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illuminem summarises for you the essential news of the day. Read the full piece on HEATMAP or enjoy below:
🗞️ Driving the news: A federal appeals court has backed the Trump administration’s effort to shut down the U.S. Greenhouse Gas Reduction Fund, a $20 billion program designed to finance clean energy projects
• The ruling overturned a lower-court injunction requiring the EPA to continue payments, determining that disputes should be handled as contract claims rather than reinstated grants
• The decision effectively halts funding for eight nonprofits tasked with building a national clean energy financing network
🔭 The context: Established under the Biden administration, the fund was one of the largest federal investments in decarbonization, supporting solar, building retrofits, and community climate projects
• By finalizing grants before leaving office, Biden’s EPA aimed to protect the program from political reversal
• The Trump administration, however, denounced it as a “slush fund” benefiting allies of the previous government and has prioritized dismantling climate-focused programs while rolling back regulations
🌍 Why it matters for the planet: Eliminating the Green Bank undermines a key mechanism for financing distributed clean energy solutions in U.S. communities, particularly low-income areas that face barriers to adopting renewable technologies
• Without federal support, many local initiatives risk delay or collapse, potentially slowing national progress on emissions reductions and clean energy deployment at a time when private financing alone may be insufficient to meet climate targets
⏭️ What's next: The nonprofits that were awarded funds may appeal, but legal experts suggest their chances of reinstating the grants are slim
• Instead, they may only pursue financial damages in the Court of Federal Claims
• The ruling strengthens the Trump administration’s hand in dismantling federal climate programs and sets up broader political battles over green finance, with consequences for state-level initiatives and private capital mobilization
💬 One quote: "The plaintiffs would only be able to sue for damages, and any possibility of reinstating the grants would be gone.” – Emily Pontecorvo, Heatmap News
📈 One stat: The Greenhouse Gas Reduction Fund was capitalized at $20 billion, making it the largest U.S. green bank initiative to date
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