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“Drill, baby, drill!” This slogan effectively summarised the energy policies Trump intends to implement during his second term as President of the United States. He often also argued that more drilling would enable him to beat inflation and enrich the country with “liquid gold”—that is, oil.
Trump said, addressing his campaigners in West Palm Beach, Florida, "This will truly be the golden age of America. It will make America great again. There was no other path to victory. We will make you proud of your vote.”
US equities soared as Trump won the neck-and-neck election against Kamala Harris. But at the same time, clean energy stocks globally tumbled, showcasing apprehension post the win of an individual who has been criticising climate policies as the ‘green new scam’.
The WilderHill Clean Energy Index tanked 6.7%, marking its biggest intraday loss since early August. On the other hand, the European clean energy stocks too plummeted.
On his first day in office, Trump plans to scrap offshore wind projects via executive order. He has also pledged to roll back numerous climate regulations implemented by President Joe Biden, including withdrawing from the Paris Agreement and reversing the Inflation Reduction Act.
During his first term as President of the United States, Trump had officially reversed, revoked or rolled back over hundreds of environmental rules, according to the analysis by the New York Times, based on research from the Harvard Law School, Columbia Law School and other sources.
These included rules regarding air pollution and emissions, drilling and extraction, infrastructure and planning, and water pollution, among others.
“Bulk of the rollbacks identified by the Times were carried out by the Environmental Protection Agency, which weakened Obama-era limits on planet-warming carbon dioxide emission from power plants and from cars and trucks; removed protections from more than half the nation’s wetlands; and withdrew the legal justification for restricting mercury emission from power plants”, wrote the New York Times in its ‘The Trump Administration Rolled Back More Than 100 Environmental Rules”.
The World Resources Institute, a global research firm, expects 11 potential climate setbacks under Trump 2.0. Firstly, the new administration is unlikely to formulate any new federal climate policies. With a focus on de-regulation and an inclination towards fossil fuels, the investment boost in the clean energy sector and federal initiatives to reduce emissions are more likely to stall.
Secondly, it also expects a reduction in funding to climate-focused agencies. “The Project 2025 roadmap, drafted by Trump allies, encourages significant budget cuts to agencies leading on climate action, most notably the Environmental Protection Agency (EPA) and Department of Interior (DOI)”, mentioned the institute.
Another important issue during Trump 2.0 could be the dismantling of the Biden administration’s Justice40 initiative. This programme aims to ensure that 40% of the overall benefits from particular federal investments are directed towards communities that are disadvantaged, marginalised, and overburdened by pollution.
Reallocation of climate funds, withdrawal from the Paris Agreement, federal rollback on environmental protection provisions, diversion from international climate finance commitments, appointment of more conservative judges (considering a Republican majority in the Senate), withdrawal of protections for lands and forests, inadequate response to climate disasters and curbing Environmental, Social, and Governance (ESG) investments are some of the other setbacks expected by the World Resources Institute.
However, experts believe that Trump’s pushback would slow down the climate energy boom but not halt it completely.
The efforts for the imposition of stricter regulations on financing foreign oil and gas projects through export-credit agencies have also gained momentum. According to Bloomberg, the EU, US, and other OECD countries are aiming to finalise a deal before Trump takes over the office, redirecting financial support to green energy initiatives.
Trump said, addressing his campaigners in West Palm Beach, Florida, "This will truly be the golden age of America. It will make America great again. There was no other path to victory. We will make you proud of your vote.”
US equities soared as Trump won the neck-and-neck election against Kamala Harris. But at the same time, clean energy stocks globally tumbled, showcasing apprehension post the win of an individual who has been criticising climate policies as the ‘green new scam’.
The WilderHill Clean Energy Index tanked 6.7%, marking its biggest intraday loss since early August. On the other hand, the European clean energy stocks too plummeted.
On his first day in office, Trump plans to scrap offshore wind projects via executive order. He has also pledged to roll back numerous climate regulations implemented by President Joe Biden, including withdrawing from the Paris Agreement and reversing the Inflation Reduction Act.
During his first term as President of the United States, Trump had officially reversed, revoked or rolled back over hundreds of environmental rules, according to the analysis by the New York Times, based on research from the Harvard Law School, Columbia Law School and other sources.
These included rules regarding air pollution and emissions, drilling and extraction, infrastructure and planning, and water pollution, among others.
“Bulk of the rollbacks identified by the Times were carried out by the Environmental Protection Agency, which weakened Obama-era limits on planet-warming carbon dioxide emission from power plants and from cars and trucks; removed protections from more than half the nation’s wetlands; and withdrew the legal justification for restricting mercury emission from power plants”, wrote the New York Times in its ‘The Trump Administration Rolled Back More Than 100 Environmental Rules”.
The World Resources Institute, a global research firm, expects 11 potential climate setbacks under Trump 2.0. Firstly, the new administration is unlikely to formulate any new federal climate policies. With a focus on de-regulation and an inclination towards fossil fuels, the investment boost in the clean energy sector and federal initiatives to reduce emissions are more likely to stall.
Secondly, it also expects a reduction in funding to climate-focused agencies. “The Project 2025 roadmap, drafted by Trump allies, encourages significant budget cuts to agencies leading on climate action, most notably the Environmental Protection Agency (EPA) and Department of Interior (DOI)”, mentioned the institute.
Another important issue during Trump 2.0 could be the dismantling of the Biden administration’s Justice40 initiative. This programme aims to ensure that 40% of the overall benefits from particular federal investments are directed towards communities that are disadvantaged, marginalised, and overburdened by pollution.
Reallocation of climate funds, withdrawal from the Paris Agreement, federal rollback on environmental protection provisions, diversion from international climate finance commitments, appointment of more conservative judges (considering a Republican majority in the Senate), withdrawal of protections for lands and forests, inadequate response to climate disasters and curbing Environmental, Social, and Governance (ESG) investments are some of the other setbacks expected by the World Resources Institute.
However, experts believe that Trump’s pushback would slow down the climate energy boom but not halt it completely.
The efforts for the imposition of stricter regulations on financing foreign oil and gas projects through export-credit agencies have also gained momentum. According to Bloomberg, the EU, US, and other OECD countries are aiming to finalise a deal before Trump takes over the office, redirecting financial support to green energy initiatives.
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