Overview
- The House Energy and Commerce Committee has introduced a draft bill to rescind $6.5 billion in unspent climate and clean-energy funding from the 2022 Inflation Reduction Act.
- The proposal seeks to phase out clean energy tax credits, repeal EPA vehicle emissions standards for 2027, and redirect $2 billion to refill the Strategic Petroleum Reserve.
- It would also fast-track permitting for liquefied natural gas exports and claw back funds from nine renewable energy and electrification subsidy programs.
- EPA Administrator Lee Zeldin has criticized the Greenhouse Gas Reduction Fund included in the IRA, alleging mismanagement and fraud, which has led to ongoing legal challenges.
- Environmental groups warn the cuts threaten clean-energy investments, domestic manufacturing, and community energy access, with significant economic and environmental repercussions.