Trump’s nominees could hold considerable power over the interpretation and implementation of the IRA’s programs and tax incentives.
President-elect Donald Trump has nominated three potential Cabinet members who will likely be key to the future of the Biden-era Inflation Reduction Act, if they are confirmed by the Senate.s landmark climate legislation, the Inflation Reduction Act, is in the hands of the incoming Republican-controlled White House, Senate and House of Representatives.
"In addition, Trump promised another seven to eight trillion in tax breaks during the last few weeks of the campaign," said Keith Martin, co-head of projects at the law and lobbying firm Norton Rose Fulbright. But the current phase-out dates for the IRA tax credits are likely to be accelerated, experts predict, and the Trump transition team is alreadyScott Bessent, who U.S. President-elect Donald Trump has nominated to lead the U.S. Treasury Department, walks towards the New York Stock Exchange , on the day U.S. President-elect Donald Trump will ring the opening bell at NYSE to celebrate being named Time magazine's 'Person of the Year', in New York City, New York, U.S., December 12, 2024.
"Theoretically, a future Treasury could reverse course on interpretation and implementation, but that would take a long time and would need to be justifiable and defensible if challenged in the courts," she added.The more immediate concern, experts say, is the future of the Department of Energy's Loan Programs Office , which provides financing for green projects.
This demand can only be met by an"all-of-the-above" energy policy, Martin says, especially if Trump is planning to reduce energy prices by 50% within his first year, "He's not necessarily against any technology, he's just going to be for certain technologies," Deora said.
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