Outgoing U.S. President Joe Biden Says President-elect Donald Trump will not reverse the current administration’s green energy plans once he assumes office. Biden’s statement comes as the burgeoning green energy industry grows increasingly apprehensive of how a second Trump administration will impact the sector.
While Biden’s administration has championed green energy and invested billions of dollars into building the country’s green energy infrastructure and upgrading the grid, Trump is an outspoken critic of the administration’s investment in clean energy. The Republican noted before and during his campaign that he would rescind all unsent funds invested in green energy if elected.
However, during his historic visit to the Amazon rainforest, President Biden noted that nobody could ‘undermine’ America’s green energy revolution, seemingly challenging President-elect Donald Trump’s repeated statements about scaling back the Biden administration’s renewable energy efforts.
During his Amazon rainforest visit, President Biden noted that fighting climate change has been a core part of his presidency. The outgoing president has supported policies that pushed for clean energy, air, and water through most of his four-year tenure and was instrumental in passing the IRA which provided the largest federal investment in climate action the U.S. has ever seen.
Many pundits believe that all these achievements are at risk now that Biden is handing over to the notoriously anti-green energy Donald Trump. The controversial billionaire and former president calls the Biden administration’s renewable energy efforts the ‘green new scam’ and repeatedly referred to climate change as a ‘hoax,’ leaving many increasingly worried about America’s renewable energy future.
Elon Musk’s endorsement seemed to soften Trump’s stance on battery electric vehicles (BEV) but the President-elect is still determined to eliminate the $7,500 EV federal tax credit that has bolstered EV sales for the past several years. This move may hurt Tesla a little but it will most likely devastate the rest of the auto market as established carmakers rely on the federal subsidy to sell their pricey electric cars.
In addition to cutting support for the nascent EV industry, Trump has also vowed to pull America out of the Paris Agreement and rescind all the funds earmarked for energy efficiency. Even so, President Biden said, no one can reverse America’s transition to clean energy when tons of Americans are benefiting from the transition, regardless of their political affiliation.
The 2022 Inflation Reduction Act, for instance, set aside tens of billions of dollars for the construction of a countrywide network of electric vehicle chargers. The legislation also incentivized the development of a domestic EV battery manufacturing ecosystem to avoid the Chinese supply chain, providing plenty of new green energy jobs for Americans.
Companies like Mullen Automotive Inc. (NASDAQ: MULN) will be watching to see what policy reversals the incoming Trump administration makes and then assess how those policies may impact the firms’ strategic direction.
NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN
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