The Trump administration is canceling nearly $30 billion in green loans enacted under the Biden administration and is revising another $53 billion.
The Energy Department’s Office of Energy Dominance Financing (EDF) said the funds are part of the “Green New Scam loans” from the previous administration.
“Over the past year, the Energy Department individually reviewed our entire loan portfolio to ensure the responsible investment of taxpayer dollars,” said Energy Secretary Chris Wright said.
MINNESOTA FRAUD SCANDAL SPARKS PUSH TO SCRUTINIZE BILLIONS IN BIDEN-ERA ENERGY GRANTS
“We found more dollars were rushed out the door of the Loan Programs Office in the final months of the Biden Administration than had been disbursed in over fifteen years,” he added. “President Trump promised to protect taxpayer dollars and expand America’s supply of affordable, reliable, and secure energy.”
In a statement, the department said it has eliminated about $9.5 billion in financing for wind and solar projects and was replacing them with investments in natural gas and nuclear updates to make energy more affordable.
US FEDERAL AGENCIES TO ‘UNLEASH’ COAL ENERGY AFTER BIDEN ‘STIFLED’ IT: ‘MINE, BABY, MINE’
The Trump administration has repealed funding for green projects under the Biden era.
In October, it canceled nearly $8 billion in grants that supported hundreds of clean energy projects in 16 states.
At the time, the Energy Department halted 223 projects after a “thorough, individualized review.”
“President Trump promised to protect taxpayer dollars and expand America’s supply of affordable, reliable, and secure energy. Today’s [cancellations] deliver on that commitment,” Wright said in a statement at the time “Rest assured, the Energy Department will continue reviewing awards to ensure that every dollar works for the American people.”
READ MORE FROM FOX BUSINESS
The EDF currently has more than $289 billion in loan authority to finance projects such as nuclear reactors and other Trump administration priorities.
FOX Business has reached out to the Energy Department.
Read the full article here
