(Bloomberg) -- Former US President Donald Trump pledged to rescind unspent funding from Democrats’ signature climate law in the most definitive remarks yet on his intentions for the Inflation Reduction Act.
It remains to be seen how Trump might make good on his pledge, which was included as part of the economic agenda he pitched in remarks to corporate leaders in New York on Thursday.
A full repeal of the law that provided hundreds of billions of dollars in tax credits and other incentives for clean energy projects would require approval by Congress, where it’s supported by Democrats and some Republicans. Alternatively, Trump could slow walk spending or rewrite guidance on tax credits to make them harder to use.
Trump has previously hinted he would take aim the IRA in remarks railing against what he termed as the “Green New Scam.”
In an address to the Economic Club of New York Trump said that if elected he would declare a national energy emergency to “achieve a massive increase in domestic energy supply” to bring gasoline below $2 a gallon and also reduce electricity prices.
A goal of sub-$2 gasoline, last seen during the pandemic shutdown that caused demand to collapse, would be difficult to achieve, since president’s have little control over pump prices.
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