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    The World Bank Pivoted to Climate. That Now May Be a Problem.

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    The Trump administration’s deep cuts to clean-energy programs are raising concerns about U.S. commitments to the lender.As the Trump administration imposes deep cuts on foreign aid and renewable energy programs, the World Bank, one of the most important financiers of energy projects in developing countries, is facing doubts over whether its biggest shareholder, the United States, will stay on board.While the Trump administration has voiced neither support nor antipathy for the bank, it has issued an executive order promising a review of U.S. involvement in all international organizations. And Project 2025, the right-wing blueprint for overhauling the federal government, has pressed for withdrawal from the World Bank.If the United States were to withdraw, the bank would lose its triple-A credit rating, two credit-rating companies warned in recent weeks. That could significantly reduce its ability to borrow money. Roughly 18 percent of the bank’s funding comes from the United States.In an interview, Ajay Banga, the bank’s president, said his institution was fundamentally different from the aid agencies, such as U.S.A.I.D., that the Trump administration has been cutting. And he used some of the administration’s own talking points to argue the case: Investment in natural gas and nuclear power is good, he said, and the development projects funded by the bank can help prevent migration.He also said that the bank makes money and shouldn’t be seen as charity from U.S. taxpayers.“The World Bank is profitable,” he said, noting that it more than covers its own administrative costs even if most of its projects are designed to yield slim returns. “It’s not as though we take money every year from taxpayers to subsidize us and our salaries.”The concern about the bank’s future is heightened as the second Trump administration doubles down on its repudiation of climate projects and promotes an accelerated expansion of U.S. oil and gas projects.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump’s Funding Freeze Raises a New Question: Is the Government’s Word Good?

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      As the Trump administration continues to withhold billions of dollars for climate and clean energy spending — despite two federal judges ordering the money released — concerns are growing that the United States government could skip out on its legal commitments.Typically, when the federal government spends money through a grant or a loan program approved by Congress, it signs a legally binding agreement, known as an obligation, to deliver the money. Companies, states and other recipients often spend millions of dollars to buy equipment, hire workers, build facilities and more, fully expecting that the federal government will make good on its promise to reimburse the funds.That expectation has been upended by the new administration.Following an order by President Trump, federal agencies, including the Energy Department, Environmental Protection Agency and the Agriculture Department, have paused funding for a wide range of obligated grants related to the 2022 Inflation Reduction Act and 2021 bipartisan infrastructure law, sweeping laws that provided billions for climate and energy programs.In just a few weeks, the consequences have begun to be felt nationwide. School districts that planned to use promised federal dollars to buy electric school buses have seen their accounts frozen. Farmers and store owners that spent hundreds of thousands of dollars of their own money to replace old refrigeration systems or install solar panels are finding their requests for reimbursements delayed.Two federal judges have explicitly ordered the Trump administration to end its freeze and let the money flow again. On Monday, one of those judges, Judge John J. McConnell Jr. in Rhode Island federal court, said the White House was defying his order by withholding funds.Jessica Tillipman, associate dean for government procurement law at the George Washington University Law School, said the administration’s actions had jeopardized the integrity of federal contracting.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      BP to ‘Reset’ Strategy After Pressure From Investors, C.E.O. Says

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      The energy giant was vague on details, but analysts say the changes will likely include less spending on renewable sources and a bigger investment in oil and natural gas production.Murray Auchincloss, the chief executive of the struggling energy giant BP, promised “a fundamental reset” of the company’s strategy on Tuesday while reporting disappointing earnings.The shift comes after a long period of lackluster share performance compared with its industry peers. BP’s weak stock price has attracted interest from Elliott Investment Management, a hedge fund known for shaking up its targets in an effort to improve shareholder value.Mr. Auchincloss is reserving the details of BP’s shift for a presentation to investors on Feb. 26, but analysts seem to have little doubt about its direction.BP is likely to reduce spending on low-emissions energy technologies like wind and hydrogen and try to boost oil and natural gas production, they say. “We would anticipate that there will be major changes in capital allocation, particularly around lower spending in the low-carbon arena,” Alastair Syme, an analyst at Citigroup, wrote in a note to clients on Tuesday.Mr. Auchincloss appears headed toward a major reversal of the course taken by his predecessor, Bernard Looney, who left the company in 2023 after failing to disclose personal relationships with colleagues.In the early part of this decade, when oil prices were low and governments were pressing companies to reduce emissions, Mr. Looney aggressively invested in green technologies like offshore wind and throttled back on oil and gas.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Nuclear Power Was Once Shunned at Climate Talks. Now, It’s a Rising Star.

