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By taking an axe to climate finance, the US scores an own goal
The growing pressure on the World Bank and IMF to scale back climate lending opens up opportunities for others to take the lead.
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The Trump administration's climate change denialism and anti-woke crusades have now intruded into climate finance and the work of US-based international institutions.
PHOTO: REUTERS
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The Trump administration has pulled the US out of the Paris Agreement on climate change for the second time. It has also withdrawn from the climate loss and damage fund, which is aimed at helping developing countries with their green transition. At home, it has terminated some US$20 billion (S$26 billion) in climate grants and frozen funding of the Inflation Reduction Act which supports climate-friendly tech and products. It is rewriting regulations to favour the fossil fuels industry.
Even after all this, the Trump administration isn’t done with its assault on the green economy. Its climate change denialism and anti-woke crusades have now intruded into climate finance and the work of US-based international institutions. This will have ripple effects worldwide.
