- The Biden administration is fast-tracking the remaining Inflation Reduction Act (IRA) funds to clean energy projects before the 2024 elections.
- Over $3 billion announced in a single week, supporting clean energy manufacturing, grid protection, and zero-emission transportation.
- A Trump win could see unspent IRA funds rolled back, putting the future of green energy initiatives at risk.
White House Races to Allocate Clean Energy Funds
As the end of President Joe Biden’s term nears, his administration is scrambling to secure clean energy funding from the Inflation Reduction Act (IRA) before the possibility of a new administration disrupts progress. With Donald Trump threatening to pull back unspent IRA funds if he wins in 2024, the Biden team is accelerating the pace of funding distribution.
The Department of Energy (DOE) announced over $3 billion in clean energy and climate resilience funding within the past week, aiming to lock in initiatives across the country.
DOE’s Recent Funding Announcements
DOE’s Recent Funding Announcements
- $430 million to accelerate clean energy manufacturing in former coal-dependent communities.
- $2 billion for grid expansion to protect against extreme weather events.
- High-Assay Low-Enriched Uranium (HALEU) production initiated by four selected companies to support nuclear reactor expansion.
- $125 million to replace diesel engines in school buses, port equipment, and construction gear with zero-emission alternatives.
- $860 million in loan guarantees for large-scale solar and battery storage projects in Puerto Rico.
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“For almost nine out of every $10, we’ve moved them either into competition or into awards across the board,” said White House climate adviser Ali Zaidi, highlighting the administration’s rapid progress in deploying IRA funds
Election Outcome Will Shape IRA’s Future
Should Vice President Kamala Harris win the 2024 election, she has pledged to continue Biden’s aggressive climate strategy. On the other hand, Donald Trump has publicly vowed to retract any remaining IRA funds, threatening to reverse key gains in green energy.
White House climate adviser Ali Zaidi urged Congress to support IRA programs, stating: “We should have a Congress that is focused on increasing funding into grant programs like [the IRA]… to stop voting to try to repeal provisions like this that are creating economic opportunity in places that have seen setbacks and disinvestment over the last several decades.”
This article outlines the administration’s urgent efforts to secure green energy funding before a potential shift in power after the 2024 election.
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