Zero: The Climate Race
What happens to the energy transition with the US exiting the Paris Agreement?
Jan 30, 2025
Albert Cheung, Deputy CEO of BloombergNEF, provides key insights into the shifting landscape of climate policy as the U.S. exits the Paris Agreement under President Trump. He discusses the surge in global clean energy investments, particularly driven by China, which now accounts for two-thirds of growth. Cheung also highlights the competitive dynamics of the energy transition and the impact of the U.S. withdrawal on international climate diplomacy, stressing the urgent need for action amidst worsening climate challenges.
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Quick takeaways
- The U.S. exit from the Paris Agreement potentially undermines global climate diplomacy, prompting smaller nations to reconsider their climate ambitions.
- China's dominance in the energy transition, reflected in record investments of $2.1 trillion, highlights the urgent need for competitive climate policies.
Deep dives
The Impact of U.S. Withdrawal from the Paris Agreement
The second withdrawal of the U.S. from the Paris Agreement raises concerns about the global climate diplomacy landscape. Notably, there were fears in 2017 that the exit would lead other nations to follow suit, though this has not occurred yet. The U.S. has historically contributed significantly to climate finance, with projected funding decreasing from $11 billion in 2024 under the Biden administration, which complicates global climate efforts. As major economies look to lead independently, smaller nations may perceive this exit as justification to adopt less ambitious climate goals.
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