Topline
President-elect Donald Trump on Tuesday promised to fast track environmental approvals and other permits for any company making an investment of $1 billion or more in the United States, though how exactly he plans to help businesses skip traditional regulatory processes remains unclear.
Donald Trump listens during a roundtable meeting with energy sector CEOs in the Cabinet Room of the … [+] White House on April 3, 2020. Getty Images
Key Facts
Trump posted to Truth Social, “Any person or company investing ONE BILLION DOLLARS, OR MORE, in the United States of America, will receive fully expedited approvals and permits, including, but in no way limited to, all Environmental approvals. GET READY TO ROCK!!!” He posted no followup on the topic and members of his team did not immediately respond to Forbes’ request for clarification Tuesday. Under the National Environmental Policy Act, the federal government is required to conduct environmental reviews before approving energy production plans, infrastructure builds and other projects. How Trump will help investors get around regulations isn’t clear, but Trump has vowed to increase domestic production of oil and natural gas, projects that are often stymied or killed in the regulatory process. The Environmental Protection Agency, which has been the target of attacks by Trump and his allies, is responsible for writing and enforcing laws that regulate air quality, protect water resources, require waste management, manage hazardous substances and otherwise police environmental impacts of public and private projects. Trump’s choice for secretary of energy, Chris Wright, is expected to support a so-called all-of-the-above energy policy that will support oil and natural gas production alongside solar, wind, geothermal and nuclear projects.
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Key Background
Trump hasn’t been shy about his desire to steer away from strict environmental regulation. In his first term, he repealed a water resource management regulation called the Clean Water Rule, rolled back more than 100 rules governing clean air, water, wildlife and more, and pulled the United States from the Paris Climate Accord. In his second term, he plans to continue his support of oil and gas extraction on federal land like national parks and wilderness areas and has called for the repeal of the Inflation Reduction Act, President Joe Biden’s signature climate law that aims to lessen greenhouse gas emissions. Trump has also said he aims for the U.S. to have the lowest-cost energy and electricity in the world, which he plans to achieve by
Trump Promises Fast Environmental Approvals For Companies Investing At Least $1 Billion
