What the ‘show me the money’ climate summit tells us about the new Trump era

By Zack Colman | 11/25/2024 06:24 AM EST

Big-money pledges will be even harder to trust. Fossil fuel producers have more leverage. China is ascendant.

Conference participants walk past activists urging public climate finance for poor countries.

Participants at the COP29 climate summit on Saturday walk past activists urging public climate finance for poor countries. Sean Gallup/Getty Images

BAKU, Azerbaijan — The U.S. has played the powerbroker in more than 30 years of global negotiations on fighting climate change — a quest that has swept in an army of diplomats, the world’s biggest companies and every nation on Earth.

The first climate summit since Donald Trump’s second White House victory underscored the volatile side of that legacy.

In a 14-day conference focused on hundreds of billions of dollars in climate finance, everybody recognized that the incoming U.S. president will refuse to pay any amount the Biden administration agrees to. President Joe Biden’s emissaries helped orchestrate a multinational pledge for “ambitious” carbon-cutting, but they declined to join it. And as the U.S. prepares to recede from global leadership, much of the rest of the world is looking to China to fill the void.

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Trump’s upcoming presidency is the most important source of the instability on display at the COP29 summit, despite all the Biden administration’s efforts to send signals that America is still on board with the climate cause, said Carlos Fuller, Belize’s permanent representative at the United Nations.

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