Climate of opportunity for Asia as Trump freezes green policies

Despite US funding cuts and imposition of tariffs, China and S-E Asia can make the most of renewable energy with new partnerships.

- Ong Shu Yi

On his campaign trail, Mr Donald Trump's slogan, "drill, baby, drill" became synonymous with his plans to roll back green policies and scale up oil and gas production in the United States.

True to his word, just hours after he was sworn in for his second term, President Trump once again signed an executive order to withdraw the US from the Paris climate agreement and reverse support for clean energy projects in the US.

Since then, the Trump administration has withdrawn the US from a climate damage fund, severed international partnerships on climate and stopped US scientists from taking part in the Feb 24-28 Intergovernmental Panel on Climate Change meeting in China.

Against this backdrop, it may be easy to conclude that sustainability has hit a brick wall at a time when countries worldwide have been making progress. But think again. There are good reasons to believe that Asia can benefit even in these circumstances could For instance, China - which is in a trade war with the US benefit from shifting policies.

And there are surprising opportunities for firms in South-east Asia, where nations have doubled down on sustainability commitments.

CHINA POISED FOR CLEAN TECH DOMINANCE?

The dynamics of climate action and the trade war tango between the US and China are likely to have an impact on clean energy supply chains. With the US likely to reduce its climate finance contributions, the responsibility to mobilise international climate finance for developing countries might shift to other developed countries.