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illuminem summarizes for you the essential news of the day. Read the full piece on Forbes or enjoy below:
🗞️ Driving the news: The recent meeting between Presidents Joe Biden and Xi Jinping in California, ahead of COP28 in Dubai, could be pivotal for the global energy transition
• As the world's leading economies, the U.S. and China's cooperation on decarbonization is crucial to accelerating action at COP28
🔭 The context: Both nations have historically blamed each other for being big polluters, while ignoring their own individual emissions
• China, while being a leader in energy transition spending and battery production, is also a major emitter
• The U.S., despite its progress in clean energy, remains the largest consumer of oil and faces challenges in meeting its net zero goals
🌍 Why it matters for the planet: The collaborative efforts of the U.S. and China in the energy transition have far-reaching implications for combating climate change globally
• Their actions can set standards and drive innovations in renewable energy and carbon reduction technologies, influencing other nations' policies and the pace of the global shift towards sustainable energy
⏭️ What's next: The two nations have declared that they will continue to communicate in the run-up to COP28, stating their readiness to collaborate on transition strategies
💬 One quote: "The intention to keep communication channels open between Washington and Beijing offers hope that the two can work together to accelerate the energy transition." (Sverre Alvik, journalist)
📈 One stat: China accounts for 26% of global primary energy demand and a third of global energy-related CO2 emissions, highlighting its significant impact on the global energy landscape
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