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      Growing worldwide energy demand and other factors have shifted the calculus, but hurdles still lie ahead.For years at global climate summits, nuclear energy was seen by many as part of the problem, not part of the solution.Sama Bilbao y Leon has been attending the annual United Nations climate change talks since 1999, when she was a student of nuclear engineering. And for most of that time, she said, people didn’t want to discuss nuclear power at all.“We had antinuclear groups saying, ‘What are you doing here? Leave!’” she said.These days, it’s a very different story.At last year’s climate conference in the United Arab Emirates, 22 countries pledged, for the first time, to triple the world’s use of nuclear power by midcentury to help curb global warming. At this year’s summit in Azerbaijan, six more countries signed the pledge.“It’s a whole different dynamic today,” said Dr. Bilbao y Leon, who now leads the World Nuclear Association, an industry trade group. “A lot more people are open to talking about nuclear power as a solution.”The list of countries pledging to build new nuclear reactors, which can generate electricity without emitting any planet-warming greenhouse gases, includes longtime users of the technology like Canada, France, South Korea and the United States. But it also includes countries that don’t currently have any nuclear capacity, like Kenya, Mongolia and Nigeria.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Exxon Chief to Trump: Don’t Withdraw From Paris Climate Deal

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      Darren Woods was one of only a few Western oil executives attending a global climate conference in Baku, Azerbaijan.Darren Woods, the chief executive of Exxon Mobil, cautioned President-elect Donald J. Trump on Tuesday against withdrawing from the Paris agreement to curb climate-warming emissions, saying Mr. Trump risked leaving a void at the negotiating table.Mr. Woods, speaking at an annual U.N. climate summit in Baku, Azerbaijan, described climate negotiations as opportunities for Mr. Trump to pursue common-sense policymaking.“We need a global system for managing global emissions,” Mr. Woods said in an interview with The New York Times in Baku. “Trump and his administrations have talked about coming back into government and bringing common sense back into government. I think he could take the same approach in this space.”Mr. Woods also urged government officials to create incentives for companies to transition to cleaner forms of energy in a profitable way.“The government role is extremely important and one that they haven’t been successfully fulfilling, quite frankly,” he said.Mr. Woods’s presence in a stadium teeming with diplomats is all the more noteworthy because of who is not here in Azerbaijan, a petrostate on the Caspian Sea that was once part of the Soviet Union. Many heads of state, including President Biden, have taken a pass, as have the leaders of several big oil companies like Shell and Chevron.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      How a Tiny Panel, Up for Election, Could Steer Arizona Away From Clean Power

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      The vote, in a sunny state with huge solar potential, reflects a growing nationwide fight over America’s energy transition.As Arizona voters go the polls, they have more control over their state’s power plants and climate policies than they might realize.This year three of the five seats are up for grabs on the Arizona Corporation Commission, which regulates electric utilities. The commission has authority over how electricity is generated, among other things, and what customers pay.In recent years, it has taken steps toward rolling back a clean-energy mandate passed by a previous Republican-led board. It has also made it harder to build community solar in a state renowned for its sunniness, its critics say, and easier to build new fossil-fuel-burning power plants.These boards exist in states nationwide, and while most are appointed, similarly contentious races playing out in states like Louisiana and Montana, where they’re debating the future of coal power, which is particularly dirty, and what role natural gas, another fossil fuel, should have.“It’s a fourth branch of government that nobody knows about who’s in your pocket every day,” said Robert Burns, a Republican who served on Arizona’s commission for eight years.Starting two decades ago, the Republican-controlled commission had encouraged a transition to renewable energy based on simple economics: Renewables were getting cheaper than fossil fuels. It initially required utilities it regulates to become 15-percent renewable by 2025 and later, during Mr. Burns’s tenure, he sought to eliminate greenhouse-gas emissions from power plants by 2050.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      U.N. Report on Climate Goals Says Countries Have Made No Progress

