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John Kerry is trying to convince the world to act on climate change. Russia’s war made it that much harder | CNN Politics

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John Kerry is trying to convince the world to act on climate change. Russia’s war made it that much harder | CNN Politics



CNN
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John Kerry has a mission: To persuade the remainder of the world to embrace renewable power and slash their planet-warming emissions. However the US Local weather Envoy’s job isn’t getting any simpler in yr two.

With world temperatures and fossil gas emissions climbing to new highs, Russia’s struggle in Ukraine is roiling power markets and placing short-term local weather targets in danger. International locations – together with the US and UK – are planning to drill extra of their very own oil and fuel to fill the void of the Russian power they’ve banned.

In the meantime, China, the world’s largest greenhouse fuel emitter, seems to be doubling down on coal because it prioritizes power safety. Even with China producing huge quantities of renewables, the nation’s continued coal use might doom the objective of limiting world warming to 1.5 levels Celsius.

And Kerry faces troubles at residence too: it’s nonetheless unclear whether or not Congress will go President Joe Biden’s local weather and financial invoice, which comprises billions in clear power tax credit.

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With out sturdy local weather laws from Congress, the nation’s local weather management and credibility will proceed to be referred to as into query.

“He’s been a really efficient envoy, making an attempt to push folks in the direction of elevated ambition,” John Podesta, the highest local weather adviser to the Obama administration, informed CNN of Kerry. “In mild of Putin’s assault on Ukraine, the diplomacy will get that a lot tougher.”

However Kerry’s message is straightforward: the local weather disaster can not take a backseat to short-term fossil gas development whereas the world figures out the power crunch.

“Clearly, the complete fuel image and gas image of Europe has modified in a single day,” Kerry informed CNN. “It’s not enjoyable, however we’ve received to get via it. [Climate change] shouldn’t be one thing that goes away. As a result of Putin invaded Ukraine doesn’t imply ‘okay, local weather is over, and we don’t have to fret about it.’”

It’s nonetheless too early to know for sure whether or not Russia’s struggle in Ukraine and the ensuing power pinch can be good or unhealthy for local weather in the long term. However it’s horrible within the short-term, as international locations rush backward to conventional fossil fuels to make up the gaps.

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Kerry cautioned that any short-term enhance in home fossil gas manufacturing have to be simply that: short-term, and with an off ramp.

“This isn’t a free license to come back in and pollute like loopy,” Kerry mentioned. “It’s received to be a accountable effort to within the quick time period fill a spot, however with a transparent plan for the place you’re heading by way of lowering emissions.”

The most recent report from the UN Intergovernmental Panel on Local weather Change mentioned the world has fewer than three years to peak emissions and quickly decarbonize. International locations must ditch fossil fuels as quick as potential by switching to cheaper renewables, and actively take away carbon from the air to have any hope of maintaining world temperatures in test. We’ve got plentiful low cost power with wind and photo voltaic; what’s missing is the political will to get there, scientists say.

Kerry’s job now could be to instill that political will.

“There’s a stunning saying: Diplomacy is the artwork of letting another person have your method,” his former prime deputy Jonathan Pershing informed CNN. “Kerry is excellent at it.”

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There’s additionally a troublesome geopolitical map that might type out of the Russia-Ukraine battle, with two blocs of nations: one that’s transferring ahead with renewable power and the opposite that chooses to stay with fossil gas, Podesta informed CNN.

“You’ve received a world atmosphere that feels prefer it’s cracking into two camps,” Podesta mentioned, placing the US and Western Europe into one camp, and Russia, China and Saudi Arabia into the opposite. “It’s potential you actually have – in a method that we haven’t had for the reason that Nineties – an east bloc and a west bloc. If that occurs, what does that imply for local weather? Kerry’s intuition, my guess is, is to attempt to maintain the worldwide system collectively, however that is perhaps much more tough.”

Podesta mentioned he might see China simply turning into the chief of a bloc that’s “each strategic and financial.”

“The query is, do they need to be the chief of the previous economic system as Europe and the US try to create a brand new economic system?” he mentioned.

