Trump as US president will deepen climate crisis: Policy experts

Donald Trump’s potential return to the US presidency has prompted apprehension regarding America’s climate policy trajectory. During his first term, the United States withdrew from the Paris Climate Agreement, casting doubts on its commitment to global climate efforts. 

Trump has also been critical of climate finance mechanisms, such as the Green Climate Fund, labelling them as unfavourable wealth redistribution schemes while endorsing expanded fossil fuel production. Following his re-election, Trump has promised to increase domestic oil production, further raising concerns about the country’s climate policies.

As the world’s second-largest carbon emitter, the US under Trump may see a reversal of climate initiatives, including the possible repeal of the 2022 Inflation Reduction Act, which supports low-carbon technologies, electric vehicles, and batteries.

Climate experts warn that a Trump administration could mean a severe reduction in climate funding. Harjeet Singh, Global Engagement Director for the Fossil Fuel Non-Proliferation Treaty Initiative, emphasized that “Trump’s victory is a profound blow to global climate justice” and could heighten risks for vulnerable communities by deepening reliance on fossil fuels and disregarding international agreements.

This potential shift in climate policy comes just before COP29 in Baku, where new climate finance commitments are anticipated. Manjeev Puri, a Distinguished Fellow at TERI, called for optimism but acknowledged that past policies have not been supportive of climate action, urging that technological progress could yet steer the administration towards sustainable innovation.

Sustainable finance expert Labanya Jena cautioned that Trump’s return could mean reduced public funding for climate initiatives, risking the termination of key climate laws and cutting financial support to developing nations. US banks and financial institutions may also face pressures to maintain fossil fuel financing rather than supporting green initiatives.