What a Trump win would mean for clean energy

By Sharon Kimathi, Energy and ESG Editor, Reuters Digital

Hello!

Today’s newsletter tackles three key questions about the U.S. elections and clean energy: What would a Donald Trump presidency mean for climate and energy policies? What is Joe Biden’s energy legacy? And what to expect from Kamala Harris if she becomes president.

It seems Trump would rescind many of President Biden’s clean energy rules while also speeding approvals of power plants to meet rising U.S. electricity demand.

One of the most significant rollbacks would be removing the U.S. from the Paris agreement on climate change as Trump  did during his 2017-2021 White House term.

But what about Biden’s presidency? What is his climate and energy legacy?

U.S. oil and gas production hit the highest levels of any country ever, despite his administration’s 2022 Inflation Reduction Act, which contains hundreds of billions of dollars in subsidies for clean energy such as wind, solar, hydrogen, geothermal projects.

Also on my radar today:

Republican presidential nominee and former U.S. President Donald Trump gestures as he holds a rally in Johnstown, Pennsylvania, U.S. REUTERS/Brian Snyder

Should Trump win the Nov. 5 election, his campaign said he would axe clean energy regulations of Biden and his Democrat opponent, Vice President Kamala Harris, on both power plants and vehicle emissions.

Those rules are aimed at slashing carbon emissions from the power industry while also pushing the auto industry to transition to electric cars to cut tailpipe pollution.

Trump “will immediately stop all Biden-Harris policies that distort energy markets, limit consumer choice and drive up the costs on consumers on day one,” David Bernhardt, his former Interior Department secretary, told reporters in a call organized by the campaign.

Bernhardt said Trump would also implement rapid approvals for energy projects and “the construction of hundreds of new power plants,” without detailing how those would be fueled. 

Trump would “modernize” the U.S. Nuclear Regulatory Commission to speed approvals for new nuclear plants and for existing ones to have their lives extended, Bernhardt said..

“There’s been legislation to address some of these issues, but there’s a long way to go”.

In April, Biden’s Environmental Protection Agency finalized rules targeting carbon, air and water pollution from power plants. These will effectively require coal-fired power plants and new natural gas-fired generators in the coming decade to capture emissions.

In response to Trump’s proposed policy rollbacks, James Singer, a Harris campaign spokesperson, said the Republican candidate wants to sell out the country’s energy future to Big Oil executives and that under Biden and Harris, “American energy of all kinds has hit record production levels, resulting in hundreds of thousands of new jobs for American workers because of her leadership.”

And what about Harris?

Just last week, the Democratic presidential candidate told CNN that she would not ban fracking if elected president.

“As vice president, I did not ban fracking. As president, I will not ban fracking,” Harris said.

Volunteers and rescuers remove debris while searching for missing residents during a landslide caused by Tropical Storm Yagi. Rizal province, Philippines. REUTERS/Eloisa Lopez

Frank Altman, founder of Community Reinvestment Fund, a U.S.-based community development financial institution, shares his thoughts on the anti-environment, social and governance (ESG) movement:

“Anti-ESG rhetoric is on the rise in the United States, and it is simply wrong. 

“The effort to combat climate change must include investors who want to own stocks in companies that are responding responsibly to the climate challenges we are facing.

“Industries that are responsible for carbon emissions are fueling this backlash in order to maintain their inclusion in investment funds. 

“A recent article in the San Francisco Chronicle pointed out that most participants in 401(k) and 403(b) retirement plans are forced to invest in carbon-emitting firms as part of indexed funds. 

“Those who seek to ban consideration of ESG factors in investment decisions are simply removing choice from investors. 

“These retirement plans should include options for plan participants to make their own choices regarding ESG investments. 

“The same concept of allowing investors choices applies to companies engaged in the diversity, equity and inclusion (DEI) movement. 

“The American population is growing more diverse daily, and it makes good business sense to serve this diverse market.  DEI and excellence go hand in hand.”

Last week, I highlighted the green backlash affecting European politics as Germany’s far-right AfD party is trying to pick up rural voters who oppose the growth of wind energy.

This week, the AfD was a big winner of the German state vote that dealt a heavy blow to the parties in Chancellor Olaf Scholz’s government, securing 33.2% in Thuringia in its first regional election, and also gaining almost as many votes as the conservatives in Saxony.

Biologist Thayana Giao holds a Green Sea turtle during an intentional capture to monitor turtles’ health in the Guanabara Bay in Rio de Janeiro, Brazil  REUTERS/Pilar Olivares

Today’s spotlight shines a light on the positive developments after authorities in Brazil cleaned up their waters.

Sea turtles in the Guanabara Bay of Rio de Janeiro are getting healthier after struggling for years with a tumor disease that ultimately leads to their death.

Scientists said this came after authorities made an effort to clean up the water of the natural harbor. Research has linked fibropapillomatosis, a benign tumor in sea turtles, to both a virus and environmental factors.

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