Trump's transition to the White House prompts business leaders to assess the U.S.' role in climate policy.

• At the U.N. climate conference, business leaders assessed the prospects for U.S. climate policy during Donald Trump's second term.
• World Bank President Ajay Banga stated that his experience with President Donald Trump during his first term was that he values practical reasoning and is not swayed by spin. He emphasized the importance of providing facts for Trump to make his own judgments.
• Trump has pledged to withdraw the U.S. from the Paris Agreement, a 2015 agreement in which nearly 200 countries made non-binding emissions reduction promises.

The 29th annual U.N. climate summit in Baku, Azerbaijan, has focused on securing vital funds to combat climate change and the impact of President-elect Donald Trump's election victory in the U.S.

It will be challenging, as the U.S. is a vital contributor to the global economy, a leader in technology advancement, and a significant source of funding, according to Rich Lesser, global chair of the Boston Consulting Group, in an interview with CNBC's Dan Murphy in Baku.

Lesser stated that President Trump has made it clear that he does not believe in climate change and has used the term "hoax" to describe it. He also believes that Trump would take a more aggressive stance on building out fossil fuel infrastructure in the U.S. and have a more restrictive view on how to invest in decarbonization.

The new balance of power in Washington could result in the repeal of several climate-related reforms enacted by the Biden administration. During his campaign, Trump criticized the Inflation Reduction Act, which he dubbed the "green new scam," and vowed to repeal any "unspent" funds.

John Podesta, the U.S. climate envoy leading America's delegation at COP29, reaffirmed Washington's commitment to climate policy leadership, stating during the conference's opening that efforts to combat climate change will continue confidently.

Ajay Banga, the President of the World Bank, expressed optimism about the incoming administration, stating that he had a positive experience with President Donald Trump during his first term. According to Banga, Trump is receptive to practical reasoning and values facts over spin.

He stated, "My goal is to improve the efficiency of the place, enhance its partnership with other national development banks, and attract private sector investment to create jobs. This will transcend any administration."

Trump has pledged to withdraw the U.S. from the Paris Agreement, a 2015 agreement in which nearly 200 countries made non-binding emissions reduction commitments. Exxon Mobil CEO Darren Woods cautioned against the withdrawal, which aims to limit global warming to 1.5 degrees Celsius above pre-industrial levels.

Woods advised CNBC that he would urge them to remain in the Paris Agreement, stating that Trump could adopt a "practical strategy" to decrease emissions, which he believed required a worldwide framework.

'Drill, baby, drill'

Trump has made hydrocarbons a central theme of his campaign, pledging to "unleash American Energy" and end Biden's "delays in federal drilling permits and leases that are necessary to boost American oil and natural gas production."

In his speech at the Republican National Convention in July, Trump asserted that increasing domestic oil and gas production would lower gas prices for consumers. Under the Biden administration, U.S. crude production reached a record high of 12.9 million barrels per day in 2023, surpassing both the national and global record of 12.3 million b/d, set during Trump's first term, according to the EIA.

Exxon Mobil's Woods believes the Trump administration should consider the future opportunities.

"To ensure the sustainability of the unconventional oil industry as it approaches depletion, it is crucial to have access to more acreage in the US."