US to cancel 13 billion dollars in green energy funds
On Wednesday, the U.S. Department of Energy announced that it would cancel over $13 billion of funds pledged by the Biden Administration to subsidize solar, wind, batteries, and electric vehicles.
The funds that were targeted weren't immediately apparent. The department didn't immediately respond to an inquiry for more information.
The department stated that by returning the funds to American taxpayers, the Trump Administration is demonstrating its commitment to providing more affordable, reliable, and secure American energy, and to being more responsible with taxpayer dollars. In his Tuesday address to the United Nations General Assembly, President Donald Trump called climate change "the biggest con job" of all time. He also reiterated his skepticism about global environmental initiatives and multinational institutions.
Trump has worked to increase the production of oil and natural gas. These were already record-breaking when he took office in January. Subsidies for renewable energy sources and electric vehicles have also been cut.
Chris Wright, the Energy Secretary, mentioned the cancellation of the funds at a New York press conference earlier that day. Wright said Trump sent the message that many countries and the UN "have just gone wildly off course with climate change" by exaggerating the threat. The spending has been massive, but with little impact. A study by the environmental advocacy group E2 last week found that jobs in solar and wind energy, as well as other clean energy sectors, grew three-times faster in 2024 than the rest of U.S. workers. However, many of these jobs could be lost due to Trump’s efforts to stop renewables. Wright said he does not plan to attend the UN climate talks that will be held in Brazil in November. Wright, however, said that he loves to talk about energy and climate issues with people who think differently. Therefore "nothing" is impossible when it comes his participation in Brazil. (Reporting and editing by Mark Porter, Barbara Lewis and Timothy Gardner)
(source: Reuters)
