The bad diplomatic vibes heading into the critical United Nations climate summit in Glasgow, Scotland, might be improving slightly.
Catch up fast: Chinese President Xi Jinping yesterday pledged to end overseas finance for building new coal-fired power plants and boost support for clean energy in developing nations.
- His move at the UN General Assembly came hours after President Biden proposed to double U.S. climate financial help for developing nations to over $11 billion annually by 2024.
Why it matters: Both moves, while facing uncertainties, could create a dose of momentum heading into the summit that UN Secretary-General António Guterres this week warned is at high risk of failing.
- China is the largest public financier of overseas coal plant construction. Chinese officials have faced pressure from the U.S. and other nations to end the practice.
- Meanwhile, developed nations' failure to mobilize a long-promised $100 billion annually by 2020 to help poorer countries fight climate change has created friction in pre-summit talks.
What they're saying: Guterres, whose deep concerns about the Glasgow summit in six weeks have been palpable of late, said he was encouraged by the twin moves from the world's two largest economies.
- Guterres, in a statement, noted that phasing out coal was the single most important thing for keeping the Paris Agreement's temperature-limiting target viable.
Reality check: There are outstanding questions about Biden's pledge and China's move.
- The U.S. funding increases need approval in the narrowly divided Congress to materialize. Xi Jinping's video remarks to the UN provided no details about his plan.
- Columbia University energy expert David Sandalow tells the Wall Street Journal of China's pledge: “Details matter. In particular, what happens to projects already in the pipeline? But this is a significant and very positive announcement.”
- Thom Woodroofe, a former climate negotiator now at the Asia Society Policy Institute, said in a brief note that a key thing to watch is how much weight the announcement holds. "Will Beijing be able to rein in finance provided by all Chinese banks," he asked.
What we're watching: That's whether the U.S. and Chinese steps will create new diplomatic openings or spur stronger emissions efforts from other nations.
- Guterres, in a statement about the U.S. and Chinese moves, said "we need decisive action by all countries, especially the G20." Under current emissions pledges, a "catastrophic" amount of warming would still occur, he said.
Yes, but: Europe's energy crunch may be creating fresh headwinds for new emissions policies there.
- "Surging gas and electricity prices in Europe have intensified the political backlash against Brussels’ plans to extend carbon taxes on petrol and heating bills, threatening a central policy of the EU’s drive to hit net zero emissions by 2050," the Financial Times reports.
- And Xi, president of the world's largest carbon emitter by far, did not offer new domestic emissions commitments.
