Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Politico: Biden's climate fight now has a Fed problem
Biden’s climate fight now has a Fed problemDemocrats are scrambling to prevent a conflict between their goals of fighting climate change and shoring up big banks.
By JASPER GOODMAN
10/31/2023 05:00 AM EDT
President Joe Biden’s clean energy plan is facing an unexpected threat: banking regulators.
Biden is trying to funnel federal money to clean energy projects using billions of dollars in tax credits. The renewables industry relies heavily on large lenders to finance those developments: Banks and other backers invested $19 billion last year in projects like solar and wind power in return for the credits and other benefits.
But now impending rules to make large banks less risky would also make it a lot more expensive for them to make those investments.
The proposed bank rules are setting up a collision between the effort to transition away from fossil fuels and the push to ensure banks don’t tank the global financial system. The renewables industry is warning the change could undo gains made by the president’s signature climate law, the Inflation Reduction Act.
…
By JASPER GOODMAN
10/31/2023 05:00 AM EDT
President Joe Biden’s clean energy plan is facing an unexpected threat: banking regulators.
Biden is trying to funnel federal money to clean energy projects using billions of dollars in tax credits. The renewables industry relies heavily on large lenders to finance those developments: Banks and other backers invested $19 billion last year in projects like solar and wind power in return for the credits and other benefits.
But now impending rules to make large banks less risky would also make it a lot more expensive for them to make those investments.
The proposed bank rules are setting up a collision between the effort to transition away from fossil fuels and the push to ensure banks don’t tank the global financial system. The renewables industry is warning the change could undo gains made by the president’s signature climate law, the Inflation Reduction Act.
…
