As Corporate America Makes Green Retreat, GCC Firms Should Hold the Line
Policy Fellows, Rihla Initiative
March 31, 2025
Corporate America is undergoing a “great green retreat,” undermining the momentum that climate finance has built in recent years. Concurrently, President Donald Trump’s administration had dealt a final blow to America’s global climate finance ambitions. The dismantling of public US entities, such as USAID—which collaborates with private American firms on global climate initiatives—has further dampened private sector interest in the field. As a result, several American multinational enterprises have begun deprioritising their climate goals, including scaling back on ESG commitments and other climate-related initiatives.
In contrast, climate finance has been gaining traction in the Gulf region, with the United Arab Emirates (UAE), Saudi Arabia, and Qatar emerging as regional leaders. They have been investing in climate finance not just domestically but also internationally, particularly in the Global South. Consequently, US firms have been among the main drivers and partners in GCC climate initiatives until now.
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Photo: ACWA Power
