Historic Emissions Cut:
For the first time, China, the world’s largest current emitter, has pledged to reduce greenhouse gas emissions by 7–10% by 2035, rather than merely slowing their growth.
Renewables Surge:
President Xi Jinping announced plans to increase wind and solar capacity sixfold from 2020 levels over the next decade. This would push non-fossil fuels to over 30% of China’s energy mix.
Global Leadership Tone:
Xi’s remarks at the UN Climate Summit included a veiled rebuke of the United States, calling out countries “going against the trend” of climate action. He emphasized the need for “unwavering confidence, unwavering action, and undiminished efforts”.
US Contrast:
Just a day earlier, President Trump dismissed climate change as a “con job” in his UN speech, criticized scientists, and announced a second withdrawal from the Paris Agreement. Analysts say this stance effectively cedes leadership in post-carbon energy markets to China.
Market Implications:
Political scientist Ian Bremmer noted that while the US remains a petro-state, China is positioning itself as the world’s dominant “electro-state”—a strategic shift with long-term economic and geopolitical consequences.
(Source Reuters)
—Agencies
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