A G7 meeting in the UK, a NATO summit in Brussels, followed by an EU-US summit, and a meeting with Russian President Vladimir Putin in Geneva. The message of US President Biden’s first overseas tour is clear: America is back and Western alliances are not broken.
The EU-US Summit marked the return of EU-US collaboration on fighting climate change, after former President Trump pulled the United States out of the Paris Agreement.
The US and EU are the world’s second- and third-biggest emitters of CO2, respectively, after China. A joint EU-US summit statement, outlines plans for a transatlantic alliance to develop green technologies, and points to sustainable finance as an area for closer transatlantic collaboration. This puts pressure on China and other developing countries to act faster and innovate more.
The return of the US in the Paris Agreement and the announcement of ambitious emission reduction targets for 2030 have confirmed the strong climate commitment of the Biden Administration. A levy on carbon-intensive imports is also being considered, yet without a federal domestic carbon price. At the same time, the European Commission is preparing an important ‘Fit for 55’ legislative package with a Carbon Border Adjustment Mechanism on certain imported goods. Many see competition for leadership in international climate diplomacy as a good thing as long as it doesn’t damage the collaborative spirit.
Yet questions remain unanswered. How to align US and EU policy priorities and market instruments? How can the new transatlantic cooperation contribute to the climate-neutrality transition? How might these policy interventions affect international trade and reduce trade frictions?
Watch this EURACTIV Virtual Conference to discuss the reset of EU and US relations and what it means, from the climate agenda, to international trade, to a global taxation system.
Listen to the full event here:
[The “Energise Your Day” event series stimulates open debate on the most pressing issues facing Europe, and by extension, the world. Equinor and EURACTIV believe that reflection and exchange of different perspectives enhance our understanding of common challenges and promotes holistic, long-term thinking leading to solutions and action.]
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