The Biden administration’s massive energy and climate programs hold big benefits for the economy — but the rollout needs to speed up, one energy finance industry executive said Wednesday.
“We may have gone to a few groundbreakings, but we haven’t gone to a huge number of ribbon cuttings yet,” said Granholm, who like other members of Biden’s Cabinet has crisscrossed the country to promote projects funded by Biden’s programs. “Because it takes a while to build the actual factories.”ahead of the November election — or else risk a return of former President Donald Trump, who has vowed to roll back many of the programs and incentives.
For one, industry and environmental groups are closely watching for final rules regarding the tax credit for production of clean hydrogen. Climate activists have expressed concerns that hydrogen production could worsen rather than ease greenhouse gas pollution should the tax rules be too flexible. “If it looks like it was going to go away, it would freeze things,” he said. “When we were waiting for the IRA to be passed, things were frozen because people did not know the basis upon which to invest and then it was passed and then people invested. And so that would be one of the issues.”
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