GLASGOW, Scotland — The EU's top climate negotiator tells Axios he's expecting friction with China as negotiations heat up at the COP26 climate summit in Glasgow.
What they're saying: Chinese climate envoy Xie Zhenhua fired a shot across the bow Tuesday by warning that countries pushing to amend the Paris Accord's temperature target risked "destroying consensus" and unraveling the talks.
GLASGOW, Scotland — Trillions of dollars worth of green investments are coming, and Inter-American Development Bank (IDB) President Mauricio Claver-Carone tells Axios he’s “in a race” to secure a big slice of the pie for Latin America and the Caribbean.
Why it matters: Climate change is causing droughts and extreme weather across the region, which in turn drive migration and threaten the food supply from the “bread basket of the world,” Claver-Carone said in an interview at the COP26 climate summit.
OPEC and its allied countries on Thursday ignored President Biden's demands to speed up the pace of oil production.
Why it matters via Axios' Ben Geman: The OPEC+ alliance agreed to stick to its current plan to raise oil output by 400,000 barrels per day in December — a setback for Biden, who has called for more production as gasoline prices reached a seven-year high.
A slew of big announcements at COP26 in Glasgow, Scotland, signals a growing appetite to start weaning the global economy off fossil fuels, but several key countries aren't at the table.
Driving the news: One agreement is unprecedented, but not binding, and involves 25 countries. The effort aims to end public financing of overseas oil, gas and coal projects by the end of 2022.
After President Biden signed onto a global pledge to halt and reverse deforestation by 2030, Rep. Steny Hoyer (D-Md.), number two in House leadership, unveiled legislation that would authorize funding to go toward that goal.
Why it matters: The legislation, known as AMAZON21, would authorize the creation of a $9 billion State Department trust fund and would create a technical assistance program under USAID.
Global carbon emissions in 2021 are on course to rebound to near pre-pandemic levels following an unprecedented drop in 2020, according to the Global Carbon Project, an international research consortium.
Why it matters: While the past few days have brought a slew of commitments to reduce the use of fossil fuels and cut emissions, in the real world, emissions are not showing signs of slowing.
GLASGOW, Scotland — Bill Gates sees a role for Big Oil companies and their skill sets in the transition to clean energy but doesn't think all the incumbents will be left standing.
Driving the news: Gates, in a briefing Wednesday, cautioned against assuming "new eras are marked by the falling of giants," but added: "Yes, some of these giants will fall, you know, 30 years from now, some of those oil companies will be worth very little."
This will not be a historic year for making progress on addressing climate change — it can't be, with the Chinese premier Xi Jinping refusing to make new pledges and not even showing up at the COP26 summit in Glasgow. But that doesn't mean the summit was a wash.
Why it matters: Substantial progress has already been made at this year's summit; it's worth taking a minute to celebrate three of the most important wins for the planet.
