funded by the IRA, the 2022 bill that also handed money to government agencies and bolstered loans awarded to cutting-edge green technologies. The bulk of the bill’s support comes in the form of ongoing tax credits for projects aimed at cutting planet-heating emissions. Much of this could now be gutted, with Mike Johnson, the Republican speaker of the House of Representatives, calling the tax credits “wasteful” and vowing to take a “scalpel” to the legislation. However, some elected Republicans are nervous about a political backlash to a complete repeal of the climate bill, despite having unanimously voted against it. According to the Atlas investment tracker, more than three-quarters of the $160bn in privately led clean energy and manufacturing projects supported by the IRA are in Republican-held districts and are responsible for more than 166,000 newly announced jobs. Last summer, a group of Republican lawmakers wrote to Johnson urging him not to dismantle the legislation. “This new administration is really doubling down on fossil fuels but ending these projects would put pressure on ratepayers and that would be a disaster politically. No one wants that,” said Gordon. “Some parts of the IRA will be thrown under the bus but I don’t think there will be a massive slowdown of everything because that doesn’t make political sense.” While the IRA is still set to help spur cuts in America’s planet-heating emissions, the start of the Trump administration comes at a time when the US, like many other countries, is badly lagging in its efforts to contain the climate crisis. Last year was the hottest ever recorded globally, researchers have confirmed, adding to a string of record warm years. The pace of emissions cuts is not fast enough to temper this and meet international climate goals, scientists have warned, amid a growing stampede of storms, floods and other climate-driven disasters, such as the wildfires that have ravaged Los Angeles, taking an increasing toll on a superheated world. Related: Inflation Reduction Act: 2025-01-07 LIZ PEEK: Biden keeps insulting Americans with last minute moves. Republicans can stop it Inflation Reduction Act: 2024-12-30 Illinois Board of Education to Use Nearly $20 Million in Federal Grants on Electric School Buses Inflation Reduction Act: 2024-12-19 Biden Seals His Legacy As Worst President In History |
| Posted by:Skidmark |
| #5 How much greener can a political act be than Greenland? |
| Posted by: Glenmore 2025-01-16 17:05 |
| #4 Greenland a Green Initiative? |
| Posted by: swksvolFF 2025-01-16 16:13 |
| #3 Biden thanks US troops for defending Israel in last military address |
| Posted by: Grom the Reflective 2025-01-16 15:52 |
| #2 HOW ABOUT No $$$$$ for anything, until all US Citizens are properly taken care of. Halt all funds to other nations until we have our $34T Deficit under control. A Federal Budget base on the previous year's collected revenue amount, minus 10% to paid to the Federal deficit. A !2.5 % Federal Flat Tax across the board. Our borders & nation secured, US Troop brought home, from nations occupied since WWII and others. All persons Illegally here taken off US taxpayer assistance. All undesirables deported immediately, or we charge their home county a housing fee. Start holding those pushing "$$$ making agendas" $$$ responsible. A law holding Congress be held to the same legal code enforcement as any Taxpayer. |
| Posted by: NN2N1 2025-01-16 05:39 |
| #1 Why EV giant with a contract for 100k USPS trucks has suddenly offered to convert them to gas |
| Posted by: Skidmark 2025-01-15 06:22 |