
Biden's ambitious energy loan program faces uncertainty amid potential political shifts
The Biden administration's ambitious plan to fuel next-generation energy projects with more than $200 billion is at a crossroads, with potential political changes ahead casting uncertainty on its future.
Kelsey Tamborrino and Brian Dabbs report for POLITICO.
In short:
- The Department of Energy has $217.6 billion to lend for energy projects but has approved just over $25 billion, reflecting the challenge of fulfilling Biden's climate goals.
- The loan program, revitalized under Biden, aims to transform the U.S. energy sector but faces potential jeopardy with a political shift.
- A significant portion of the program’s funding is directed toward innovative projects, including those in solar energy, hydrogen production, and lithium mining.
Key quote:
"We don’t want to leave anything on the table. But I understand that you’ve got to do it right."
— Jennifer Granholm, U.S. Energy Secretary
Why this matters:
The transition to cleaner energy sources could secure the U.S.'s competitive edge globally, particularly against aspirational adversaries like China. With the looming possibility of a shift in administration, the direction and pace of this transition could dramatically change, underscoring the intricate balance between policy, innovation, and the geopolitical landscape.