The U.S. presidential election is done and dusted, and voters had their say regarding who they wish to head the next federal administration. The decision on whether Donald Trump will return to the Oval Office or Vice President Kamala Harris will become America’s next president has been made. That decision has a huge bearing on how America will handle issues like ESG, sustainability and climate change.
Both presidential candidates agreed that oil and gas production in America should be increased, to a certain degree. They also agreed that nuclear energy infrastructure needs extra support, but apart from that, they held very different views on the other aforementioned issues.
Morningstar Indexes’ head of ESG strategy, Tom Kuh, argues that a Trump administration will be more hostile when it comes to ESG, while a Harris one would have been more favorable.
Below, we look at how a Trump or Harris administration would affect the sustainability and ESG landscape.
Kamala Harris
For a while now, the current Vice President has been supporting climate and social justice policies. As both senator in California and VP, Harris has been a part of various initiatives focused on investing in renewable energy and increasing domestic production of clean energy tech.
Climate experts, environmental advocates, and some politicians expected that had Harris won, she would have enacted policies that moved America toward a clean energy transition. This is despite the fact that she hadn’t made any policies linked to climate change the foundation of her campaign since her ticket nomination, which some believe is a strategy to appeal to more voters.
Harris was also expected to build on climate progress made during Biden’s administration, which includes efforts to reduce greenhouse gas emissions and strategies to strengthen the voluntary carbon market.
A victory for the Harris camp would have also shielded a number of climate-focused rules, including the climate-risk disclosure rule introduced by the Securities and Exchange Commission.
Donald Trump
On the other hand, Trump is expected to dismantle any climate progress made during the Biden administration.
Based on his actions during his first term and the statements made recently, Trump’s second tenure will most likely focus on repealing clean energy tax credits and revoking various ESG-centered regulations introduced by the SEC and Labor Department.
During his first term, he formally withdrew America from the Paris Agreement.
He also stated in a recent interview with Elon Musk that global warming/climate change wasn’t the biggest threat and added that it would create more oceanfront property.
Experts expect that the incoming Trump presidency would also impact the transport and clean energy markets, as well as sustainable finance. The Senate and the House being controlled by Republicans would only worsen this, with the oil and gas sector being the sole sector that’d receive support from this camp.
Now that Trump is the President-elect, different companies like Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) will be watching for any policy pronouncements he makes that could have a major impact on their projections and operations.
NOTE TO INVESTORS: The latest news and updates relating to Aston Bay Holdings Ltd. (TSX.V: BAY) (OTCQB: ATBHF) are available in the company’s newsroom at https://ibn.fm/ATBHF
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