Trump's Climate Law Rollback Pledge and the IRA's Surprising Beneficiaries

Donald Trump plans to rescind President Biden's climate law if elected, though many of Trump's allies are profiting from its tax credits. Trump's son-in-law Jared Kushner and former ambassador Terry Branstad are among those with significant investments in clean energy initiatives benefiting from the Inflation Reduction Act.

Donald Trump has declared that repealing U.S. President Joe Biden's climate law, the Inflation Reduction Act (IRA), is a top priority if he returns to the White House. However, a complex web of interests could temper that ambition. At least seven Trump allies, including family members and business associates, are currently profiting from the clean energy tax credits the law provides, according to a Reuters investigation.

These beneficiaries include Jared Kushner, Trump's son-in-law, and Harold Hamm, a prominent oil industry executive and informal advisor. Companies linked to these figures have poured substantial investments into projects supported by IRA credits, including solar power, electric vehicles, and carbon capture technologies.

As Trump prepares his economic policy platform, the investments made under the IRA create a potential conflict of interest among his supporters. This might complicate efforts to completely dismantle the climate law, should he triumph over Democratic rival Kamala Harris in the upcoming November election.

(With inputs from agencies.)