The White House announced it has now committed over $100 billion to renewable energy projects under President Joe Biden. This development comes as the current administration works to maximize the deployment of funds from the Inflation Reduction Act (IRA) before President-elect Donald Trump takes office.
“Crossing the milestone of $100 billion awarded shows just how quickly we’re getting these funds out the door and into communities so they can make a real difference for the American people,” John Podesta, senior adviser to the president for clean energy innovation and implementation, said.
The Biden administration aims to allocate over 80% of the remaining IRA funding by the end of next month to prevent the incoming president from rescinding unspent money provided under this legislation. White House officials reportedly said they are on track to exceed this target.
Once funds are committed to a project through a signed government contract, they are legally protected and cannot be revoked, even under a new administration.
Trump indicated plans to eliminate unspent IRA funds and expressed interest in rolling back tax incentives for clean energy projects, including wind and solar installations. However, altering these subsidies would likely require congressional approval, a potentially challenging process despite a Republican majority.
Conservative-led states have been the primary beneficiaries of IRA funding. Nearly 60% of announced projects and 85% of investments tied to the legislation have been allocated to conservative congressional districts. In August 2024, 18 Republican House members urged Speaker Mike Johnson not to dismantle the IRA, warning that doing so could jeopardize significant investments in their states.
