President Donald Trump announced a $700 million investment in coal plants on Thursday (June 4) from the Oval Office. The funding aims to lower energy costs by preserving existing coal plants and constructing new ones. The Trump administration will use the Cold War-era Defense Production Act to support this initiative, which is deemed vital for national security.

According to a White House official, the plan allocates $425 million to upgrade 13 existing coal plants and $75 million for an export terminal in California. Additionally, $185 million in grants from the Energy Department will fund the construction of new coal plants in Alaska and West Virginia and the reopening of a plant in Maryland.

Reuters reports that coal currently accounts for about 16% of the nation's energy supply. Despite this, the administration continues to promote "beautiful, clean coal," though experts argue that coal emissions significantly contribute to global warming and other environmental issues.

ABC News highlights that while coal is abundant and energy-dense, it is also a major source of greenhouse gas emissions. Critics argue that the push for coal contradicts global trends toward cleaner energy sources.

America's Power President Michelle Bloodworth praised the investment, emphasizing coal's role in energy security. However, the Environmental Protection Agency (EPA) notes that coal's share of electricity generation has significantly declined since its peak in 2007.

The Trump administration's investment in coal comes amid a global shift towards renewable energy sources, with renewables now often cheaper than fossil fuels. Despite this, President Trump remains a staunch advocate for coal, emphasizing its importance for national defense and energy security.