(source: Tech Crunch)
As Congress rushes out trillions of dollars to prop up businesses, the federal government is sitting on about $43 billion in low-interest loans for clean energy projects, and critics are accusing the U.S. Energy Department of partisan opposition to disbursing the funds.
Congress is already considering more coronavirus relief, despite a growing concern for an annual budget deficit projected to near a staggering $4 trillion. To some energy experts and lawmakers, it is unconscionable that tens of billions of dollars that Congress long ago authorized has sat unused.
The loans — which would aid renewable power, nuclear energy and carbon capture and storage technology — had some bipartisan support even before the coronavirus pushed 30 million people onto the unemployment rolls. But some supporters of the program said it was being held back by a president who has falsely claimed wind power causes cancer and consistently sought deep cuts to renewable energy spending, including the loan program.
The last new project approved under the programs came in late 2016, a loan to a carbon capture and storage plant in Louisiana. The Trump administration did approve one follow-up loan for a nuclear reactor project in Georgia, but the process had begun under the Obama administration.
Shaylyn Hynes, a spokeswoman for the Department of Energy, declined to explain why loans are not being disbursed. She said the Trump administration had supported renewable energy in other ways, like funding research and development for wind and solar power. She also said in a statement that Energy Secretary Dan Brouillette had directed the agency to “utilize all of its resources to be supportive of the energy industry during the Covid-19 pandemic, including the loan program office.”
Go deeper at https://carbon.substack.com/p/reimagining-capitalism-and-climate