{"id":1978680,"date":"2023-07-20T16:02:01","date_gmt":"2023-07-20T20:02:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biggest-beneficiaries-of-bidens-climate-cash-are-foreign-companies\/"},"modified":"2023-07-20T16:03:42","modified_gmt":"2023-07-20T20:03:42","slug":"biggest-beneficiaries-of-bidens-climate-cash-are-foreign-companies","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biggest-beneficiaries-of-bidens-climate-cash-are-foreign-companies\/","title":{"rendered":"Foreign companies are the top beneficiaries of Biden&#8217;s climate funding."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiggest-beneficiaries-of-bidens-climate-cash-are-foreign-companies%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1978680&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Foreign Companies Benefit from \u2062Biden&#8217;s Climate Law<\/h2>\n<div>\n<figure><figcaption>\n<p>      \u200b   Joe Biden walks \u200bpast solar panels while touring the Plymouth Area Renewable Energy Initiative in Plymouth,\u200d New Hampshire, U.S.,\u2064 June 4, 2019. REUTERS\/Brian Snyder\/File Photo<br \/>\n    \u200c<br \/>\n    <\/figcaption><\/figure>\n<\/div>\n<div>\n<p>According to an analysis by the <em>Wall Street Journal<\/em>,\u2064 more than 60 percent of climate subsidies from President Joe \u2063Biden&#8217;s climate law\u200b passed last\u200b year went to projects involving foreign companies.\u2062 This raises concerns about the\u2064 impact\u200c on \u2063American businesses and the economy.<\/p>\n<\/div>\n<div>\n<p>The Inflation Reduction Act is set to throw \u200cmore \u200dthan $1.2 trillion in tax incentives and loans \u2064to green energy industries over the next 10 years, according to a Goldman Sachs forecast. Since the law&#8217;s passage in August, the federal government has injected $110 billion\u2063 in climate subsidies into the economy. Shockingly, the <em>Journal<\/em> reports that 15 of the 20 largest investments went\u200c to companies based overseas or tied to foreign businesses.<\/p>\n<\/div>\n<div>\n<p>Biden touted the law as a plan to build in the United States\u2063 &#8220;with American companies&#8221; and bolster the country\u2019s ability \u2063&#8221;to compete with China for\u2062 the future.&#8221;\u2064 However, $8 billion\u200d of the $110 billion in \u2063total investment spurred by the law \u200bwent to companies based in China or with substantial \u200cties \u2062to\u200d the country, according to the \u2062 <em>Journal<\/em>.<\/p>\n<\/div>\n<div>\n<p>The report comes as the Biden administration has faced criticism for how its \u200denergy agenda benefits China. In January, the <em>Washington Free Beacon<\/em> reported \u2064that the\u2062 Energy Department was funneling $50 million to a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/doe-touts-200m-grant-to-lithium-battery-company-as-boon-to-american-made-clean-energy-the-company-operates-primarily-from-china\/\" title=\"DOE Touts 0M Grant to Lithium Battery Company as Boon to American-Made Clean Energy. The Company Operates Primarily From China.\">lithium battery company<\/a> that sourced \u200cits\u200c materials from China. The department was also set to send $200 million to a \u200cbattery company whose CEO had gone through a \u2064Chinese Communist Party\u200b program \u2064that the\u200c FBI warned was used for economic \u2062espionage. The administration called off the investment in May.<\/p>\n<\/div>\n<div>\n<p>Two projects in Michigan are drawing fire for their connections to China. Ford \u2062is partnering with Chinese tech \u200dcompany CATL on a $3.5 billion battery factory in southern Michigan. Another Chinese company, Gotion, is seeking to\u2064 build a $2.4 billion battery-component\u200c factory near Grand\u200c Rapids. The Gotion\u200b plant \u200chas faced opposition from local \u2064residents\u200d due to its ties to \u2063the Chinese \u2063Communist Party.<\/p>\n<\/div>\n<div>\n<p>It&#8217;s not just China that benefits from Biden&#8217;s climate law. Other foreign companies, including those from South Korea and Japan,\u2062 are investing in projects like battery plants\u200b based in the United States. \u2063For\u200c example,\u2063 Japanese tech company Panasonic could receive more than $2 billion in tax credits for its battery plants in Nevada and Kansas.<\/p>\n<\/div>\n<div>\n<p>Experts project that the law\u200b could inject $3 \u2062trillion in green subsidies\u2062 into the global economy over the next decade. While\u2063 the intention behind \u2062the law is to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-goes-full-green-new-deal-tyrant-carbon-emissions-threaten-the-very-existence-of-our-planet-video\/\" title=\"Biden Goes Full Green New Deal Tyrant: Carbon Emissions Threaten \u201cthe Very Existence of our Planet\u201d (VIDEO)\">combat climate change<\/a> and promote \u2063renewable energy, the \u200cdominance \u2064of foreign companies\u2063 in\u2062 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biggest-beneficiaries-of-bidens-climate-cash-are-foreign-companies\/\" title=\"Foreign companies are the top beneficiaries of Biden's climate funding.\">receiving subsidies raises concerns<\/a> about the \u200dimpact on American businesses and the country&#8217;s economic growth.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>More than 60% of climate subsidies from President Joe Biden&#8217;s climate law went to projects involving foreign companies, according to a Wall Street Journal analysis.<\/p>\n","protected":false},"author":2083,"featured_media":1978681,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[544],"tags":[],"class_list":["post-1978680","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-free-beacon"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1978680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2083"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1978680"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1978680\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1978681"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1978680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1978680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1978680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}