Donald Trump’s return could cause global climate policy chaos and slow the pace of emissions reduction. But there’s a ray of hope for Australia.
Donald Trump’s US election win could redirect billions of green investments from America to Australia and increase the availability of cheaper electric cars, even as his return to the White House opens a new era of uncertainty for global decarbonisation goals.
Experts say it is now more likely Australia, which was due to unveil its 2035 target by February, will hold off on making that commitment amid concerns that a delayed energy transition in the US will influence the timing of other countries’ 2035 promises, a prospect that has not been ruled out by Climate Change and Energy Minister Chris Bowen.
While a second Trump presidency will intensify the global challenges of averting catastrophic climate change, investors and experts say it could also open the door to potential benefits for Australia.The European Union said last month it would impose tariffs of up to 35 per cent on Chinese EVs, while Trump has said he could slap tariffs of up to 200 per cent on them. China makes about half of the world’s EVs.
“If the US restricts imports, I think we can expect to see increased supply to Australia and quality EVs in our market under $30,000,” he said. “At this point, the climate transition is inevitable – Europe, China, Japan, South Korea, and other countries have put their economies all-in on the energy transition.”
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