Climate and manufacturing projects that Democrat President Joe Biden handed massive subsidies to are failing, despite receiving billions of dollars in taxpayer money.
A Financial Times investigation published Monday found that $84 billion worth of Biden’s flagship climate and industrial initiatives are now failing.
The floundering projects backed by the White House are now paused or delayed, the report revealed.
The president’s Inflation Reduction Act (IRA) and Chips and Science Act pumped huge sums of cash into advancing the Democrats’ green agenda by boosting EV manufacturing.
Of the nearly $228 billion of manufacturing projects worth more than $100 million that are subsidized by Biden’s legislations, roughly 40% — totaling $84 billion — are paused or delayed, the outlet reported.
The setbacks raise questions about the viability of Biden’s efforts to create a U.S. green energy manufacturing supply chain.
Electric vehicle (EV) demand has plummeted as persistent inflation, high interest rates, and Chinese competition continue to dog domestic manufacturers, according to FT.
“There will be attrition,” John Hensley, vice-president of markets and policy analysis at American Clean Power, told the FT.
“Not every single one of these facilities is going to come online.”
Slowing U.S. demand for EVs has contributed