The Biden administration championed some of the largest spending bills in U.S. history, directing over a $1 trillion towards clean energy and infrastructure initiatives. However, fully using the allocated funds before the end of President Joe Biden’s term is likely going to become a nearly impossible task.
The substantial financial backing comes from four key legislative acts: the American Rescue Plan, the Bipartisan Infrastructure Law, the CHIPS and Science Act and the Inflation Reduction Act. Together, these laws have earmarked $1.1 trillion for climate, energy and infrastructure projects.
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Despite this massive investment, only around 17% of the funds have been spent, according to a review by Politico. With just six months remaining in Biden’s presidency, questions are being raised about the future of the unspent billions. Those questions were amplified after Biden announced that he will not seek reelection.
Should former President Donald Trump take back the White House in November’s presidential election, there is a possibility that many of Biden’s clean energy initiatives could be undone. A new administration might halt project approvals. It could also seek to repeal the laws with a Republican-led Congress, potentially blocking the remaining funds permanently.
This scenario led to speculation about a possible rush to expedite spending on renewable energy projects. Already, there has been a notable uptick in expenditures. In the past month alone, approximately $6 billion has been allocated for such projects.
The Environmental Protection Agency (EPA) recently announced a $4.3 billion investment in community-driven climate action initiatives. Meanwhile, the Department of Energy revealed plans earlier in July to invest $1.7 billion in retooling auto factories for electric vehicle production.
Tags: American Rescue Plan Act, CHIPS and Science Act, Donald Trump, Energy, Infrastructure, Joe Biden, Renewable energy
[JACK AYLMER]
THEY’RE THE BIGGEST SPENDING BILLS IN U.S. HISTORY.
PUTTING OVER A TRILLION DOLLARS TOWARD CLEAN ENERGY INFRASTRUCTURE.
BUT TIME MIGHT JUST BE RUNNING OUT TO BURN THROUGH ALL THAT CASH.
THE MONEY COMES FROM FOUR SEPARATE PIECES OF LEGISLATION PASSED UNDER THE BIDEN ADMINISTRATION.
THE AMERICAN RESCUE PLAN, THE BIPARTISAN INFRASTRUCTURE LAW, THE CHIPS AND SCIENCE ACT, AND THE INFLATION REDUCTION ACT.
IN TOTAL, THEY PROVIDED 1.1 TRILLION DOLLARS IN INVESTMENTS FOR CLIMATE, ENERGY AND INFRASTRUCTURE PROJECTS.
ACCORDING TO A REVIEW OF GOVERNMENT SPENDING BY POLITICO-
WITH JUST SIX MONTHS LEFT IN BIDEN’S PRESIDENCY, ONLY AROUND 17 PERCENT OF THAT SUM HAS BEEN SPENT.
AFTER THE PRESIDENT ANNOUNCED HIS DECISION TO NO LONGER SEEK RE-ELECTION-
WHAT HAPPENS TO THE HUNDREDS OF BILLIONS OF DOLLARS IN FEDERAL FUNDING STILL UP FOR GRABS HAS BEEN CALLED INTO QUESTION.
SHOULD TRUMP WIN IN NOVEMBER, MUCH OF BIDEN’S CLEAN ENERGY WORK MIGHT BE UNDONE-
THE NEW ADMINISTRATION COULD HALT PROJECT APPROVALS AND LOOK TO REPEAL THE LAWS WITH A REPUBLICAN CONGRESS, PERMANENTLY BLOCKING THAT FUNDING ALTOGETHER.
SO IS SOMETHING LIKE A RENEWABLE ENERGY FIRE SALE ON THE HORIZON?
WELL, IN THIS MONTH ALONE WE’VE ALREADY SEEN AROUND 6 BILLION DOLLARS HURRIED OUT THE DOOR FOR THESE TYPES OF PROJECTS.
THIS WEEK, THE EPA ANNOUNCED A 4.3 BILLION DOLLAR INVESTMENT IN COMMUNITY-DRIVEN CLIMATE ACTION INITIATIVES.
AND EARLIER IN JULY THE ENERGY DEPARTMENT UNVEILED 1.7 BILLION DOLLARS FOR RETOOLING AUTO FACTORIES TO MAKE ELECTRIC VEHICLES.
AS THE CLOCK CONTINUES TO TICK DOWN ON BIDEN’S DAYS IN THE WHITE HOUSE-
MORE GOVERNMENT SPENDING ON CLEAN POWER COULD BE COMING.
TO FOLLOW ALONG WITH HOW BIDEN’S FINAL DAYS IN OFFICE IMPACT OUR NATION’S ENERGY SECTOR, DOWNLOAD THE STRAIGHT ARROW NEWS APP AND SIGN UP FOR ALERTS FROM ME – JACK AYLMER – TO GET THE LATEST.
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