U.S. Halts $3.7 Billion in Green Energy Projects Under Trump Review

The U.S. government has terminated funding for 24 green energy initiatives totaling more than $3.7 billion, initially awarded during President Joe Biden's administration, the Energy Department announced Friday.

A major project cut was a $332 million carbon capture effort at Exxon's Baytown, Texas refinery, aiming to reduce carbon emissions by switching to hydrogen over natural gas in ethylene production. Further cuts included $500 million designated for Heidelberg Materials in Louisiana and $375 million for Eastman Chemical Company in Texas.

This move, amidst the Trump administration's focus on maximizing fossil fuel output, could hinder advancements in carbon capture and green technology, drawing criticism for potentially stifling innovation and future competitiveness.

(With inputs from agencies.)