Summary
- Biden era has ended and the second Trump era has started
- Bipartisan Infrastructure Law and Inflation Reduction Act were effectively the Green New Deal under Biden
- U.S. Secretary of Energy highlighted accomplishments under Biden’s Green New Deal duo
- DOE has committed over $170 billion in grants and loans through BIL and IRA
- Future of Green New Deal initiatives uncertain under new administration
Article
The Biden era has come to an end, and the second Trump era has now begun. Although there was a lot of talk about a “Green New Deal” in previous years, no specific legislation by that name has been passed. However, two major pieces of legislation that were enacted during the Biden administration – the Bipartisan Infrastructure Law and the Inflation Reduction Act – effectively served as the Green New Deal. U.S. Secretary of Energy Jennifer Granholm touted the accomplishments of these initiatives, which included the creation of nearly 1,000 new or expanded factories in the U.S., providing benefits such as cheaper power and resilient infrastructure to communities across the country.
The Department of Energy (DOE) has committed over $170 billion for grants and loans through funding provided by the Bipartisan Infrastructure Law and the Inflation Reduction Act. This includes the commitment of 82% of grant funds available, with $64.2 billion allocated to projects through grants and $107.5 billion for loans. The Biden-Harris administration’s rapid implementation of these programs has led to a historic reshoring of manufacturing, particularly in the clean energy and electric vehicle sectors.
Looking ahead, with Donald Trump returning to office, there is uncertainty about the future of these initiatives. The administration may choose to continue deploying funds and overseeing the progress of projects, or they could decide to halt further implementation, which would be detrimental to the economy and the middle class. While it is unlikely that Trump and Republicans will extend the Green New Deal policies, the projects and programs that have been initiated will continue to develop and have long-lasting effects.
Despite the potential for the Green New Deal era to continue for years to come as projects grow and mature, the prospects for new green policies being introduced in the future seem uncertain. However, the groundwork laid by the Bipartisan Infrastructure Law and the Inflation Reduction Act will shape the future of the clean energy industry and contribute to the growth of the economy.
In conclusion, the progress made during the Biden administration in implementing the Green New Deal through the Bipartisan Infrastructure Law and the Inflation Reduction Act has set a foundation for further development in the clean energy sector. While the future under the second Trump administration remains uncertain, the investments made in clean energy projects and manufacturing have the potential to bring about significant benefits for the economy and job creation. It is important to continue monitoring the progress of these initiatives and advocate for further support for clean energy initiatives to accelerate the transition to a sustainable future.
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