President Biden has achieved his goal of delivering $11 billion per year in climate financing, a significant increase from $1.5 billion in 2021. During a trip to the Amazon rainforest, Biden stated that the fight against climate change has been a defining cause of his presidency, leaving behind a strong foundation for his successor. The Biden administration also increased adaptation finance to $3 billion per year to help less developed countries build resilience to climate change impacts. Biden emphasized that it is possible to prioritize both the environment and the economy, highlighting the economic opportunities that come with addressing climate change.
President-elect Trump has indicated his intention to reverse many of the climate initiatives put in place under Biden, whom he criticized for focusing efforts on climate funding. While Trump plans to install an ‘energy czar’ to dismantle Biden’s climate rules, he will need approval from Congress to claw back unspent funds from major bills addressing climate change. Trump has referred to climate change as a “hoax” and has expressed skepticism towards some of the big spending initiatives in Biden’s CHIPS Act and the Inflation Reduction Act. The incoming administration is expected to prioritize making American energy more affordable, reliable, and secure while potentially rolling back Biden’s environmental policies.
The Biden administration’s climate investments largely stem from executive actions and the passage of major bills, including the CHIPS Act, the Bipartisan Infrastructure Law, and the Inflation Reduction Act. Biden’s emphasis on green energy initiatives and climate financing has been met with opposition from Trump, who has criticized these efforts as part of the ‘green new scam.’ Trump’s nominee for Energy Department head, Chris Wright, is the CEO of a Denver-based fracking corporation and is expected to lead efforts to roll back climate funding allocated under Biden. Trump’s plans to repeal many of the green energy initiatives within Biden’s legislation could impact future climate policies in the U.S.
While Biden has made substantial progress in increasing climate financing and addressing climate change during his presidency, his successor’s stance on environmental issues is expected to shift. Trump’s skepticism towards climate change and focus on making energy more affordable and secure may result in a rollback of Biden’s environmental policies and a different approach to addressing climate change. The ongoing debate between prioritizing economic growth and environmental preservation is likely to continue under the new administration, with implications for future climate initiatives and investments in the U.S. Trump’s nomination of Chris Wright as Energy Department head signals a potential shift in priorities towards energy affordability and security, with implications for climate policy under the incoming administration.
