U.S. Energy Department to Retract $13 Billion in Renewable Subsidies

The U.S. Department of Energy announced plans to retract over $13 billion in subsidies previously pledged by the Biden administration for renewable energy projects. This development aligns with President Donald Trump's agenda to bolster traditional energy sources while reducing financial support for wind, solar, and electric vehicle initiatives.

The decision comes as Trump reiterates his skepticism of climate change, calling it a 'con job' in a speech at the United Nations General Assembly. Energy Secretary Chris Wright echoed this sentiment, citing misaligned global climate priorities and excessive spending with minimal benefits.

Despite these policy shifts, a recent study from the environmental group E2 highlights that jobs within the clean energy sector have been growing at a rate three times faster than the overall U.S. workforce. The potential withdrawal of funds could threaten this progress, even as global climate talks loom on the horizon.

(With inputs from agencies.)