Trump’s presidency could jeopardize $1 trillion in clean energy investment, a new analysis says
According to a new analysis by Wood Mackenzie published on Thursday, Donald Trump’s victory in the November 5 presidential election would threaten $1 trillion in projected low-carbon energy investments and result in 1 billion tonnes more carbon emissions by 2050 compared to current policies.
Former President Trump has taken a different stance from President Joe Biden, who has focused on fighting climate change and promoting clean energy.
Trump plans to undo many of Biden’s major climate policies, such as electric vehicle tax credits and strict emissions standards for cars and power plants and is expected to pull the US out of the Paris climate agreement again.
Also read: Trump victory no threat to ESG funds, assures Impax CEO
Wood Mackenzie projects $7.7 trillion in US energy sector investments from 2023 to 2050 under current policies, which include incentives from the bipartisan infrastructure bill and the climate-focused Inflation Reduction Act.
This amount would decrease by $1 trillion if Republicans reverse key policies supporting low-carbon energy and infrastructure improvements.
Wood Mackenzie projects that by 2050, US energy-related CO2 emissions will be 1 billion tonnes higher than they would be under current policies.
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