FOR IMMEDIATE RELEASE

4 September 2025

New report: $190BN windfall for Australia as Trump fumbles, China powers on

A NEW REPORT reveals that while US President Donald Trump’s return to the White House is demolishing federal climate support, major US states, companies - and rivals such as China - are powering ahead with the switch to renewable energy.

Power Shift: The US, China and the Race to Net Zero highlights that:

• US states representing 57% of the country’s economy - as well as leading American companies - are forging ahead with plans to keep growing renewable energy and cut climate pollution from coal, oil and gas.
• China’s emissions fell in the first half of 2025, and its clean energy exports across 2024 helped cut global climate pollution by 1%.
• China is still building coal-fired power stations, but its clean energy industry is now a juggernaut allowing it to reach its 2030 renewable energy target six years early.
• For Australia, a stronger 2035 climate target would unlock a $190 billion opportunity to boost our exports, stimulate investment in local businesses, and create thousands of jobs for Australian workers.

Climate Councillor and leading economist Nicki Hutley said the world was moving - and fast - on the clean energy transformation.

“In 2025, global renewables investment is double that of fossil fuels with countries investing trillions of dollars. Yet the US, under Trump, has made the dumbfounding choice to head in the opposite direction. 

“Even though many heavyweight states, and companies in the US are still forging ahead with renewable energy projects, it’s clear China is now leading—and profiting. Over the past five years China’s solar capacity has almost quadrupled and its wind capacity has doubled.”

As the world races ahead with the roll-out of renewable energy, Australia has a chance to show global leadership as it prepares to co-host the United Nations climate summit COP31 with Pacific nations next year. 

Ms Hutley said the federal government had an opportunity to better protect Australians and other nations from climate harm, and also capitalise on a $190 billion windfall from the global shifts underway.

“Australia’s choice is lead, or lose out. The economic case for a stronger 2035 climate target is clear. This is in our national interests. If we pass this up - and take a weaker stance - then our security, economic prosperity and credibility are all on the line.”

The full report is available HERE.

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