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(Bloomberg) — President Donald Trump said he would marshal hundreds of millions of US taxpayer dollars behind his bid to revitalize the coal industry in America, steering funds to build new power plants, sustain existing operations and construct an export terminal in California.
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The announcement — which includes some $500 million made available under the Cold War-era Defense Production Act — marks Trump’s latest move to bolster mining and coal-fired electricity over the objections of environmentalists who say it warms the planet and worsens air quality. Bloomberg News reported earlier on the expected move.
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“Today, we’re taking historic action to bring down the price of energy and the cost of living for all Americans with the power of clean, beautiful coal,” Trump said Thursday as he unveiled the plan in the Oval Office. “If you look at China, if you look at so many of the successful countries, they’re using coal.”
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The action is part of a broader second-term agenda focused on driving more US oil, gas and coal production. And it builds on previous Trump administration efforts to force some coal plants to keep operating despite their plans to close, expand coal leasing on federal lands and buy electricity for the Pentagon from power plants burning the fossil fuel.
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Related: Trump Officials Vow to Keep All US Coal Plants Running
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The move also comes as the White House struggles to contain higher energy prices, with electricity costs climbing on the back of surging power demand from new factories and data centers fueling the artificial intelligence industry.
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Oil and gasoline prices have also spiked following Trump’s decision to wage war against Iran. Tehran responded by shutting the Strait of Hormuz, which carries roughly a fifth of global energy flows, and the waterway remains largely closed to commercial shipping. Elevated fuel prices pose a grave political risk to Trump’s fellow Republicans in the November midterm elections.
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Trump’s new initiative includes $425 million in DPA funds that will be delivered to more than a dozen coal plants, with beneficiaries including Duke Energy Corp., Hallador Energy Co., Oklahoma Gas & Electric Co. and at least one subsidiary of American Electric Power Company Inc., according to a White House official who asked not to be named to discuss details ahead of the announcement.
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Another $75 million also is being made available under the law for the proposed West Gateway export terminal in Oakland, California, opening a new avenue to ship potentially 12 million tons of US coal annually outside the country.
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Additionally, the administration is awarding some $185 million in separate Energy Department grants to help build two more plants in Alaska and West Virginia, as well as restart operations at a shuttered Maryland facility.
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Environmentalists have blasted the planned spending, arguing it’s a misguided effort to prop up a dirty energy source at the expense of cleaner and cheaper options — from natural gas to renewable wind and solar power. The initiative also threatens to prolong reliance on a fossil fuel blamed for driving climate change.
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