by John Hugh DeMastri
The Biden administration announced hundreds of millions of dollars to support green energy projects in current and former coal towns Tuesday morning, as the administration continues to push policies that could run some coal plants out of business.
The funding includes $450 million from the Bipartisan Infrastructure Law to develop “clean energy demonstration projects” on current and former mining territory, which the administration projects will generate up to 90 gigawatts (GW) of clean energy, according to a White House fact sheet. Economic incentives in the president’s signature climate law, the Inflation Reduction Act, in concert with stricter environmental regulations could lead to roughly between 50 GW to 80 GW in coal-fired power plants going offline by 2030.
“Deploying clean energy projects on America’s mine lands will unlock new opportunities for energy communities that have helped power our nation for generations, especially those in rural areas that have been the most affected by the energy transition,” U.S. Energy Secretary Jennifer Granholm said in an accompanying statement. “Thanks to President Biden’s Investing in America agenda, mining communities across our nation can access an unprecedented level of new funding to ensure they can help lead our clean energy future.”
The new funding comes on top of the $14.1 billion in clean energy investments that have already been issued by the Interagency Working Group on Coal and Power Plant Communities and Economic Revitalization, according to the White House. In total, analysts expect that the Inflation Reduction Act could cost taxpayers at least $1.2 trillion.
In addition to the new sources of funding, the Treasury Department issued guidance Tuesday granting additional tax breaks to companies that develop clean energy projects in communities that have “historically been at the forefront of energy production,” according to a press release.
“As the Treasury works to implement the law, we’re focused on ensuring that all Americans benefit from the growth of the clean energy economy, particularly those who live in communities that have been dependent on the energy sector for jobs for a long time,” Deputy Treasury Secretary Wally Adeyemo told CNBC. “Economic growth and productivity are higher when all communities are able to reach their full potential.”
The White House did not immediately respond to a Daily Caller News Foundation request for comment.
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John Hugh DeMastri is a reporter at Daily Caller News Foundation.
Photo “Joe Biden” by President Joe Biden.
