[Jack Aylmer]

THE WHITE HOUSE HAS RELEASED NEW FIGURES ON ITS CLEAN ENERGY SPENDING.

AS PRESIDENT BIDEN’S TERM WINDS DOWN, OVER 100 BILLION DOLLARS HAS NOW BEEN COMMITTED TOWARDS RENEWABLE POWER INITIATIVES.

THE NEW DETAILS COMING AS THE CURRENT ADMINISTRATION WORKS IN ITS FINAL DAYS TO DEPLOY AS MUCH MONEY AS POSSIBLE FROM THEIR SIGNATURE CLIMATE LAW-

THE INFLATION REDUCTION ACT-

BEFORE PRESIDENT-ELECT TRUMP TAKES OFFICE.

TRUMP HAS SIGNALED HIS INTENTION TO RESCIND ANY UNSPENT IRA FUNDS ONCE HE ASSUMES POWER.

SO IN ORDER TO HAMPER THE INCOMING PRESIDENT’S ABILITY TO DO SO-

THE BIDEN ADMINISTRATION HAS SET A GOAL OF ALLOCATING OVER 80 PERCENT OF ITS AVAILABLE IRA FUNDING BEFORE THE END OF NEXT MONTH.

IT’S A TARGET WHITE HOUSE OFFICIALS REPORTEDLY SAY THEY’RE ON TRACK TO EXCEED.

WHEN THESE FUNDS ARE COMMITTED TOWARDS A PROJECT, THEY ESSENTIALLY BECOME PROTECTED-

AND CANNOT BE TAKEN BACK BY A NEW PRESIDENT.

THAT’S BECAUSE THE GOVERNMENT SIGNS A CONTRACT WITH THE PROJECT’S DEVELOPERS IN ORDER TO GIVE THEM THE FUNDS.

ONCE THE CONTRACT IS SIGNED, ITS TERMS BECOME A MATTER OF CONTRACT LAW AND CANNOT BE ALTERED BY CHANGES IN POLITICAL LEADERSHIP.

TRUMP COULD TAKE AIM AT THE IRA’S DECADE’S WORTH OF TAX INCENTIVES FOR CLEAN ENERGY PROJECTS, SUCH AS WIND AND SOLAR INSTALLATIONS.

BUT, ENDING THOSE SUBSIDIES WOULD LIKELY REQUIRE AN ACT OF CONGRESS-

WHICH MAY PROVE DIFFICULT FOR TRUMP EVEN WITH A REPUBLICAN MAJORITY.

GOP-LED STATES ACTUALLY RECEIVED THE BULK OF BENEFITS FROM THE GRANTS AND SUBSIDIES OFFERED UNDER THE IRA.

NEARLY 60 PERCENT OF THE ANNOUNCED PROJECTS AND 85 PERCENT OF INVESTMENTS STEMMING FROM THIS LEGISLATION HAVE GONE TO CONSERVATIVE CONGRESSIONAL DISTRICTS.

BACK IN AUGUST, 18 REPUBLICAN HOUSE MEMBERS WROTE TO SPEAKER MIKE JOHNSON, A FELLOW PARTY MEMBER-

ASKING HIM NOT TO GUT THE IRA BECAUSE IT WOULD JEOPARDIZE MAJOR INVESTMENTS HAPPENING IN THEIR STATE.

STILL, AS BIDEN’S TIME IN THE OVAL OFFICE COMES TO A CLOSE, MAKING WAY FOR TRUMP’S SECOND TERM-

THE FATE OF THE INFLATION REDUCTION ACT REMAINS UNCERTAIN.

TO GET MORE STORIES ABOUT GOVERNMENT SPENDING ON RENEWABLE ENERGY PROJECTS IN THE U.S., DOWNLOAD THE STRAIGHT ARROW NEWS APP AND SIGN UP FOR ALERTS FROM ME- JACK AYLMER.