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The Trump administration’s reversal of climate policy will have “significant consequences” for the future, EU Commissioner for Climate, Net Zero and Clean Growth Wopke Hoekstra has said.
The EU recently outlined its path to attaining 90% net reduction in greenhouse gasses by 2040.
Europe is the fastest warming continent with dramatic weather events – from floods to drought -already unfolding across several member states.
Hoekstra says the US pulling out of the Paris Climate Accord is a “major blow” to international efforts to tackle climate change.
US President Donald Trump fundamentally changed America’s climate change policy when, for the second time, he withdrew from the Paris Climate Accord.
In addition, the Trump administration reversed an Obama-era clean power plan aimed at reducing carbon emissions from power plants and rolled back emissions standards for vehicles.
Although the EU says it is pressing ahead with its plans to deal with global warming, the overall ability for the world to tackle the issue is limited due to the about turn by the US, Hoekstra told Euronews.
As the world’s second largest emitter of CO2 gas, its “clearly deeply unfortunate and a major blow to international effort”, Hoekstra said.
“Climate change doesn’t discriminate. It doesn’t matter for the heating up of the planet where CO2 is being pumped into the air. And if then the second largest emitter, the most formidable power across the globe in geopolitical terms, and the largest economy basically says, well, thanks but no thanks, we no longer play ball. That is, of course, something that has very significant consequences,” he said.
But Hoekstra says all might not be lost if US investors see the dividends from technologies in the green tech sector. He says the private sector will be useful in paving the way for innovation and delivery of better, greener technologies which will help the environment.
“My read is that you will see in the US that whenever an investment in, for example, cleantech pays off, and as a side effect is also something that is good for climate, businesses are not gonna stop it,” he said.
Hoekstra also points out that Europe needs to grasp this opportunity to win back or attract innovation to the continent in the growing, green technology sector though major European investment and a functioning capital markets system across the EU.
“We need to reshape the landscape in such a way that innovation can flourish across Europe and that will take huge steps in terms of the capital markets union,” he said.
It will take “way more investments from businesses and governments alike in tech and in AI,” he said.
