Energy Department under Trump administration scraps $3.7 billion in funding for green energy projects initiated during Biden's tenure
The Trump administration has called off $3.7 billion worth of grants designated for 24 climate-related infrastructure initiatives, the majority of which were approved post-election but prior to President Joe Biden's departure from office.
According to Secretary of Energy Chris Wright, the projects failed to meet the energy demands of American citizens, lacked economic viability, and would not generate a substantial return on investment for taxpayers. In a statement on Friday, the department reported that after a meticulous financial evaluation of each grant, they found that approximately 70% (or 16 out of the 24 projects) were authorized between Election Day on November 5, 2024, and Biden's final day in office on January 20, 2025.
The administrative action is part of an ongoing effort to dismantle several climate and clean energy policies originally implemented by the Biden administration. Most of the canceled grants supported programs for capturing and storing carbon emissions underground, as well as other initiatives designed to reduce industrial emissions and promote low-carbon energy sources.
The move has garnered criticism from climate and energy advocacy groups. Steven Nadel, executive director of the American Council for an Energy-Efficient Economy, claims the rescinded grants could impede innovation and potentially result in the loss of 25,000 jobs and $4.6 billion in economic output.
Meanwhile, Energy Secretary Chris Wright stated, "While the previous administration carelessly spent billions of taxpayer dollars without proper financial oversight, the Trump administration is ensuring fiscal responsibility by conducting thorough reviews to ensure we're harnessing our resources for the greatest national benefit."
Recently, Wright also critiqued the Biden administration, asserting that it had imposed crippling regulations on Alaska that surpassed combined restrictions on North Korea, Iran, and Venezuela. These comments were made at the Reagan National Economic Forum gathered at the Ronald Reagan Presidential Library.
Reporting for this story was contributed by Fox News' Maria Bartiromo and Reuters.
- The cancellation of $3.7 billion worth of grants for climate-related infrastructure projects, as announced by the Trump administration, raises concerns within the environmental-science community that it could hinder innovation and potentially lead to the loss of 25,000 jobs and $4.6 billion in economic output, according to the American Council for an Energy-Efficient Economy.
- In the realm of general-news, the ongoing dismantling of several climate and clean energy policies reflects a shift in political priorities, as the Trump administration moves to rescind grants for projects deemed to lack economic viability and substantial returns on investment.
- As the climate-change debate continues to dominate the economy discussion, Energy Secretary Chris Wright, at a recent event at the Reagan National Economic Forum, criticized both the Biden administration's regulations on Alaska and cited the importance of fiscal responsibility in project investments, ensuring harnessing resources for the greatest national benefit.
