Republican Donald听Trump鈥�s听win in this听飞别别办鈥�s听US听presidential elections听will have听serious听repercussions听for the climate crisis听and funding听to听fight it, clean energy transformation, and听trade听policies, experts听say, adding that听Trump听policies听in the pipeline may in fact weaken the听US听economy.
Trump听pledged听to听scrap offshore wind energy projects听during his听campaign, which led听to听sharp declines听in energy firms鈥櫶�shares, especially in Europe. During his听first term he withdrew the听US听from the Paris听Agreement, a decision reversed by current President Joe Biden in 2021, but听Trump听is听likely听to听repeat the听US听withdrawal.
The European Renewable Energy Price Index (ERIX) closed Wednesday down 9.5% after it became听Trump听had won the election.
Spanish-based renewable energy firm EDP Renovaveis听lost 11% in听shares, while听shares听of the world鈥�s听largest offshore wind energy firm Orsted听shares听lost 12.8%.
Danish-based wind turbine firm Vestas听saw a 12.8% drop in its听shares, and German renewable energy firm RWE鈥�s听shares听fell 4.4%.
Nordex closed Wednesday with a 7.5% loss, and听shares听in Portuguese renewable energy firm EDP fell 7.1%.
Trump鈥�s听victory听in the听US听elections听came just days听before the听start of the UN Climate Change Conference COP 29 next Monday in Baku, Azerbaijan.
The Biden administration will lead climate negotiations听at the event听since听Trump听will not be in office until January 2025.
With representatives听from 200 countries听participating, climate finance will be on the main issue at this听year鈥�s听conference. Countries听will听seek听to听set a financing target听to听meet the needs听of developing and underdeveloped countries, which are more vulnerable听to听the impact of climate change.
- Turbulent times听await
Neil Makaroff, director at European think-tank听Strategic Perspectives,听told Anadolu that听Trump鈥�s听victory听is听鈥渁 direct threat听to听European interests.鈥�
鈥淯nder a听Trump听administration, the听US听will launch a fierce听trade听war with China and possibly the EU that could destabilize the global economy. Only a united response and a massive investment plan can protect Europe鈥�s听economic听security in these turbulent times,鈥� he听said.
Makaroff听said Europe needs听to听boost its听industry and听support decarbonization efforts听to听limit the influence of the new听Trump听administration and reduce dependence on liquefied natural gas听(LNG) exports听from the听US.
鈥淢ember听states听can unite behind a听strong clean industrial deal that gives听Europe all the听tools听to听develop 鈥楳ade in EU鈥� value chains听and increase energy听security. It is听the only way听to听face the double pressure of a听US听trade听war and China's听economic dominance,鈥� he听said.
鈥淭丑颈s听is听not the time for Europeans听to听be divided or听to听act individually,鈥� he added.
- Efforts听to听limit temperature rise听to听1.5 Celsius听could be hurt
Climate Analytics听CEO Bill Hare听said the global temperature increase caused by human activity is听1.3C higher than the pre-industrial period, and due听to听this听warming, people around the world are losing their lives.
Hare听stressed that if听Trump听withdraws听from the Paris听Agreement like he did in his听first term, the听US听will pay the price. The agreement did not collapse when the听US听pulled out last time, but the country鈥�s听withdrawal now could dampen efforts听to听limit the temperature rise听to听1.5C.
European Climate Foundation (ECF) CEO Laurence Tubiana听said on X on Wednesday that the听US听presidential election results听could听set back global climate action.
鈥淏ut let鈥�s听not despair. The Paris听Agreement has听proven resilient,听stronger than any one country鈥�s听policies,鈥澨�she听said.
Reporting by Nuran Erkul Kaya in London
Writing by Emir Yildirim in Istanbul