Energy Secretary Chris Wright told Newsmax on Tuesday the Trump administration is unwinding billions of dollars in Biden-era clean energy loans because the deals were rushed, ideologically driven, and likely to raise energy costs for American consumers.
Wright told "Ed Henry The Big Take" that the timing of the loans raised immediate red flags, particularly the volume approved after President Donald Trump defeated former Vice President Kamala Harris in the 2024 election.
"The Biden administration lent a little over 100 billion — or committed to loan a little over 100 billion — in four years," Wright said.
"The scary part is, 80 billion of that 100 billion was in the last 76 days after they lost the election and before President Trump was inaugurated."
Wright questioned why the loans were not approved earlier if they were tied to sound energy policy.
"If it was going to thoughtful projects, maybe they would have done it earlier," he said.
According to Wright, the push was aimed less at improving energy reliability than at appeasing political allies tied to climate activism.
"They wanted to shovel money out the door at the end to all of these climate green-appeasing activists, helping special interest groups and all of those projects," he said.
Wright warned the loans would have produced higher costs rather than savings, undercutting claims that they would benefit consumers.
"If that money had been spent, it would make energy more expensive, not less expensive," he said. "And a lot of them were questionable whether the money would ever be paid back."
The Energy Department is now reviewing the loan portfolio through its Energy Dominance Financing Office, a restructuring that Wright said reflects a broader philosophical shift under Trump.
"We're not going to lend that money," Wright said of roughly 30 billion in commitments now being withdrawn.
He added that remaining loans are being reassessed to ensure they align with energy affordability and supply growth.
"The rest of it is being redirected to things that will actually grow energy supply and lower costs for American consumers instead of increase costs," Wright said.
Wright said the reversal reflects what he described as a common-sense approach to energy policy.
"That's President Trump's common-sense leadership on energy and on affordability," he said, adding that the strategy is also "aligned with policies to raise wages."
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