BHP CEO warns that Trump's proposed tariffs and trade war risks could slow the global shift to green energy.
US protectionism under president-elect Donald Trump risks delaying the global shift to green energy , according to the chief executive of miner BHP . Trump ’s proposed import tariffs and the rising risk of a global trade war present a “key challenge for the energy transition”, Mike Henry told the Financial Times.
Australia-based BHP owns the world’s biggest copper mine, one of the metals crucial to the decarbonisation of energy systems because it is needed for components in technologies ranging from electricity cables to wind turbines and solar panels. The geopolitical fallout from US policies would make “capital slower to mobilise to develop the metals and minerals supply that the world needs” to deliver the energy transition, Henry said in an interview in Paris. Measures such as trade tariffs risked tempering “the aggressiveness with which some countries will pursue the energy transition”, said Henry. The warning adds to growing fears that Trump’s protectionism poses a threat to the green transition, exacerbating challenges such as under-investment in critical supply chains and the slow development and permitting of clean energy projects. Renewable energy has grown rapidly, with capacity additions increasing by more than 60 per cent in 2023 from a year earlier, the fastest growth ever recorded. But even before Trump’s victory in November, the pace of growth had slowed due to higher interest rates and other hurdles including strained supply chains. Trump won a sweeping electoral victory after campaigning on a pledge to apply levies of up to 60 per cent on imports from China, one of BHP’s biggest markets. “It’s essential for the world that the supply of metals and minerals needed to support not just the energy transition but population growth, urbanisation rising living standards is met in as timely a fashion as possible and at lowest possible cost,” said Henr
Energy Environment GREEN ENERGY TRUMP PROTECTIONISM TARIFFS BHP
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