Trump Targets Climate Policies and Renewable Energy on Day One

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Trump Targets Climate Policies and Renewable Energy on Day One

On his first day in office, President Donald Trump wasted no time advancing his energy agenda, issuing a series of executive orders with significant climate implications. These actions included steps to withdraw the U.S. from the Paris Agreement and promote the fossil fuel industry.

As expected, Trump signed an executive order to initiate the U.S.'s exit from the Paris climate deal, emphasizing his intent to prioritize "the interests of the United States and the American people." While the agreement is not legally binding, it plays a critical role in shaping global climate commitments and domestic policies.

Michael Burger, executive director of the Sabin Center for Climate Change Law at Columbia University, noted that U.S. withdrawal would limit the country’s influence in future climate negotiations, potentially increasing the sway of other nations like China. Climate economist Gernot Wagner added that while U.S. exclusion is detrimental, retaining U.S. negotiators under Trump's administration might have led to unproductive participation.

Trump also issued an executive order declaring an “energy emergency” to boost the production and use of American energy resources. This wide-ranging directive included promoting the processing of rare earth minerals and supporting energy exploration on federal lands. Notably, solar and wind energy were omitted from the list of domestic energy sources cited in the order, which, according to Burger, underscores the administration’s prioritization of fossil fuels.

The executive order also called for eliminating what it referred to as the “electric vehicle (EV) mandate,” despite no such mandate existing. Wagner explained that this likely signals an intent to loosen tailpipe emissions and pollution standards rather than imposing any actual requirements on EV production or purchase. Despite this, Wagner believes the automotive industry’s momentum toward EV adoption is too strong to reverse.

Trump dealt a significant blow to offshore wind energy by signing an executive order temporarily halting the use of offshore federal lands for wind power generation. However, the order specifically allowed leasing for other purposes, such as oil, gas, and minerals. Wagner noted that while some existing projects may proceed, the order effectively halts new developments in the sector.

Trump’s swift actions on energy policy reflect his longstanding opposition to renewable energy, particularly offshore wind, and his commitment to advancing fossil fuel interests. Experts agree that these decisions mark a significant shift in the U.S.'s approach to climate and energy policy.

AXA XL Joins Forces with London GreenCity to Advance Climate Tech

AXA XL, a leading property and casualty (P&C) insurer, has teamed up with London GreenCity, a UK-based climate tech accelerator, to offer insurance and risk management expertise.

London GreenCity specializes in fostering early-stage climate technology ventures addressing climate change impacts across sectors like renewable energy, battery storage, transportation, agriculture, and the built environment. Its London campus provides startups with essential facilities and tools for product development.

This collaboration is focused on advancing technologies that mitigate climate change and its effects. As part of the partnership, London GreenCity members also gain access to machinery and resources through agreements with UK universities.

Sean McGovern, AXA XL’s UK & Lloyd’s CEO, emphasized the role of insurance in enabling the energy transition, stating: “We are thrilled to support London GreenCity by contributing our risk management expertise and helping to unlock financing to fuel the growth of these promising climate tech startups.”

Laith Anezi, general partner and co-founder of London GreenCity, highlighted AXA XL’s support, saying: “Their commitment to our mission to become the UK’s largest development-stage climate tech accelerator reflects their leadership in sustainability. Together, we can drive a global clean energy transition that will impact generations to come.”

London GreenCity’s extensive network includes family offices, sovereign wealth funds, government agencies, venture capital firms, banks, and other financial institutions, connecting startups with potential investors and financing opportunities.

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Algebris Climatech Fund Debuts with $65.4M for Climate Innovation

Algebris Investments has introduced its first venture capital fund, Algebris Climatech, with an initial funding close of approximately €60 million. The fund has garnered support from institutional investors, including leading Italian pension funds and CDP Venture Capital, with allocations from the EU’s NextGenerationEU program. This initiative is part of Algebris’ green transition strategy, launched in 2021 under the guidance of Valerio Camerano.

Algebris Climatech adopts a thematic approach, targeting climate tech and deep tech across key sectors essential to the green transition, including energy, materials, industrials, and food. The fund focuses on fostering innovative projects, often rooted in university research, and supporting these ventures through market expansion.

“Algebris Climatech is well-positioned to capitalize on the exceptional opportunities within Europe’s climate and deep tech sectors,” stated Marco Turchini, Managing Partner of Algebris Climatech. “Our mission is to establish an international venture capital platform that nurtures founders and bolsters Italy’s small business ecosystem.” The fund aims to build a portfolio of 15-20 high-growth companies poised to lead their industries, working alongside international co-investors to raise a total of €100 million.

The Algebris Climatech investment team comprises seasoned professionals Alessandro Santo, Stefano Ferrari, and Marco Turchini, who together bring over 40 years of experience as technology investors, entrepreneurs, and managers. Their collective expertise includes investments in more than 50 startups, enabling them to identify and support promising ventures.

Algebris Climatech is classified as an Article 9 fund under the EU Sustainable Finance Disclosures Regulation (SFDR), reflecting its strong commitment to sustainability. The fund, established under Luxembourg law, is exclusively available to professional investors.

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