During a historic visit to the Amazon rainforest in South America last weekend, President Joe Biden celebrated a significant milestone in his climate financing efforts, boasting an increase from approximately .5 billion in 2021 to a remarkable billion per year by the end of his term. This achievement underscores a six-fold expansion in U.S. climate financing, a cornerstone of his administration’s environmental policy.

A Defining Cause

In his remarks, Biden emphasized that the fight against climate change has been a defining cause of his presidency. “It’s no secret that I’m leaving office in January,” he stated. “I will leave my successor and my country a strong foundation to build on if they choose to do so.” His comments reflect both a sense of urgency and pride in his administration’s accomplishments as he prepares for the transition of power.

Increased Financing for Climate Initiatives

The surge in climate financing during Biden’s tenure is notable, particularly as the administration has also ramped up its focus on adaptation finance for less developed countries. A White House fact sheet highlighted a six-fold increase in U.S. adaptation finance, reaching billion annually. This funding is intended to enhance the resilience of vulnerable nations to the adverse effects of climate change.

“Folks, we don’t have to choose between the environment and the economy. You can do both,” Biden stated during his address from the Amazon. “The question now is: Which government will stand in the way, and which will seize the enormous economic opportunity?”

The Pushback from Incoming Leadership

As President-elect Donald Trump prepares to assume office, he has publicly expressed intentions to dismantle many of the climate initiatives established under Biden. This transition poses a challenge for Biden’s climate legacy, as Trump has labeled climate change a “hoax” and dismissed Biden’s focus on environmental funding as part of what he calls “the green new scam.”

Trump has indicated a desire to reverse the executive actions and legislation that Biden put in place, including key legislation such as the CHIPS Act, the Bipartisan Infrastructure Law, and the Inflation Reduction Act—all integral to Biden’s efforts to combat climate change.

Challenges Ahead for Climate Funding

While Trump may be able to initiate changes concerning the government’s climate investments, there’s a significant hurdle: to reclaim unspent funds from these major bills, Congressional approval will be essential. This means that while the executive branch can propose reforms, the legislative branch will still wield considerable power in shaping the future of U.S. climate policy.

A New Energy Leadership

Over the weekend, Trump nominated Chris Wright, the CEO of a Denver-based fracking corporation, to lead the Department of Energy. Should he be confirmed, Wright is expected to spearhead efforts to roll back climate funding allocated under Biden.

In a statement following his nomination, Wright expressed his commitment to enhancing American energy affordability, reliability, and security. “My dedication to bettering human lives remains steadfast, with a focus on making American energy more affordable, reliable, and secure,” Wright affirmed. “Energy is the lifeblood that makes everything in life possible. Energy matters. I am looking forward to getting to work.”

Looking Forward

As Biden approaches the end of his presidential term, he leaves behind a mixed legacy on climate change that includes substantial commitment and funding but faces the looming threat of reversal by an incoming administration that has openly rejected much of the previous administration’s climate agenda. The battle over climate change policy is far from over, with future developments hinging on the direction chosen by Congress and the new administration’s leadership.

Biden’s emphasis on the intertwining of economic growth and environmental responsibility will likely resonate through future debates, setting the stage for a contentious dialogue on the way forward for American energy and climate policy.