President Biden bragged about achieving his goal of delivering $11 billion per year in climate financing, which represents a six-fold increase since 2021.
Biden’s comments came during a historic trip to the Amazon rainforest in South America over the weekend, during which he declared “nobody” could reverse “the clean energy revolution” ongoing in the U.S.
“The fight against climate change has been a defining cause of my presidency,” Biden said Sunday. “It’s no secret that I’m leaving office in January. I will leave my successor and my country [with] a strong foundation to build on if they choose to do so.”
The U.S. saw a massive increase in climate financing under Biden. In 2021, taxpayers spent roughly $1.5 billion, while, by Biden’s final year in office, that number ballooned to $11 billion annually.
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Meanwhile, according to a White House fact sheet, the Biden administration also increased “U.S. adaptation finance” six-fold, to $3 billion per year. This money is aimed at helping less developed countries build resilience to the impacts of climate change.
“Folks, we don’t have to choose between the environment and the economy. You can do both,” Biden said during his address from the Amazon. “The question now is: Which government will stand in the way, and which will seize the enormous economic opportunity?”
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President-elect Trump has signaled that he would reverse many of the climate initiatives put in place under Biden. Much of those climate investments stem from executive rulemaking under Biden, as well as his administration’s passage of three major bills that worked to address climate change: the CHIPS Act, the Bipartisan Infrastructure Law and the Inflation Reduction Act.
Meanwhile, Trump has referred to climate change as a “hoax” and derided the Biden administration’s focus on climate funding as “the green new scam.”
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The future president has signaled he would repeal many of the green energy initiatives implanted within Biden’s Inflation Reduction Act, while also indicating during his campaign for the presidency that he was “not thrilled” about some of the big spending in Biden’s CHIPS Act, which also serves to address climate change.
However, while Trump will be able to influence some change when it comes to the government’s climate investments, efforts to claw back unspent funds from these major bills will ultimately require approval from Congress.
Trump nominated the CEO of a Denver-based fracking corporation, Chris Wright, to lead his Energy Department over the weekend. If confirmed, Wright will be at the helm of any efforts to claw back climate funding allocated under Biden.
“My dedication to bettering human lives remains steadfast, with a focus on making American energy more affordable, reliable, and secure,” Wright said on X, formerly Twitter, following news of his nomination. “Energy is the lifeblood that makes everything in life possible. Energy matters. I am looking forward to getting to work.”