China made a cope with the US on the COP26 UN local weather summit final fall to scale back its emissions of methane – a potent planet-warming fuel. The implementation of that deal remains to be a key objective for the Biden administration. Kerry mentioned China is engaged on a particular and “formidable” plan detailing how they’ll decrease methane emissions – a plan that might additionally have an effect on the nation’s coal use, as a lot of China’s methane come from coal.

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“We’ve by no means stopped speaking to China,” Kerry mentioned. “Clearly, in the event you can’t get China to do sufficient, we will’t get the place we need to go. So, it’s very, crucial to proceed to work with them.”

Kerry leans in to speak with China's special climate envoy Xie Zhenhua at the COP26 climate summit in Glasgow in November.

Kerry traveled to China in-person twice final yr forward of COP26 and informed CNN he has continued to have digital conferences with Chinese language local weather envoy Xie Zhenhua. These digital conferences have continued into 2022, and Kerry informed CNN he’s hoping to get a daily assembly schedule between the 2 international locations.

Pershing informed CNN that the connection between Kerry and China’s local weather envoy Xie Zhenhua stays one among paramount significance.

“They don’t agree on some very basic issues, however they respect one another sufficient to interact one another,” mentioned Pershing, who left Kerry’s workplace late final yr to return to the William and Flora Hewlett Basis because the director of its atmosphere program.

The in-person conferences mixed with common digital engagement gave the US and China a relationship that opened some doorways, Pershing mentioned.

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“Did it shift the underlying US-China dynamics? Probably not,” he added. “However that wasn’t [Kerry’s] intent – his intent was to open the door far sufficient to have a profitable negotiation on a local weather agenda.”

Nonetheless, China stays a persistent problem. A slowdown of home financial development and nervousness about power safety has induced the nation to double down on coal to construct extra infrastructure and maintain the lights on.

“The nation suffered nationwide energy shortages final fall,” Li Shuo, a local weather analyst with Greenpeace in China, informed CNN. “This – coupled with the continuing disaster in Ukraine – creates a robust need for stability and self-sufficiency. Extra coal helps relax that nervousness.”

Shuo famous that China began approving new coal crops firstly of the yr and different pro-coal insurance policies may very well be anticipated to comply with later. However on the identical time, he and Pershing mentioned that China is investing in renewable power with unbelievable velocity. China leads the world in rising its renewables capability, accounting for 43% of world renewable capability development and including near 50 gigawatts of offshore wind in 2021 alone.

Pershing famous that the town of Shenzen, China, has extra electrical buses than the remainder of the world mixed.

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“This isn’t a failure,” Pershing mentioned. “That is ‘can they go quicker?’” Pershing mentioned.

Shuo mentioned renewables assist increase China’s economic system very similar to coal crops do, and due to this fact will continue to grow quick within the nation.

“Our problem is whereas constructing new and clear power, tips on how to bid goodbye to the previous and soiled,” Shuo mentioned.

Removed from his diplomatic travels, one among Kerry’s greatest challenges this yr may very well be what occurs at residence.

Kerry informed CNN his group’s essential mission heading into COP27 in Sharm-el-Sheikh, Egypt, this yr can be getting different international locations to satisfy the targets they set in Glasgow. However the US targets stay unmet, too – Biden’s goal to slash greenhouse fuel emissions in half by 2030 is basically depending on a local weather invoice passing Congress.

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With six months left earlier than the UN’s Egypt summit and the midterm elections, there’s a very restricted window for Democrats to go a invoice, and their swing vote belongs to West Virginia Sen. Joe Manchin – who killed Biden’s bigger invoice and its $555 billion in local weather and clear power funding final yr.

Spurred partially by the European power disaster, Manchin is again in discussions with the White Home over a smaller invoice for clear power measures. Kerry not too long ago had dinner with Manchin when the 2 had been in Paris for a world power convention and mentioned a local weather invoice passing the Senate this yr is a “actual risk.”

“I don’t need to speculate what occurs if we don’t,” Kerry informed CNN. “I’m going to rely on doing it, as a result of we’ve received to do it.”

With out legislative progress, US leverage going into COP27 might drop. And different international locations have been asking US local weather diplomats the place the home Congressional motion is.

