UN leaders brace for change in US climate policy under Trump admin


World leaders at the United Nations climate summit are concerned about how President-elect Donald Trump’s second term might impact global climate change initiatives, as the US and other countries sought to reassure participants that their commitment to combating climate change remains steadfast.

The summit, held this week in Azerbaijan, highlighted global apprehension due to Trump’s promises to distance the US from international climate agreements, like the Paris Climate Accord, and reduce climate legislation spearheaded by President Joe Biden. Compared to 2016, when Trump’s victory came as a surprise, many delegates this time seemed braced for potential policy reversals.

Canada’s former climate minister, Catherine McKenna, remarked, “We have seen this story,” referring to Trump’s past withdrawal from climate commitments when he took office for his first term. Similarly, Biden’s climate envoy, John Podesta, emphasized the enduring commitment of the US to tackle climate change regardless of Trump’s presidency, saying, “Facts are still facts. Science is still science.”

“The fight is bigger than one election, one political cycle in one country,” Podesta told reporters.

Trump, who has pushed for expanded fossil fuel production to bolster economic growth, has consistently clashed with climate activists over his energy policies. A representative for Trump’s transition team highlighted his campaign mandate to implement energy independence strategies.

According to Politico, Karoline Leavitt, spokesperson for Trump’s transition team, said in an email that, “The American people re-elected President Trump by a resounding margin giving him a mandate to implement the promises he made on the campaign trail.”

An anonymous UK government official also told Politico, “The one thing they can argue is Trump pulled out of Paris first time around — and look where we are now. A lot is riding on whether Republicans see the value of IRA investments in their states.”

During his first term, Trump withdrew the US from the Paris Climate Accord as Republicans criticized it for allowing countries to set their own nonbinding targets with minimal enforcement mechanisms. The GOP argued it would disproportionately harm the US economy while letting other nations, such as China, gain a competitive advantage. Biden’s administration later rejoined the accord, but with Trump set to reassume office, questions arise about a potential shift away from international commitments and what it means for global climate cooperation.

Despite vocal concerns by other leaders, it appears that European leaders are planning to rely on the US to increase its energy supply. Immediately after Trump’s electoral victory, EU President Ursula von der Leyen revealed she told the President-elect that the bloc would be willing to purchase more US liquified natural gas to decrease dependence on Russian energy.

This Story originally came from humanevents.com

 


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Visualizing 80 Years Of The Gold-to-Oil Ratio

Visualizing 80 Years Of The Gold-to-Oil Ratio

Gold and oil – two of the most influential commodities on the planet – have a fascinating relationship that has evolved over decades, captured in the gold-to-oil ratio.

The gold-to-oil ratio represents the number of barrels of crude oil equivalent in price to one troy ounce of gold.

It is viewed as an indicator of the health of the global economy, indicating when gold or oil prices are significantly out of balance with each other.

This graphic, via Visual Capitalist’s Niccolo Conte, shows the gold-to-oil ratio since 1946, using data compiled by Macrotrends.

What is the Gold-to-Oil Ratio?

The gold-to-oil ratio expresses the price relationship between gold and West Texas Intermediate (WTI) crude oil. WTI is a grade of crude oil and one of the three primary benchmarks for oil pricing, along with Brent and Dubai Crude.

A high ratio indicates that gold is relatively expensive compared to WTI crude oil, and vice versa. This can indicate periods of outsized demand for energy in the form of crude oil, or periods of monetary uncertainty when there is higher demand for gold.

Below is the gold-to-oil ratio every decade between 1946 and 2024.

During the 1950s and 1960s, fixed gold prices and stable oil prices kept the ratio between 11 and 13 for 20 years.

Since the 1980s, the ratio has typically traded within the range of 6 to 40 with a notable exception: in 2020 when the ratio reached a high of 91.1. The peak in 2020 was driven by COVID-19, which boosted gold prices as a safe haven while oil demand and prices plummeted due to global lockdowns.

In contrast, between 2000 and 2008, oil prices were relatively high compared to gold. During this period, the ratio dropped to nearly 6 but never rose above 16.

When comparing the two commodities, it’s worth remembering that the crude oil market is around 10 times larger than that of gold, making it the largest commodity market in the world.

If you enjoyed this graphic, make sure to check out this graphic that shows the top countries by natural resource value.

Tyler Durden
Thu, 11/21/2024 – 18:00

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