Bloomberg — One Donald Trump’s victory in the elections of November will jeopardize $369 billion in US clean energy initiatives coming from the historic climate law of the Biden administrationaccording to Bloomberg Intelligence.
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This amount represents the majority of the $433 billion in grants, loans and tax incentives that the Inflation Reduction Act would inject into the healthcare, utilities and clean energy sectors, and that would be jeopardized by a Trump victory, BI said Tuesday in a report.
“A Trump victory could threaten IRA-driven growth, especially for the green energy sector,” BI said in its analysis of the IRA’s future after the US election. “While a full repeal is unlikely, selective cuts to tax incentives could be on the horizon.”
The presumptive Republican candidate already has promised to issue an executive order targeting offshore wind development if he wins. Wood Mackenzie estimated last month that a Trump administration would propose policies that would encourage fossil fuel production while reducing support for renewable energy, carbon capture technologies and electric vehicles.
“If Trump wins the White House, we believe that significant modifications to the IRA tax credits for electric vehicles are not only possible, but highly likely,” BI said in its report, suggesting that it could replace them with incentives that favor a “Buy American” approach that prioritizes American protectionism.
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