China and the US have agreed to boost climate cooperation over the next decade, in a surprise announcement at the #COP26 climate summit in Glasgow.
bbc.com/news/science-e…
They released a rare joint declaration that says both sides will "recall their firm commitment to work together" to achieve the 1.5C goal set out in the Paris Agreement. They called for stepped-up efforts to close the "significant gap" that remains to achieve that target.
Perhaps the most important clue as to the significance of this statement is in the last bit of the title - a joint declaration on enhancing climate action in the 2020s. To keep the 1.5C threshold, the steps taken in the next 9 years are absolutely critical.
China has been reluctant to tackle its domestic coal emissions in the short term. This statement is a recognition of the urgency of action and recognition by both sides that there is a massive gap to close. Image

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More from @KellerZoe

12 Nov
Global crunch in gas supplies and soaring gas prices boost ‘green’ hydrogen and make 'blue' hydrogen production far more expensive than its cleaner green alternative telegraph.co.uk/business/2021/…
Hydrogen does not generate CO2 when burned, so it can replace fossil fuels in a range of uses such as heavy machinery and even home heating. The 'green' hydrogen is also produced without generating CO2, unlike 'blue' hydrogen, made from natural gas.
Blue hydrogen (from fossil fuels, with carbon capture) is cheaper than green hydrogen (from renewables) and, until recently, the crossover point was projected at the end of this decade. Image
Read 5 tweets
12 Nov
China is the final giant piece of a surprisingly successful #COP26. Don't believe Greta blah blah blah: by Friday night or in the early hours of Saturday a deal that brings a 1.6-1.7-degree world is within plausible range.

— thread from AEP's article
telegraph.co.uk/business/2021/…
China got what it wanted at Cop26. The bilateral deal with the US underscores that only two countries are shaping events in the 21st century. The regal recognition of Sino-US parity is what matters most to Xi.
What also matters is that nobody should succeed in telling China how to manage its internal affairs, or mark its homework, or dictate the pace of decommissioning coal plants. With that point established, CO2 cuts are no longer such a problem.
Read 23 tweets
11 Nov
Climate activists are weaponizing human rights laws to force decarbonisation without a realistic roadmap. We cannot replace the legacy infrastructure overnight.

— from the AEP article.

telegraph.co.uk/business/2021/…
The climate movement has found its killer weapon in the war on fossils: it is mobilising human rights law to force through drastic decarbonisation, and judges are playing along. The critical ingredient that makes it possible is the “soft” law of COP climate agreements.
There has been a cascade of judgments based on the UN Convention, the ECHR, or national constitutions. They are compelling governments to act faster than they had planned, or are capable of doing without resorting to revolutionary economic and social measures.
Read 25 tweets
6 Nov
Saudi Arabia Vision 2030 is not simply a decarbonisation plan, it’s an economic programme spearheading a complete social, political and cultural overhaul of the Kingdom. It’s already happening. telegraph.co.uk/news/2021/11/0…
Under its millennial Crown Prince Mohammed bin Salman (MbS), Saudi Arabia has seen dramatic cultural, economic and social changes in the last 5 years. Not only women are driving, but the guardianship laws that restricted their movement have been dismantled.
Women’s participation in the workforce has nearly doubled. The grip of the religious police has been broken. Corruption has been significantly reduced. These may seem small changes, but they enjoy near-universal approval within the Kingdom and they signal the direction of travel.
Read 13 tweets
5 Nov
#COP26 Coal consigned to history. China stands isolated: Xie Zhenhua, silent so far, might still have a big surprise. According to the IEA, the pledges so far bring the world temperature trajectory to 1.8 degrees: a miracle.

— thread from AEP's article.
telegraph.co.uk/business/2021/…
The floodgates have broken: developing diehard coal nations have been lining up to forswear coal, the dirtiest of fossil fuels. 4 of the biggest East Asia coal emitters have signed the pledge to abandon new projects and shut down existing plants far earlier than anybody expected.
“It’s a massive deal. The whole region is turning around and this puts the screws on China to do more,” said Dave Jones (anti-coal group Ember). “The big surprises are Indonesia, Vietnam and the Philippines”
Read 24 tweets
4 Nov
#COP26 Finance Day.
High finance can help the world hit net zero. A $130 trillion Investor Club has signed up to empower #NetZero with vast sums of capital — as we indeed already understood from Draghi words on opening day.
telegraph.co.uk/business/2021/…

— thread from AEP article
Those $130 trillions are the asset base of the 450 banks, fund managers, and wealth funds that have signed up to help. Those are not the sums about to flow, but vast sums of capital are indeed there for the taking.
Global plutocrats are crawling over each other to get into the lucrative business of decarbonisation before rivals beat them to it, and to get out of fossils before they begin to lose serious sums and face the long-tail ‘asbestos’ risk of perennial litigation.
Read 22 tweets

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