Donald Trump, the United States (US) President-elect, said the country had "more liquid gold than any country in the world".
While his comments on raising crude oil production are meant to keep fuel prices in check for Americans, Trump said the country"s oil reserves would be used to pay back national debt. "we,re going to be paying down debt. We,re going to be reducing taxes. We can do things that nobody else can do. China doesnit have what we have," he said.
This statement could be a signal for the shift in the energy transition policies ofthe US, which took a green turn under Joe Biden as President.
Trump, famously frank about his anti-climate action stance, had once called climate change a hoax.
The Republican Party under him has maintained a soft stand on fossil fuel. In his election campaign he even promised to bring back jobs of coal miners.
Climate commitments of the US, including financing to poorer nations, might become doubtful and this would set a similar trend among other developed nations, experts said.
This story is from the November 08, 2024 edition of Business Standard.
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This story is from the November 08, 2024 edition of Business Standard.
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