Sustainable Finance Newsletter - Global climate efforts soldier on without Trump

By Virginia Furness

LONDON, Sept 24 (Reuters) - As leaders of the global fight against climate change gathered in New York this week, U.S. President Donald Trump dismissed the issue to the United Nations General Assembly, calling it "the greatest con job" in the world.

Trump's relentless attacks on climate-friendly policy making and his move to withdraw the U.S. from the UN climate pact pose serious risks to global efforts to slow down planetary warming.

But policy makers from the European Union to China and business leaders are in New York to tell doubters they are leading efforts to fight back, even in an increasingly multipolar world.

A top EU official told Reuters on Tuesday that Washington's path to isolationism on climate issues as well as on freedom, rights and liberties, was a "kind of suicide" but that plenty of others would be keen to fill that space.

While the EU still has major differences with countries like China and Brazil, the official said, they remain united on climate action as a market driver, a financial driver and a technology driver.

In the newsletter this week, I have also flagged stories on antitrust concerns in the latest AI mega deal from Nvidia and OpenAI, late-night host Jimmy Kimmel's return to the U.S. airwaves and why governance questions still hang over Disney, and some good news on tropical forest financing from Brazil.

Please follow me on LinkedIn. You can reach me via virginia.furness@thomsonreuters.com

Trump calls climate change 'greatest con job'

President Donald Trump dismissed climate change as “the greatest con job” in the world during his address to the United Nations General Assembly on Tuesday, doubling down on his skepticism of global environmental initiatives and multilateral institutions.

Scientists say climate change is real, mostly caused by humans, and getting worse. They point to rising temperatures, stronger storms, and melting ice as clear signs. Groups like the UN have warned that waiting too long to act could cause serious damage to the planet and people.

Trump spoke on climate change for several minutes during his speech to the United Nations General Assembly, which lasted nearly an hour and covered a wide range of global topics and issues. Trump criticized the European Union for reducing its carbon footprint, which he claimed has taken a toll on its economy, and warned countries that have invested heavily in renewable energy that their economies will suffer.

You can click here to read more about Trump's speech.

COMPANY NEWS

Antitrust experts warn the $100 billion partnership between chipmaker Nvidia and OpenAI could give both companies an unfair advantage over competitors, underscoring how a handful of tech giants are controlling the market.

BP has stopped work on its Rotterdam biofuels plant, the latest sign of the energy giant's retreat from renewables as it looks to shift spending back to more profitable oil and gas projects.

Exxon CEO Darren Woods stepped up attacks against an EU sustainability law which he said will lead to more businesses leaving Europe. Woods called for the law to be revoked and said he had taken up his concerns with U.S. President Donald Trump.

ON MY RADAR

Jimmy Kimmel returned to the airwaves on Tuesday in a win for free speech, defending political satire against Trump administration "bullying." Shareholders concerned with governance may still have questions about Disney's willingness to acquiesce to political pressure, and will note his monologue racked up more than 15 million views on social media.

Brazil has committed the first $1 billion to a global fund aimed at protecting tropical forests, calling on others to follow suit. The Tropical Forests Forever Facility may be the Brazilian government's main deliverable at COP30.

Trump's move to impose a $100,000 fee for new H-1B visas marks his most high-profile effort to re-work temporary employment visas and could hit India and China's IT services industry hard.