Name: Trump’s absence from COP30 bad news for the U.S. economy: Economist
Uploaded: 2025-11-10T15:15:18.827Z
Duration: 4 min 25 s
Description: Lucas Chancel, codirector and senior economist at the World Inequality Lab of the Paris School of Economics, discusses climate inequality, the COP30 climate summit in Brazil and the Trump administration’s approach to the energy transition.

Lucas Chancel, codirector and senior economist at the World Inequality Lab of the Paris School of Economics, discusses climate inequality, the COP30 climate summit in Brazil and the Trump administration’s approach to the energy transition.

Washington

An economist speaking to CNBC highlighted that global efforts to address climate change remain insufficient, despite progress since the Paris Climate Conference a decade ago. A new report from the World Inequality Lab emphasizes that inequality is central to the climate crisis, with poorer countries and individuals disproportionately affected and those with greater resources continuing to invest in fossil fuels.

The economist noted that some countries have implemented strict regulations on fossil fuel investments, calling for greater coordination between governments and businesses. President Trump's anticipated absence from COP30 was described as detrimental not only to international climate policy but also to the US economy, as China and Europe advance in the green industrial race.

Trump’s absence from COP30 'bad news' for the U.S. economy: Economist

Yeah, well, the cup is starting, as you were saying just a few seconds ago. Ten years ago, the Paris Climate Conference signed this agreement, which I think did contribute to help the situation, but the results are still that efforts at the global level are still very insufficient. Ten years ago, the projections were counting on a four degree Celsius increase in global temperatures by the end of the century. Now, we've managed to bring this down to below three degrees, but this is still way too much to avoid catastrophic consequences. Now, what this report shows, and this is a report that was designed and put together by dozens of researchers around the world contributing to the World Inequality Lab. What this report shows is that inequality is at the heart of the climate crisis. There's an inequality in how people are affected by climate damages, whether rich or poor countries, you really see here a gradient, poor countries are much more affected, but also within countries, and within rich and poor countries alike, poor people are more affected by climate change. So that's an inequality. But there's another inequality which is very important. Those who have more capacity to act, more capacity to finance, continue to invest largely in the climate crisis, to invest in fossil fuels, to invest in technologies that do not help solve the problem. And this is really what the report is trying to identify, trying to document. And we try to put forward solutions, options to move away from this state of affairs. Give me your top option to move away from this state of affairs, Lucas. What's the best thing that our viewers, investors can do to actually move away from this state of affairs? So some countries have started, in fact, to impose important regulations on what kind of fossil investments are permitted on their national territories. I'm thinking of Denmark, for instance. I'm thinking of countries like Ireland. And we think that this is very much, in fact, a coordination between business and governments. And governments need to step up in this domain to make it harder, in fact, for businesses and for individuals to invest in fossil fuels in their countries, but also abroad. And we think that countries, governments that are really serious about climate change need to put these regulations on fossil fuel investments. And at the same time, make it easier, make it much more tractable to invest in new technologies, in decarbonisation sectors. Lucas, President Trump is expected to be notably absent as delegations arrive in Brazil for COP30. How does the Trump administration, the US administration's lack of commitment challenge or complicate the global efforts here? Well, of course, it's not good news for global climate policies and global climate change. But I also think it's bad news for the US economy because there is an industrial race that is going on, and this is a green industrial race. And China is very much in a leading position in this race, you know, producing the new generations of electric batteries, the new generation of electric vehicles, the new generation of low-carbon technologies. And China is going to export these technologies to the rest of the world. Europe is in between the US and China, is less ahead in terms of, you know, leadership position on these new technologies. But when it comes to the US, I think they're not seeing that there is a geopolitical dimension here and a geoeconomic dimension to being in this race, rather than to trying to close this race and to go back to the world of the 20th century, that's oil, that's gas, and that's coal. I think this is not only very bad for the planet, but also very bad for the US economy itself.

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Breakdown