The writer is US programme director of Common Wealth, a think-tank

The Trump administration has functionally repealed former president Joe Biden’s Inflation Reduction Act. This is not only an immediate blow to US emissions reductions and global Paris agreement targets. It has collapsed the political economic project of the Biden era: building a new pro-green growth agenda with an industrial policy that sought to de-risk climate investment and a fiscal policy aimed at promoting fuller employment.

The lesson to take from this is that the Green New Deal movement was right to advocate for a far more ambitious political economy of comprehensive decarbonisation and the guarantee of fundamental economic rights through public provisioning of universal healthcare, housing, education and dignity for all workers.