{"id":87781,"date":"2024-11-05T00:00:00","date_gmt":"2024-11-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/11\/05\/the-us-elections-are-here-what-will-the-outcome-mean-for-climate-policy\/"},"modified":"2024-11-05T00:00:00","modified_gmt":"2024-11-05T00:00:00","slug":"the-us-elections-are-here-what-will-the-outcome-mean-for-climate-policy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/11\/05\/the-us-elections-are-here-what-will-the-outcome-mean-for-climate-policy\/","title":{"rendered":"The US elections are here. What will the outcome mean for climate policy?"},"content":{"rendered":"

Environmentalists and diplomats are preparing for the possibility of another <\/strong>American withdrawal from the Paris Agreement under a second Trump administration<\/strong>, Bloomberg<\/a> reported. Being the world\u2019s second-largest greenhouse gas emitter, a US exit from the Paris Agreement could significantly impact global climate negotiations, potentially stalling new climate actions and altering the dynamics of the United Nations climate talks. The US departure might also provide political cover for other countries to delay their commitments.<\/p>\n

Trump has a track record:<\/strong> The former president had blocked a forum for major economies' leaders to discuss energy and climate in 2017. \u201cOther countries that are working hard on climate will not be burned again by an administration acting on behalf of fossil fuels interests,\u201d NRDC Action Fund senior adviser Jake Schmidt said. <\/p>\n

Concerns are running high:<\/strong> UN Secretary-General Ant\u00f3nio Guterres issued a stark warning about the potential consequences of a second US withdrawal from the Paris Agreement at the COP16 biodiversity summit in Colombia, The Guardian<\/a> wrote. Guterres emphasized the importance of the US remaining in the international climate process to prevent crippling the agreement. \u201cA second Trump presidency is game over for meaningful climate action this decade, and stabilizing warming below 1.5C probably becomes impossible,\u201d warned the University of Pennsylvania\u2019s climate scientist Michael Mann.<\/p>\n

Even if Trump doesn\u2019t move on the Paris Accords, US climate policy could be severely crippled: <\/strong>Trump also announced his intention to \u201cterminate\u201d the Inflation Reduction Act (IRA)<\/a>, which he referred to as the \u201cGreen New Scam,\u201d Axios<\/a> reported. Trump criticized the law and pledged to rescind all unspent funds under the IRA, a move that would require congressional approval and could potentially disrupt numerous clean energy projects and jobs. <\/p>\n

What else is on the line?<\/strong> The IRA includes tax credits for clean energy investments, estimated to reach up to USD 1.2 tn over 10 years. The law also provides funding aimed at reducing greenhouse gas emissions and supporting the green transition. Halting these funds could leave many projects in limbo, especially those without finalized contracts.<\/p>\n

Some oil majors are also concerned:<\/strong> TotalEnergies CEO Patrick Pouyann\u00e9 is worried Trump\u2019s climate moves would instigate backlash against the oil industry, the Financial Times<\/a> reports. Some other major oil players are also among the big beneficiaries of Biden\u2019s IRA\u2019s tax credits and funds. For example, Chevron, ExxonMobil, and Occidental Petroleum are big fans of the IRA, having received support for decarbonization from the USD 370 bn in green tax breaks and subsidies. <\/p>\n

Meanwhile, climate skeptics are waiting to seize the day:<\/strong> Climate skeptics are laying the groundwork to revive coal-fired power plants, undermine the Environmental Protection Agency (EPA), and challenge the scientific models used in federal climate assessments, Bloomberg<\/a> reported. These plans include boosting coal power and dismantling the scientific integrity of the EPA by blocking its research and altering its climate modeling methodologies. <\/p>\n

The EU has its own concerns:<\/strong> European businesses are expressing significant concerns over the potential economic impact of a second Trump presidency who pledged to increase tariffs on foreign imports, Politico<\/a> reported. These tariffs could severely affect European companies, particularly those involved in green goods and climate change initiatives, BusinessEurope deputy director general Luisa Santos said.<\/p>\n

China hopes that the US will maintain its climate change commitments regardless of the presidential election outcome<\/strong>, Reuters<\/a> reports, citing comments by the director general of the climate office at China's Environment Ministry.<\/p>\n","protected":false},"excerpt":{"rendered":"

Being the world's second-largest greenhouse gas emitter, a US exit from the Paris Accord could significantly impact global climate negotiations<\/p>\n","protected":false},"author":1,"featured_media":87782,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[157],"tags":[57,156,362,389,11],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87781","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-climate-in-the-news","tag-climate-change","tag-climate-in-the-news","tag-climate-policy","tag-energy-transition","tag-enterpriseclimate","wpautop","entry"],"acf":{"mongo_id":"b613dd95-6f53-4dfe-9d77-d0c0c111bf02","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/339.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The US elections are here. 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