The U.S. Department of Energy's inspector general has called for a halt to green energy loan disbursements due to concerns about potential conflicts of interest.
The U.S. Department of Energy 's inspector general urged the agency's loan office to immediately halt issuing billions of dollars in loans to green projects, saying contractors who vet them may be serving both the agency and potential borrowers.
The watchdog in an interim report issued late on Tuesday urged the Department of Energy's Loan Programs Office to stop the financing until it can ensure that contracting officers and their representatives are complying with conflicts of interest regulations and enforcing conflict of interest contractual obligations. The loan office administers more than $385 billion in low-interest loans to companies with green energy projects such as batteries, nuclear power and advanced vehicles. It has about $20 billion in loan authority that it could issue before President Joe Biden, a Democrat, leaves office on Jan. 20. The loan office issued a record $15 billion conditional loan to California-based electric utility PG&E earlier on Tuesday
ENERGY LOANS GREEN ENERGY CONFLICTS OF INTEREST DEPARTMENT OF ENERGY
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