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Success at COP28 Summit Hinges on World's Two Largest Emitters

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US-China Cooperation Key to Success at COP28 Summit

The success of the upcoming COP28 summit in Dubai hinges greatly on the cooperation between the United States and China, the world's two largest economies and top greenhouse gas emitters. The recent meeting between the top climate negotiators from both countries in California aimed to lay the groundwork for the summit. However, the window for success is narrowing, and challenges such as political tensions, economic concerns, and volatile international relations pose obstacles to effective dealmaking.

The Role of Veteran Negotiators

The progress at COP28 depends greatly on the expertise and camaraderie of veteran negotiators John Kerry, the US climate envoy, and Xie Zhenhua, his Chinese counterpart. Both negotiators have had significant influence over their countries' climate policies, and their close ties have been instrumental in past achievements, such as the joint statement that set the stage for the Paris Agreement. However, the upcoming summit may be one of the last times the two negotiators sit across from each other, as Xie is expected to be replaced after COP28.

Challenges and Potential Breakthroughs

US and Chinese negotiators aim for a package deal at COP28, including commitments to increase the share of clean energy in their total power production and coordination to support transition efforts in poorer nations. Kerry has also encouraged China to publish a plan for reducing methane pollution. While challenges such as political limitations and trade tensions exist, progress on these fronts would be significant. In conclusion, the cooperation between the US and China is crucial for the success of COP28. As the largest emitters and most powerful economies, their agreement and collaboration can pave the way for the rest of the international community to take meaningful action on climate change. However, navigating political and economic challenges will require skillful negotiations and pragmatic approaches.

Implications of US-China Cooperation at COP28 for New Businesses

The upcoming COP28 summit's success, largely dependent on US-China cooperation, could have significant implications for new businesses, particularly in the energy sector. As the world's largest economies and greenhouse gas emitters, the US and China's decisions could set the tone for global climate policy and market trends.

Impact of Veteran Negotiators' Decisions

Veteran negotiators, John Kerry and Xie Zhenhua, play a crucial role in shaping their countries' climate policies. Their decisions at COP28 could influence business regulations, incentives, and penalties related to carbon emissions and clean energy. New businesses must closely monitor these developments to align their strategies with evolving policies.

Challenges and Opportunities from Potential Breakthroughs

The negotiators' aim for a package deal at COP28, including commitments to increase clean energy share and support poorer nations' transition efforts, presents both challenges and opportunities. While political and trade tensions could create uncertainty, progress in these areas could open new markets and demand for clean energy solutions. In conclusion, the US-China cooperation at COP28 could significantly impact new businesses, shaping market trends and policy landscapes. Navigating this dynamic environment will require businesses to stay informed, adapt quickly, and adopt pragmatic approaches.
Story First Published at: https://financialpost.com/pmn/business-pmn/worlds-two-biggest-emitters-hold-key-to-success-at-cop28-summit
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