Biden administration rushes to finalize clean energy loans before January
The Biden administration is pushing to finalize billions in clean energy loans before Donald Trump potentially halts the program after taking office.
Brad Plumer reports for The New York Times.
In short:
- The Department of Energy's Loan Programs Office has $400 billion to fund clean energy projects, with $54 billion in loans announced under Biden, but only $13.5 billion finalized.
- Concerns about potential cuts under a Trump administration have accelerated efforts to finalize loan agreements for EVs, nuclear and geothermal projects.
- Companies like EVgo and Rivian worry their projects will be delayed or canceled if deals aren't closed before the administration changes.
Key quote:
“They want to get out as much money as possible just to safeguard as much progress as they can.”
— Kennedy Nickerson, former policy adviser to the loan programs office and now a vice president for energy at Capstone, a research firm
Why this matters:
These loans support technologies that reduce carbon emissions and boost energy security. If the program slows or is dismantled, the U.S. may lose ground to competitors like China in critical energy sectors such as electric vehicles and battery production.
Related: Democrats push Biden to allocate climate funds before leaving office
