Energy Secretary Chris Wright announced significant changes regarding green energy loans initiated during the Biden administration. The Trump administration plans to cancel nearly $30 billion in loans, which Wright referred to as part of the "Green New Scam loans." Additionally, $53 billion in other loans is undergoing revision as part of a broader reassessment of the loan portfolio.
Wright stated that the Energy Department conducted a thorough review of its loan programs, identifying that more funds were disbursed in the final months of the Biden administration than in the previous fifteen years combined. This review indicated a need to ensure the responsible allocation of taxpayer dollars.
As part of the cancellation process, approximately $9.5 billion in financing aimed at wind and solar projects will be eliminated, with a shift toward investments in natural gas and nuclear energy, which are viewed as more affordable and reliable energy sources. This approach aligns with President Trump's commitment to protecting taxpayer interests and enhancing America’s energy supply.
In October 2025, the Trump administration had previously canceled nearly $8 billion in grants supporting various clean energy initiatives across 16 states after conducting an individualized review of 223 projects. Wright reiterated that the Energy Department's ongoing evaluations would ensure that federal funding effectively serves the American populace.
Currently, the Office of Energy Dominance Financing holds over $289 billion in loan authority for various projects, which includes a focus on nuclear reactors and other energy initiatives prioritized by the Trump administration. The Energy Department continues to review its financial commitments in light of these developments.