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Adam Tooze

Adam Tooze Chartbook #31 The Mirage of Carbon Markets?

Whilst Trump held the White House, the question of trans-Atlantic climate diplomacy did not arise. The advent of the Biden administration has brought the United States back into the Paris climate agreement. The White House insists that climate is “everywhere” in its program. This is welcome. But, after initial excitement the Biden program has stalled. At home, the wrangling over the infrastructure program has slowed progress . The stand-off with China leaves Washington with no leverage over the largest polluter. At the G20 meeting of environment ministers, John Kerry was a prominent presence, but there was no deal. Even with the Europeans, who might be thought of as climate allies, big differences have emerged. So much so that we are hearing talk of a trans-Atlantic carbon trade war. That would be a disaster.

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