A significant turn in relations between China and the United States has occurred days before the intense negotiations of COP28 in Dubai, which begins on November 30 and will last until December 12. The world’s two largest emitters of greenhouse gases are trying to overcome their geopolitical tensions to confront the climate crisis, after several days of meetings between the US climate envoy, John Kerry, and his Chinese counterpart, Xie Zhenhua. It was agreed to improve bilateral relations and resume climate cooperation, in addition to promoting renewable energy as an alternative to fossil fuels.
The climate agreement between both powers could mark a milestone in global climate action, with oil as the protagonist and OPEC+ looking at its price to see if it cuts or maintains production. The organization has expressed its intention to extend the cuts in order to raise prices; the reference Brent barrel was trading at $80 on Monday, far from around $97 in September.
The Organization of the Petroleum Exporting Countries and its allies, OPEC+, will hold the ministerial meeting on Thursday, November 30, coinciding with the opening day of COP28, in which they will decide on the future of crude oil production. It will be carried out electronically, unlike the rest of the years when it has been in person in Vienna, and seeks the cooperation of the members to close the agreements.
COP28 details
COP28, the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), is a watershed event to address the climate crisis. This year has special relevance, one of the main points of attention is the cooperation between China and the United States. On the other hand, many eyes are also on the future of oil production.
It is expected to be the largest conference to date, with the participation of 197 countries, ministers, heads of state, negotiators and companies. This is a crucial event marking the first Global Assessment, a process designed to analyze progress against the goals of the 2015 Paris Agreement, COP21.
Relations between China and the United States
The agreement prior to COP28 is in line with the climate commitments that both China and the United States have assumed in recent years, highlighting the radical change of the United States on climate and its reintegration into the Paris Agreement, after having requested to leave during the mandate of Donald Trump, with the arrival of the Biden Administration. Adopting a strong stance on climate change and promoting integration into international measures are part of Joe Biden’s strategy ahead of next year’s elections.
For its part, China has been significantly involved in global climate negotiations and has taken measures into consideration, including the development of renewable energy and carbon regulation. In addition to ratifying the Paris Agreement and committing to reduce carbon emissions per unit of GDP by 60% by 2030 and reaching zero emissions in 2060.
Despite the importance of the agreement between the United States and China, experts urge caution, ensuring that until the changes are implemented, the real impact of the resolution cannot be evaluated. Therefore, COP28 is a fundamental step to analyze the response of the rest of the powers to the agreement and the actions that will be taken in this regard.
THE NAIS IS OFFICIAL EDITOR ON NAIS NEWS