Trump's Allies Benefit Despite His Promise to Dismantle Biden's Climate Subsidies

Donald Trump aims to rescind climate subsidies under Biden's Inflation Reduction Act (IRA) if elected. Despite this, many of his allies financially benefit from these very subsidies through investments in clean energy technologies. The contrast may lead some allies to advocate preserving certain elements of the IRA.

Donald Trump plans to eliminate climate subsidies embedded in President Joe Biden's Inflation Reduction Act (IRA) if he wins the presidency. Surprisingly, some of his closest allies and financial supporters stand to gain substantially from these subsidies due to significant investments in clean energy technologies like solar power and electric vehicles.

A detailed investigation by Reuters identified at least seven individuals connected to Trump, or their companies, holding considerable stakes in firms benefiting from the IRA's tax incentives. Notable figures include Trump's son-in-law Jared Kushner, former ambassador Terry Branstad, oil magnate Harold Hamm, and Tesla founder Elon Musk, all linked to projects sustained by the climate law.

These developments suggest that Trump's allies might urge him to preserve portions of the IRA should he win. The stakes are high, given that dismantling the act could affect billions in investments and jobs, particularly in Republican states. The issue remains contentious as both political and economic interests are intertwined.

(With inputs from agencies.)