Trump Administration Reportedly Planning Another $12 Billion in Clean Energy Funding Cuts

The new list of clean energy projects that may be slashed follows the Trump administration's announcement of $8 billion in cuts last week.

The Trump administration may reportedly be preparing to slash another $12 billion in funding for clean energy projects, in addition to the nearly $8 billion in cuts announced last week.

According to a Semafor report, the list of targeted projects includes high-profile names such as General Motors (GM), GE Vernova (GE), Ford Motor (F), Stellantis (STLA), Honeywell (HON), NextEra Energy (NEE) and Plug Power (PLUG) among others. The report noted that it is unclear whether, or when, the full list of cancellations will be implemented.

Meanwhile, a source who saw the list described it as a “kill list,” signaling an escalation of the administration’s efforts against clean energy initiatives, the report said. It added that the move appears tied to the ongoing government shutdown, with the administration using the standoff to advance a broader policy agenda aimed at reversing Biden-era energy initiatives.

Under the Biden administration, the U.S. embraced green energy projects, including carbon removal and clean hydrogen programs, as part of efforts to combat climate change. Many of these projects, including those led by oil and gas companies like Chevron (CVX) and Occidental (OXY), are now at risk.

The First Trust Global Wind Energy ETF (FAN) edged 0.15% lower in afternoon trade, while the Invesco Solar ETF (TAN) dipped nearly 1%. 

The broader market also traded in the red. The SPDR S&P 500 ETF (SPY) was down 0.36%, the SPDR Dow Jones Industrial Average ETF (DIA) slipped 0.23%, and the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) moved 0.50% lower. Retail sentiment around QQQ on Stocktwits trended in ‘bearish’ territory even as chatter increased to ‘high’ from ‘normal’ levels over the past day.

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