In a bold final move before leaving office, President Joe Biden has ensured that almost all funds from his key climate and economic laws are distributed.
Nearly 99% of the available $750 billion in grants for clean energy, infrastructure, and manufacturing projects have already been awarded, according to a new report. The White House is working overtime to secure Biden’s “Investing in America” legacy ahead of Donald Trump’s return to the White House.
Key projects funded: clean energy and infrastructure
This massive distribution of funds includes money allocated for the 2024 fiscal year. The grants cover a wide array of programs such as a $1 trillion infrastructure law, $53 billion in microchip subsidies from the CHIPS Act, and $400 billion for clean energy projects through the Inflation Reduction Act. Most of the funds are now tied up in contracts, making it difficult for a future administration to reverse course.
Protecting Biden’s legacy
Biden’s move to push out these funds represents a crucial part of his legacy. It’s designed to protect key projects, such as electric car manufacturing and solar panel production, from being undone if Trump or future Republicans try to undo Biden’s work. The White House argues that many of these projects, once started, will be nearly impossible to dismantle.
Trump’s threats and the power of contracts
Despite Trump’s threats to roll back policies tied to climate change and energy, Biden’s team believes that the contracting process has set in motion a chain of events that even a Republican-led Congress will find hard to undo. Grants given out under the CHIPS Act, for example, cannot be canceled unless a company breaches its contract.
Bipartisan support for clean energy projects
Biden is also banking on the popularity of clean-energy factories in red states, hoping that congressional Republicans will be reluctant to overturn projects that bring jobs to their districts. “I think the change we’ve seen over the last four years is hard to reverse,” said Biden’s outgoing deputy chief of staff, Natalie Quillian. “This isn’t just a federal effort. The private sector, state governments, and local governments are all in on it.“
A final push to distribute funding
As Biden wraps up his term, the White House has focused on awarding as much funding as possible. According to White House chief of staff Jeff Zients, Biden has pushed a “sprint to the finish line” with grants flowing quickly.
Frustration over the long-term nature of projects
But Biden has expressed frustration about the long-term nature of these projects. Many, he said, will take years to fully materialize, while Americans are grappling with inflation and economic anxieties. “We would’ve been better off had we been able to get some of these projects off the ground quicker,” Biden admitted. “These projects will create wealth and jobs, but it takes time.“
Key achievements and ongoing projects
Biden’s administration has made significant progress on various projects, as outlined in the new report. Highlights include:
- 82,000 infrastructure and clean energy projects underway
- 200,000 miles of roads being repaired (with 356,300 miles expected to be fixed by 2026)
- 12,300 bridges under repair (with 20,800 bridges to be fixed by 2026)
- 1 million lead pipes scheduled for replacement by 2028
- 3 million homes and businesses connected to high-speed internet
- 100 gigawatts of clean energy created through investments
- 5,000 miles of new electric transmission lines improving grid resilience
- $1 trillion in private-sector investments in clean energy and manufacturing
- 299 electric vehicle charging stations funded through the National Electric Vehicle Infrastructure program
Electric vehicle infrastructure and tax benefits
Additionally, the U.S. has exceeded Biden’s goal for electric vehicle infrastructure, with 207,000 EV chargers now publicly available. The $7,500 tax credits for new electric cars and $4,000 for used ones have already benefited 300,000 Americans.
Biden’s legacy and the future of his policies
Biden’s report also anticipates that these projects will provide long-term economic benefits, including millions of jobs and a more resilient infrastructure. Yet, the clock is ticking. With Trump’s inauguration just days away, the future of Biden’s initiatives hangs in the balance.
Biden’s legacy is on the line. But with most of the funds already distributed, his team is confident that the work is too far along to be easily reversed. It will take more than a political shift to undo the clean energy revolution that’s already in motion.
In just a few days, Biden will make his final public address before Trump takes over. He’ll highlight the progress made, the impact of his policies, and why America is now better positioned than any other nation to win the economic race of the 21st century.
