- The administration is considering $12 billion in additional clean energy funding cuts.
- These proposed reductions follow nearly $8 billion in cuts announced last week.
- Major firms such as General Motors, GE Vernova, Ford Motor, Stellantis, Honeywell, NextEra Energy, and Plug Power are reportedly included.
- The initiative is reportedly linked to the ongoing government shutdown and a policy shift away from Biden-era energy programs.
- U.S. energy market and broader indices declined amid investor uncertainty surrounding these developments.
The U.S. administration may move forward with an additional $12 billion in cuts to clean energy initiatives, on top of the $8 billion in reductions revealed the previous week. According to reporting by Semafor, the list of projects potentially targeted includes well-known companies such as General Motors (GM), GE Vernova (GE), Ford Motor (F), Stellantis (STLA), Honeywell (HON), NextEra Energy (NEE), and Plug Power (PLUG).
Sources cited by Semafor described the internal document as a “kill list,” indicating a possible escalation of efforts to withdraw support from clean energy initiatives previously promoted under the prior administration. It is not yet clear if, or when, the full set of cancellations will be carried out.
The reported plan follows a period in which the previous administration backed green energy projects, including carbon capture and clean hydrogen, as measures to address climate change. Several projects associated with oil and gas firms like Chevron (CVX) and Occidental (OXY) are also described as being potentially at risk.
These budgetary actions come during a government shutdown, which according to the report, is being used to advance a policy agenda aimed at rolling back Biden-era energy policies. The news coincided with a modest drop in clean energy stocks, as the First Trust Global Wind Energy ETF (FAN) edged down 0.15% and the Invesco Solar ETF (TAN) fell nearly 1%. Broader equity indices also traded lower, with the SPDR S&P 500 ETF (SPY) down 0.36%, the SPDR Dow Jones Industrial Average ETF (DIA) lower by 0.23%, and the Invesco QQQ Trust (QQQ) off by 0.50%.
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