The Environmental Protection Agency has terminated grant agreements worth $20 billion issued by the Biden administration under a so-called green bank to finance clean energy and climate-friendly projects.

On a day featuring a blitz of environmental regulatory actions, the EPA on Wednesday announced two particularly sweeping climate change moves. Why it matters: The moves reveal the administration's strategy to "revisit" or "revise" both the social cost of carbon as well as the 16-year-old endangerment finding.

Announcing big changes to environmental rules doesn't undo facts on the ground overnight. Instead, EPA's announcement is the first step in what is likely to be a lengthy process to remake the rules and policies it targeted.