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      An annual assessment by the world body tracks the gulf between what countries have vowed to do and what they’ve actually achieved.One year after world leaders made a landmark promise to move away from fossil fuels, countries have essentially made no progress in cutting emissions and tackling global warming, according to a United Nations report issued on Thursday.Global greenhouse gas emissions soared to a record 57 gigatons last year and are not on track to decline much, if at all, this decade, the report found. Collectively, nations have been so slow to curtail their use of oil, gas and coal that it now looks unlikely that countries will be able to limit global warming to the levels they agreed to under the 2015 Paris climate agreement.“Another year passed without action means we’re worse off,” said Anne Olhoff, a climate policy expert based in Denmark and a co-author of the assessment, known as the Emissions Gap Report.The report comes a month before diplomats from around the world are scheduled to meet in Baku, Azerbaijan, for annual United Nations climate talks, where countries will discuss how they might step up efforts to address global warming.Lately, those efforts have faced huge obstacles.Even though renewable energy sources like wind and solar are growing rapidly around the world, demand for electricity has been rising even faster, which means countries are still burning more fossil fuels each year. Geopolitical conflicts, from the U.S.-China rivalry to war in places like Ukraine and Gaza, have made international cooperation on climate change harder. And rich countries have failed to keep their financial promises to help poor countries shift away from oil, gas and coal.At last year’s climate talks in Dubai, United Arab Emirates, representatives from nearly every nation approved a pact that called for “transitioning away from fossil fuels” and accelerating climate action this decade. But the agreement was vague on how to do so and on which countries should do what, and so far there has been little follow-through.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Fears of a Global Oil Shock if the Mideast Crisis Intensifies

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      The threat of an escalating conflict between Israel and Iran has created an “extraordinarily precarious” global situation, sowing alarm about the potential economic fallout.As the world absorbs the prospect of an escalating conflict in the Middle East, the potential economic fallout is sowing increasing alarm. The worst fears center on a broadly debilitating development: a shock to the global oil supply.Such a result, actively contemplated in world capitals, could yield surging prices for gasoline, fuel and other products made with petroleum like plastics, chemicals and fertilizer. It could discourage investment, hiring, and business expansion, threatening many economies — particularly in Europe — with the risk of recession. The effects would be potent in nations that depend on imported oil, especially poor countries in Africa.The possibility of this calamitous outcome has come into focus in recent days as Israel plots its response to the barrage of missiles that Iran unleashed last week. Some scenarios are seen as highly unlikely, yet still conceivable: An Israeli strike on Iranian oil installations might prompt Iran to target refineries in Saudi Arabia or the United Arab Emirates, both major oil producers. Iranian-supported Houthi rebels claimed credit for an attack on Saudi oil installations in 2019. The Trump administration subsequently pinned the blame on Iranian forces.As it has done before, Iran might also threaten the passage of tankers through the Strait of Hormuz, the critical waterway that is the conduit for oil produced in the Persian Gulf, the source of nearly one-third of the world’s oil production. Such a move could entail conflict with American naval ships stationed in the region.That, too, is currently considered to be improbable. But the upheaval in the region in recent months has pushed out the parameters of possibility, rendering imaginable scenarios that were once dismissed as extreme.As Israel plots its next move, it has other targets besides Iranian oil installations. Iran would have reason for caution in crafting its own retaliation. Broadening the war to its Persian Gulf neighbors would invite a punishing response that could push Iran’s own economy — already bleak — to the brink of collapse.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Across the World, Diplomats Gird for a Trump Assault on Climate Action

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      Some leaders insist that the global clean energy transition will happen with or without the United States.Climate negotiators from Europe, Latin America and some island nations are bracing for the potential return to the world stage of Donald J. Trump, who withdrew the United States from the fight against global warming during his first term.Nations will press forward without the United States if they must, according to climate negotiators who gathered in New York last week during the United Nations General Assembly. But the first Trump presidency was a setback in the climate fight, and a repeat would slow things down at a critical point when scientists say efforts need to speed up.“I don’t want this to happen, of course,” said Laurence Tubiana, who served as France’s climate ambassador during the creation of the 2015 Paris agreement, referring to a potential Trump victory. “But I think there will be a sentiment that we have to double down on the Paris agreement framework. I think everybody’s preparing for that.”The night before Donald J. Trump won the presidency in 2016, an adviser to developing nations in global climate negotiations declared, “No one believes Trump can win, so no real Plan B here!”After he beat Hillary Clinton to win the White House, Mr. Trump kept the world guessing for months about whether the United States would remain a global partner on climate change. Many leaders reserved early judgment, hopeful that people like Mr. Trump’s daughter, Ivanka, would convince him to stay in. They didn’t.Mr. Trump, who has dismissed global warming as a “hoax,” made the United States the first and only country to withdraw from the 2015 Paris agreement that calls on countries to cut the pollution from oil, gas and coal that is dangerously heating the planet. The Trump administration also worked with major oil producers like Saudi Arabia to weaken global pledges around fossil fuels. President Biden rejoined the Paris agreement on his first day in office.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More