The bright side of green

Other initiatives in the pipeline range across US industry, including $2bn over the next decade to promote the transition to cleaner water systems, and incentives for Detroit to manufacture more fuel-efficient cars. But for William Weil, manager of the Ludgate Environmental fund, an LSE-listed investment trust, perhaps the most powerful long-term effect of the change of administration will be felt abroad.

“I’m not so hopeful that I think he’ll pass every bit of legislation he talked about in his campaign. But I am hopeful that he’ll stop stymieing useful legislation across the world at every turn,” says the Californian, noting that Chinese environmental legislation is modelled on Washington’s Environmental Protection Agency. “If you start seeing massive changes in the US, that has very powerful leadership effects across the world. As Mr Obama has said: America is ready to lead once more.”