(Bloomberg) -- A November election win for Donald Trump will threaten $369 billion in US clean energy initiatives from the Biden administration’s landmark climate law, according to Bloomberg Intelligence.

The amount represents most of the $433 billion in grants, loans and tax incentives the Inflation Reduction Act would inject into health care, utilities and clean energy industries that would be at risk from a Trump victory, BI said Tuesday in a report.

“A Trump victory could threaten IRA-driven growth, especially for the green energy sector,” BI said in its analysis of the IRA’s future after the US election. “Though a full repeal is unlikely, targeted cuts to tax incentives could be in store.”

The presumptive Republican nominee has already vowed to issue an executive order targeting offshore wind development if he wins. Wood Mackenzie estimated last month that that a Trump administration would put forward policies that promote fossil fuel production while reducing help for renewable energy, carbon capture technologies and electric vehicles.

“If Trump takes the White House, we believe significant modifications to the IRA’s EV tax credits aren’t only possible, but highly likely,” BI said in its report, suggesting he may replace those with incentives favoring a “Buy American” approach that prioritizes US protectionism.

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