Donald Trump’s return as US President for a second term has raised concerns about the climate action trajectory the country would tread under him. During his first term, US had announced its intent to exit the Paris Climate Agreement, casting doubt on global climate efforts.
Trump criticised climate finance mechanisms, such as the Green Climate Fund, labelling them as wealth redistribution schemes unfavourable to the US, and has been supporter of fossil fuels. He said he would increase oil production in the country after winning the elections.
US is the second biggest carbon emitter after China. There has been concerns that he could repeal the 2022 Inflation Reduction Act, the landmark legislation to support low carbon technologies, electric vehicles and batteries.
"Trump's victory is a profound blow to global climate justice and an alarming escalation of climate risk for the world’s most vulnerable communities. His push to ramp up fossil fuel production, disregard for international agreements, and refusal to provide climate finance will deepen the crisis, endangering lives and livelihoods—especially in regions least responsible for, yet most impacted by, climate change,” said Harjeet Singh, Climate Activist and Global Engagement Director for the Fossil Fuel Non-Proliferation Treaty Initiative.
Trump’s return signals a US retreat from climate funding obligations and comes ahead of the COP29 climate talks in Baku starting next week where countries are expected to agree on new climate finance goals.
“Climate change is real and the need for global action and cooperation continues to be an imperative of the highest order. While past experience hasn't been encouraging, hope must remain for the next Trump Presidency. We hope they will find ways to do things that are supportive of climate action. Innovation and technological progress is dear to the President elect,” said Manjeev Puri, Distinguished Fellow, TERI.
Experts expect cut in climate funding by the US with return of Trump.
“A cut down in public spending for climate action, or even termination of the inflation reduction act that propelled low-carbon technologies development and adoption in the US can be expected. The US’s pledge of $3 billion to the Green Climate Fund may also be reneged. The US Government’s bilateral financial support to developing countries for climate actions could be curtailed significantly. Banks and financial institutions can be warned by the Government not to advocate for climate actions and may be forced to continue to provide capital to the fossil fuel industry,” said Labanya Jena, Sustainable Finance Specialist.