“They do ask – and they need to ask,” Pershing mentioned, pointing to the “checkered historical past” and inconsistent US local weather coverage that has ebbed and flowed with the whims of every president.

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Nonetheless, the truth that Kerry is remaining in his position longer than many anticipated is a win for worldwide local weather diplomacy, these near Biden’s envoy mentioned.

“Kerry’s additionally received standing,” Pershing mentioned. “It signifies that folks respect him, they offer him a listening to, they offer him the entrée to have the dialogue.”

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Video: What Threats Mean for Trump’s Campaign

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Video: What Threats Mean for Trump’s Campaign

Former President Donald J. Trump’s advisers are considering whether to modify his travel after threats to his life from Iran and two assassination attempts, according to several people briefed on the matter. Maggie Haberman, a senior political correspondent for The New York Times, recounts the ways in which these threats have affected Mr. Trump and his campaign.

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Chinese stocks post best week since 2008 after stimulus blitz

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Chinese stocks post best week since 2008 after stimulus blitz

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Chinese equities have surged to their best week since 2008 after Beijing launched an economic stimulus package including a $114bn war chest to boost the stock market.

The CSI 300 index of Shanghai- and Shenzhen-listed companies is up 15.7 per cent for the week in its best performance since November 2008, when China announced a similar stimulus package in response to the global financial crisis.

The rally, which has also helped buoy European markets and industrial metals, comes as China’s leadership rushes to support the country’s capital markets, stabilise a property sector crisis and boost domestic consumption in order to meet its economic growth target of 5 per cent for the year.

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On Tuesday, the People’s Bank of China unveiled an Rmb800bn ($114bn) lending pool for the country’s capital markets, comprising funds to lend to companies to buy back their own shares and to lend to non-bank financial institutions such as insurers to buy local equities.

The CSI 300 index closed up 4.5 per cent on Friday while Hong Kong’s Hang Seng index rose 3.6 per cent, up 13 per cent since the start of the week in its biggest weekly gain since October 1998 during the Asian financial crisis.

“We are at a pivotal moment for the Chinese economy and its equities market,” said Nicholas Yeo, head of China equities at Abrdn, who said in a note that the US Federal Reserve’s recent interest rate cut would also be a significant tailwind.

“Global easing conditions are poised to bolster consumption, which is a boon for China, the world’s largest exporter.”

Hopes for more stimulus in China helped lift European stocks. The region-wide Stoxx 600 hit a fresh record high on Friday, pushed higher by luxury groups that would benefit from stronger consumer spending in China.

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The China rally followed Wall Street gains after the S&P 500 closed on Thursday at a record high for the third time this week, with equities climbing ahead of Friday’s inflation report.

Chinese authorities in August restricted the daily northbound data through the Hong Kong Stock Connect programme that shows foreign investor flows into mainland stocks.

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But Citi said the past three days were “the busiest period for Citi’s equities sales and trading team in the Asia region, with record client flows” into Hong Kong and mainland Chinese equities.

The Shanghai Stock Exchange put out a notice on Friday warning investors of “abnormally” slow transaction speeds as a result of frenzied morning trading, said two people familiar with the situation.

“We can’t dismiss this as the same old policy,” said Winnie Wu, equity strategist at Bank of America. “This is the first time that the government is encouraging leveraged investment in the stock market. A liquidity-leveraged rally should still have significant room to go.”

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Line chart of Indices rebased in $ terms up to Sep 26 showing Hong Kong stocks are almost level with the S&P 500 year-to-date

David Chao, a global market strategist at Invesco, said the rally in Chinese stocks could be sustained. “China markets are about momentum, and I see certain parallels between the existing rally and that of the 2014-15 rally,” when Shanghai’s index rose about 150 per cent between June 2014 and June 2015 but then collapsed.

Chao added that, as the dollar continued to weaken on the back of interest rate cuts from the Federal Reserve, he predicted “possible rotation out of the expensive and crowded global tech trade into cheaper [emerging market] assets”.

The stimulus measures this week have propelled most commodity prices higher, with the notable exception of oil, which has been damped by news of Saudi Arabia preparing to increase output. 

