Climate Politics
Biden’s Green Energy Bank Races to Leverage $394 Billion to Scale Cleantech
The Energy Department office that helped Tesla — and made a bad bet on Solyndra — is hustling to get loans out as the GOP vows scrutiny.
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An obscure arm of the US Energy Department is racing against the clock to leverage as much as $394 billion to speed the country’s fight against climate change.
Mostly sidelined by the Trump administration, the agency’s Loan Programs Office has been revived under President Joe Biden and armed with more money following the passage last year of the country’s landmark climate law. But the office’s window of opportunity to support innovative low-carbon technologies could be short, with two years left in Biden’s term and no guarantee that a future president will prioritize it.