Donald Trump’s victory as next president of the United States is depressing news for climate protection. He already made clear that under his presidency
So, in addition to the “silent revolution” of solar and wind energy, strong pressure on governments to change course is still needed. According to the International Monetary Fund (IMF), around seven trillion dollars, or 7,000 billion dollars, are spent each year on direct and indirect state subsidies for fossil fuels – a record amount – which distorts energy markets and prices, offloads damage and costs onto the general public and puts renewables at a massive disadvantage.
Redirecting these funds to clean energy would be an important, fair and socially responsible way to speed up the energy transition.