Since the re-election of Donald Trump in November 2024, climate policies and investment in the US and elsewhere have taken a major hit. The US has repealed the landmark Inflation Reduction Act introduced by Joe Biden, withdrew from the Paris agreement for the second time and attempted to increase its domestic oil production, urged on by Trump's 'drill, baby, drill' mantra. Many investors have followed the president's lead and eased off on climate investments, eager to avoid being tarnished by the green brush.

But not all of them have pulled back. Long-term investors, such as pension funds and multilateral development banks, still recognise the need for transition finance. As the US becomes increasingly hostile to climate action, these investors are starting to look elsewhere. This is creating major opportunities for other jurisdictions, particularly those in emerging markets.

This edition of the Sustainable Policy Journal explores the opportunities that are arising both for emerging markets and the investors looking at them. It brings together perspectives from Asia Pacific, Africa and Latin America, featuring contributions from the Nigerian Sovereign Investment Authority, Moody's Ratings, London Stock Exchange Group, WWF and the Council on Foreign Relations.

The SPI Journal publishes on Thursday 4 June, Enter your details to receive it in your inbox.