US President Donald Trump has signed the One Big Beautiful Bill Act, which significantly reduces clean energy tax credits under the 2022 Inflation Reduction Act. This move is part of a broader trend in the Trump administration’s lack of interest in addressing climate change.
In addition to cutting subsidies for clean energy and manufacturing, the bill also removes Obama-era climate regulations. The Environmental Protection Agency (EPA) has recently decided to unwind these regulations, further indicating the administration’s stance on emissions.
The IRA initially aimed to reduce greenhouse gas emissions while driving private investments in clean energy and manufacturing. However, this goal has been largely undermined by the bill’s cuts and the EPA’s decision.
Despite public support for the subsidies, the Trump administration’s actions suggest a different priority. The move has sparked concerns about the future of clean energy initiatives and the impact on emissions.
Source: https://www.foreignaffairs.com/united-states/climate-policy-still-good-business