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illuminem summarizes for you the essential news of the day. Read the full piece on POLITICO or enjoy below:
🗞️ Driving the news: Donald Trump vowed to rescind unspent funds from the Inflation Reduction Act (IRA) if re-elected, calling it a "Green New Scam"
• This move could derail significant climate projects, many of which are already benefiting Republican-led communities
• Trump also proposed a government efficiency commission led by Elon Musk to reduce federal spending
🔭 The context: The IRA, signed in 2022, allocated billions for clean energy initiatives, boosting U.S. manufacturing and reducing emissions
• While Trump’s plan would target green initiatives, some Republicans support tax credits for manufacturing, which the IRA has fueled
🌍 Why it matters for the planet: Rolling back IRA funding could hinder U.S. climate goals, disrupting clean energy projects that aim to reduce carbon emissions and foster sustainable industries
⏭️ What's next: Trump's proposals may clash with GOP leaders supporting manufacturing investments from the IRA
• The Biden administration is pushing to allocate funds swiftly to safeguard programs
💬 One quote: Trump criticized the IRA, calling it a "waste of money" that "actually sets us back"
📈 One stat: As of April, the Biden administration had announced $60 billion in funding from the IRA, but much remains unspent
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