Trump plans to unravel Biden's climate law
Republican wins on Capitol Hill would enable President-Elect Donald Trump to roll back elements of the Democrats' centerpiece climate program, which he refers to as "the green new scam," which allocated hundreds of billions of dollars to financing emission-free energy. Donald Trump. Chip Somodevilla/Getty Images Don't expect a comprehensive repeal of the Inflation Reduction Act. "We are not looking at immediate, drastic, apocalyptic changes overnight," said James Lucier, managing director of research firm Capital Alpha Partners. "But there is always a strong likelihood that some parts of the IRA are going to be capped or phased out." The IRA combined climate and industrial policy, financing electric vehicle, battery, and solar production, as well as other firms that will aid the United States' decarbonization efforts. Trump's return will test the resilience of this approach. The law is causing a surge of investment in red areas...