Matthew Dalton
Appearances
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
And into that void, a new leader is seen as stepping up.
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
Welcome to The Journal, our show about money, business, and power. I'm Jessica Mendoza. It's Thursday, November 14th. Coming up on the show, how China overtook the U.S. as the world's climate leader.
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
China and the US are the world's two largest economies and the world's two largest carbon emitters. So for the past few decades, any successful global climate deal has needed to get both superpowers on board. And the US and China each bring very different perspectives to the table.
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
After years of negotiation, both the US and China finally got on board with a major climate agreement in 2015, the Paris Climate Accords. Here's former President Barack Obama in Paris.
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
The agreement was groundbreaking. Nearly 200 countries agreed to limit global warming to less than 2 degrees Celsius. That meant cutting greenhouse gas emissions. The accords also included financial commitments from wealthy countries like the U.S.,
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
You were there, right, in 2015. How would you characterize the relationship between China and the U.S. at the time? Like, who was pushing who during these negotiations?
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
Obama considered the Paris Agreement a major achievement of his presidency. But less than a year after it was formalized, Trump was elected president for the first time. And within months of taking office, President Trump announced the U.S. was pulling out of the agreement.
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
Then, four years later, Joe Biden became president, and the U.S. was back in.
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
And that whiplash continues now that Trump is heading back to the White House. He says he wants to pull out of Paris again and ramp up the country's production of fossil fuels.
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
As the U.S. has gone back and forth on its climate commitment, China has steadily grown its renewable energy and electric vehicle industries. And it's now the world leader in both. Which means at this month's climate conference, countries are turning their attention to Beijing.
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
What are you packing to go to Baku?
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
Will China step up? That's after the break. Around the time the Paris Accords were signed, China had a serious problem with air pollution.
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
The world's largest annual climate conference kicked off this week. It's known as COP29, and it's taking place in Baku, Azerbaijan. Our colleague Matthew Dalton is an experienced COP attendee, and this weekend he's headed to Baku. How many of these conferences have you been to at this point?
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
The accords were an incentive for China to address this issue head on. And there was an economic upside, too.
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
Unlike in the U.S., China doesn't have to deal with that pesky back and forth between political parties. They've had one leader in charge for the past decade. And China's president has pushed the government to invest heavily in green energy.
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
So under the Paris Agreement, China is considered a developing country, which means not as much was asked of it. But how is China doing in terms of curbing emissions?
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
In 2020, China set a goal of installing 1,200 gigawatts of wind and solar power by 2030. They've already met that goal six years early. And the country has become the world's largest EV manufacturer. China also said it would prevent its carbon emissions from rising by 2030. International climate analysts say that may have already happened.
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
In other words, that emissions in China may have already peaked and are on the way down.
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
Matthew, in his boring reporter outfit, will likely see some members from the United States delegation at COP, probably wearing some suits as well. But the U.S. delegation is now seen as a lame duck following last week's election. The incoming Trump administration is expected to pull the U.S. away from global climate diplomacy.
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
Now, as countries gather for COP29, Matthew says that one of the big questions he's hearing from the U.S. and Europe is whether or not China should still be considered a developing country.
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
Whether China is reclassified could have financial repercussions around the world. Matthew says this year, the main agenda item at COP is to decide how much money developed countries will contribute after next year.
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
How do you expect that debate to play out? Like, what are you expecting to see happen in the next few days?
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
Why would China resist, though? Like, why would China resist stepping up into its already kind of de facto role as the global leader on climate?
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
China has agreed to a provision that would allow developing countries to make financial contributions to a new U.N. fund. But it hasn't made a contribution so far. The country says it will continue to offer assistance to fellow developing countries to the best of its capacity. What strikes you most about the moment that we're in now in the struggle to combat climate change?
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
Sounds like there are still some questions outstanding, some pretty big ones. But Matthew, you sound kind of optimistic, actually, which I don't think I was expecting.
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
Well, thank you so much again for taking the time to chat with us. I hope you enjoy COP this year.
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
Well, keep us posted. Send some pictures.
The Journal.
How the U.S. Fell Behind China on Climate Diplomacy
That's all for today, Thursday, November 14th. The Journal is a co-production of Spotify and The Wall Street Journal. If you like our show, follow us on Spotify or wherever you get your podcasts. We're out every weekday afternoon. Thanks for listening. See you tomorrow.
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WSJ What’s News
U.S. Retail Giants Have Kept Prices Low. But How Long Can It Last?
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U.S. Retail Giants Have Kept Prices Low. But How Long Can It Last?
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WSJ What’s News
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WSJ What’s News
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