Trumps retreat from climate agreements and tech funding will help China dominate global clean energy markets
Electric vehicles bound for shipment to Europe at the Port of Taicang in Taicang, Jiangsu Province, China, on August 24, 2023.BAKU, Azerbaijan—A steady stream of international government and business leaders have been trekking to the China Pavilion, one of the largest among dozens of showcase spaces here at this month’s 29th Conference of the Parties to the United Nations Framework Convention on.
“The 19th century was the European century, the 20th century was the American century, and the 21st century will be, to a large extent, the Asian century,” said Erik Solheim of China’s Belt and Road Initiative’s International Green Development Coalition.of the Paris Agreement, under which these COP summits are held, and double down on oil and gas drilling.
The U.S. has been pushing for China—now the world’s second-largest economy and second-largest historical emitter of greenhouse gases to join the group of developed countries that will provide the most cash under the new climate finance arrangement, which urges richer nations to help fund adaptation measures in poorer ones.
There is also tension over new technologies. China already controls 80 percent of the world’s solar panel supply chain. Several Biden-era laws, including the Inflation Reduction Act, were intended to help U.S. companies compete in more nascent markets such as batteries, electric vehicles and hydrogen fuel. Trump, however, has said he’ll repeal such laws. Furthermore, his promised use of wide-reaching tariffs could turn the U.S.
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