Trump's Return Triggers Widespread Corporate Climate Policy Reversals

Social media giant Meta has dismantled its third-party fact-checking, paving the way for increased climate misinformation, and removed climate action statements. Philanthropic efforts are also affected, with the Bezos Earth Fund halting an $18 million grant to a key climate certification body.

Major US, Canadian, and European banks, including JPMorgan and HSBC, have withdrawn from the UN-sponsored Net-Zero Banking Alliance, citing political pressure. Investment firms like BlackRock, managing $11.5 trillion, also exited the Net-Zero Asset Managers initiative amidst Republican-led anti-ESG campaigns and lawsuits.

Energy companies such as BP, TotalEnergies, and Equinor are scaling back low-carbon investments, with BP increasing oil and gas spending by 20% while cutting renewables funding by over $5 billion. Retailers like Walmart and food companies like Kraft Heinz and Coca-Cola have revised or removed emissions reduction targets and sustainability goals.

This widespread corporate recalibration signals a significant shift in climate action priorities, driven by the changing political landscape and conservative backlash against ESG initiatives.