US fossil fuel billionaires saw their wealth rise by 15% in nine months and are celebrating Trump’s inauguration as they anticipate benefits from his pro-oil policies.
Dharna Noor reports for The Guardian.
In short:
- A new report shows the wealth of the top 15 US fossil fuel billionaires have increased by $40.2 billion since April 2024.
- Trump’s second term is expected to bring major rollbacks on climate policies, including exiting the Paris accord and expanding fossil fuel drilling.
- Fossil fuel executives, who donated over $75 million to Trump’s campaign, are attending celebratory events tied to his inauguration.
Key quote:
“The ‘oil-garchs’ are already reaping the rewards of their political donations and activities in support of Trump – and they know there is more to come.”
— Chuck Collins, co-founder of the Climate Accountability Research Project and a co-author of the report.
Why this matters:
As the fossil fuel industry’s wealth increases, its influence over public policy grows, posing challenges to environmental protections and climate goals. The rollback of green initiatives under Trump could accelerate climate change, impacting public health and global ecosystems.
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