Donald Trump undid dozens of environmental bills during his first term3, including the Clean Power Plan4 and a requirement that oil and gas companies calculate the “social cost of carbon”5. The possibility of firms relocating to the US to take advantage of these allowances has been seen as a threat to clean energy spending in emerging economies and other markets. Read also: Geopolitical risksEuropean Union elections: possible environmental outcomesEuropean Parliament elections take place on 6-9 June, with opinion polls anticipating a shift towards right-wing parties. This could steer the bloc’s environmental policy in a different directionThere are also wider voter concerns about the personal costs involved in meeting transition targets10, despite widespread recognition of the need for climate change action11. On the fiscal front, the European Left party wants to get rid of rules governing national budgets, on the grounds that they are overly restrictive and stymie spending on social and environmental spending.12

Source: New York Times March 06, 2024 15:41 UTC