U.S. Cuts $3.7 Billion in Green Energy Awards: A Setback for Clean Innovation

The U.S. Energy Department has canceled funding for 24 green energy projects worth over $3.7 billion. This move, driven by the Trump administration's focus on oil and gas production, impacts Exxon Mobil, Heidelberg Materials, and Eastman Chemical's projects. Critics argue it threatens innovation and potential job creation.

The U.S. Energy Department has retracted funding awards for 24 projects related to green energy, previously totaling more than $3.7 billion. This development was confirmed on Friday and primarily affects projects initiated during President Biden's administration, with notable allocations such as $332 million for a carbon-reducing initiative at Exxon Mobil's Baytown complex.

The cancellation comes as part of the current administration's larger strategy to maximize oil and gas production, potentially undermining progress in combating climate change. Key green initiatives targeted include significant grants for hydrogen usage and carbon storage innovations aimed at reducing industrial carbon footprints.

Environmental advocates have criticized the cuts for hindering technological advancement and job creation in the clean energy sector. According to the American Council for an Energy-Efficient Economy, these funding withdrawals could stifle innovation and reduce U.S. competitiveness in the global energy market, risking 25,000 jobs and $4.6 billion in economic output.

(With inputs from agencies.)