Analysis by Wood Mackenzie has found that another Trump presidency could have devastating consequences on America’s green-energy transition. While President Joseph Biden has pledged to invest billions in developing the country’s renewable-energy infrastructure, former President Donald Trump is mostly opposed to efforts to replace fossil fuels with greener alternatives. As a result, Wood Mackenzie says former President Trump could set back the country’s green-energy transition by a whopping $1 trillion if he assumes office for a second term.
A report published by the think tank projected that the former president could potentially impact hundreds of billions’ worth of investment in low-carbon technology and infrastructure. Furthermore, a second Trump presidency would increase greenhouse-gas emissions by an additional one billion tons by mid-century under current policies.
With the United States scrambling to adopt clean energy amid increasingly frequent extreme weather events tied to climate change, a Trump presidency will likely derail the country’s efforts to achieve carbon neutrality by the year 2050.
According to Wood Mackenzie’s director of Energy Transition Research, David Brown, the upcoming election cycle will have a significant influence on energy investment for the next half decade and even through 2050 when any nations including the U.S. hope to have achieved some semblance of carbon neutrality.
Brown explains that policymakers have to make low-carbon supply chain investments in the near term to enable the U.S. to realize its long-term decarbonization plans. As the country’s emissions could potentially increase in the future, delaying the transition to clean energy could make it difficult for the U.S. to be carbon neutral by 2050.
Since President Biden took office, his administration has gone to great pains to boost investment in renewables and increase clean manufacturing jobs across the country.
Former President Trump, on the other hand, has made it clear that he will reverse some of the key clean-energy policies instituted by the current administration, such as strict emission standards for power plants and vehicles as well as electric vehicle tax credits. Furthermore, the former president has repeatedly affirmed his commitment to withdrawing America from the landmark Paris climate agreement. As Trump is also known to have sought financial aid from executives from oil industry bigwigs, chances are high that he will favor pro-oil policies if he assumes office for a second term.
Consequently, Wood Mackenzie notes, a Trump presidency could cut green-energy investment between 2023–2050 from around $7.7 trillion to $6.7 trillion.
The encouraging development around clean energy is that many companies, such as First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF), are looking to leverage opportunities in the green-energy space, and this could help to accelerate green-energy adoption.
NOTE TO INVESTORS: The latest news and updates relating to First Tellurium Corp. (CSE: FTEL) (OTCQB: FSTTF) are available in the company’s newsroom at https://ibn.fm/FSTTF
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