The Joe Biden administration’s climate ambitions face significant hurdles as numerous clean energy projects in the U.S. are being either postponed or scrapped.

This has occurred despite the Inflation Reduction Act (IRA) signed by Biden in August 2022, which planned to inject $370bn for the speedy decarbonization of the world’s largest economy, reported the Financial Times.

Companies such as Ørsted, the world’s premier offshore wind energy developer, and carmaker General Motors Co. (NYSE:GM) have recently suspended or abandoned their respective projects. Factors like high-interest rates, supply chain issues, and regulatory complexities have contributed to this setback.

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Notably, the IRA aims to cut U.S. greenhouse gas emissions by 32% by 2030. However, the ...

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