In particular, industrial metals such as copper, aluminium and zinc, of which China is a huge consumer because of its vast manufacturing sector, have surged, building on a rally that started earlier this month.

Copper, which is used heavily in the final stages of construction for electrical wiring, has gained more than 5 per cent since Tuesday to break through the $10,000 per tonne mark and reach its highest level in three months. 

For iron ore, a steelmaking ingredient, the stimulus measures have helped trigger a rebound after a slide in price to a two-year low that was largely driven by weak consumption of steel.

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“In a commodity where expectations were negative, such as iron ore, this marks a clear turn,” said Colin Hamilton, commodities strategist at BMO. “We see this as a clear reflation trade, but the question will be whether it is enough to boost weak consumer sentiment.”

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Donald Trump and Volodymyr Zelensky to meet as tensions rise

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Donald Trump and Volodymyr Zelensky to meet as tensions rise

Former President Donald Trump is scheduled to meet Ukraine’s President, Volodymyr Zelensky, as tensions rise between the two men over how the future defense of Ukraine against Russian invasion will be conducted if Trump wins the U.S. election.

Trump has long argued that Vladimir Putin would not have dared invade Ukraine if he had been president at the time of the invasion in February 2022. He referred to Zelensky as a “salesman” for securing U.S. financial and military assistance for Ukraine, worth over $175 billion according to the Council on Foreign Relations.

In addition, Trump praised Russia’s historic military victories this week and called for the U.S. “to get out” and end its involvement with Ukraine-Russia conflict. Speaking Wednesday in North Carolina, Trump referred to Ukraine as “demolished” and its people as “dead.”

Republican presidential nominee former President Donald Trump speaks at Trump Tower in New York, Thursday, Sept. 26, 2024. According to Trump, it was Zelensky’s office who approached him for the visit which is set for…


Seth Wenig/AP

“Any deal—the worst deal—would’ve been better than what we have now,” Trump said. “If they made a bad deal it would’ve been much better. They would’ve given up a little bit and everybody would be living and every building would be built and every tower would be aging for another 2,000 years.”

According to Trump, it was Zelensky’s office who approached him for the visit which is set for 9.45 a.m. Eastern Time on Friday at Trump Tower in New York. Trump said in a news conference Thursday “I look forward to seeing him tomorrow. I believe I will be able to make a deal between President Putin and President Zelensky, quite quickly.”

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The timing is significant for the U.S. election.

Clear political battle lines have already been drawn between Democrat rival Harris and Republican Trump over the future of U.S. support for Ukraine and the nation’s role as the main contributor to NATO. The U.S. is due to contribute up to $755 billion in 2024 according to the international defense pact’s own estimates.

Trump meets Zelensky
Vice President Kamala Harris meets with Ukraine’s President Volodymyr Zelenskyy, Thursday, Sept. 26, 2024, in the vice president’s ceremonial office inside the Eisenhower Executive Office Building on the White House complex in Washington. In keeping…


Jacquelyn Martin/AP

In keeping with President Biden’s stated foreign policy goals, Harris reinforced her continued support for NATO and Ukraine when she accepted her nomination for candidacy in August. Trump, however has remained highly critical, even threatening to withdraw intelligence cooperation and military assistance to NATO members who in his view don’t pay their fair share.

Friday’s meeting almost wasn’t scheduled to go ahead despite Zelensky’s office stating it had been planned during the Ukrainian leader’s visit to the U.N. General Assembly, during which he is making an endgame pitch to his international allies.

In an interview with The New Yorker, Zelensky suggested Trump oversimplifies the conflict and does not understand Ukraine. The Ukrainian leader further explained his position that Trump’s running mate JD Vance was “too radical” by advocating for Ukraine to “make a sacrifice” by “giving up its territories.”

Harris on Thursday stood alongside Zelensky and said Trump’s push for Ukraine to quickly cut a deal to end the war were “not proposals for peace,” but “proposals for surrender.” Trump on Thursday said he was not advocating for a surrender.

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While Trump and Vance have long been skeptics of U.S. backing for Ukraine, other Republican allies of the former president have backed Kyiv’s defense against Moscow’s invasion and argue supporting Ukraine is still in America’s interest.

This article includes reporting from The Associated Press

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