Core Insights - The competition for the energy export market is intensifying between the US and China, with China currently leading in clean energy technology exports [1] Group 1: Clean Technology Exports - China's exports of electric vehicles, solar panels, batteries, and other carbon-cutting technologies reached a record $20 billion in August, according to Ember [2] - In the first seven months of the year, China exported $120 billion in green technology, significantly outpacing the US's $80 billion in oil and gas exports [3] - Despite falling technology prices, China's clean technology exports continue to grow, with a record 46,000 megawatts of solar power capacity shipped abroad in August [4] Group 2: Market Dynamics - More than half of China's electric car exports this year have been to emerging markets outside the OECD [5] - The US has focused on increasing fossil fuel production and exports under both the Trump and Biden administrations, but China's clean technology exports have surpassed US fossil fuel exports [6] - China is not only a major exporter but also a significant importer of oil and gas, indicating a strong domestic demand for energy [7]

Core Viewpoint - The anti-ESG movement in the U.S. has gained significant traction, particularly following the re-election of Donald Trump, leading to a rise in legislative actions against ESG investing and policies [5][6]. Group 1: Legislative Actions - Texas passed laws in 2021 restricting state entities from investing in funds promoting ESG investing, claiming it does not serve their financial interests [1]. - A total of 370 anti-ESG bills were submitted across 40 U.S. states between 2021 and 2024, indicating a widespread legislative push against ESG initiatives [3]. - Although few anti-ESG bills were signed into law, their success rate has increased in 2024, suggesting improved legislative strategies by proponents [4]. Group 2: Impact of Political Leadership - The anti-ESG movement has gained momentum since Donald Trump's re-election, with significant rollbacks of climate policies from the previous administration [5]. - Trump's administration has enacted executive orders banning ESG investing and has rolled back clean energy credits established under the Inflation Reduction Act of 2022 [6]. - An estimated $28 billion worth of renewable energy projects have been delayed or canceled since Trump's presidency, potentially affecting around 19,000 jobs in the sector [7].

Climate Action Target - Australia pledges to cut greenhouse gas emissions by 62% to 70% by 2035 [1] Industry Context - Australia, as one of the world's largest fossil fuel exporters, aims to accelerate climate action [1]

Today's Green Daily newsletter looks at a new study that finds emissions from the world’s largest fossil fuel and cement companies play a significant role in extreme weather events https://t.co/tY53Sgafd0 ...

Emissions from the world's largest fossil fuel and cement companies are making heat waves even worse https://t.co/VufHOMNJOI ...

Environmental Concerns - Canadian fossil fuel companies Cenovus and Enbridge face a greenwashing complaint [1]

Climate Change & Fossil Fuel Subsidies - Climate change contributed to devastating floods [1] - Texas is a national leader in subsidizing fossil fuels [1] - Fossil fuels are a cause of climate change [1]

Group 1 - The article discusses the opportunity for South Africa, as the G20 chair, to advocate for issues related to emerging economies, particularly the subsidies provided to private fossil fuel companies [2] - Fossil fuel subsidies are defined as government payments that cover part of the costs of fossil fuel energy production, which can increase revenues for oil, gas, or coal companies or lower consumer prices [2][3] - Countries like South Africa, Ethiopia, and Morocco provide subsidies to fossil fuel companies, which may lead to increased debt, higher taxes, or cuts in public spending, disproportionately affecting low-income households [2] Group 2 - South Africa has set four key priorities for its G20 presidency in 2025: enhancing disaster resilience, reducing debt levels, raising funds for the transition to renewable energy, and establishing a green industry [2] - The article emphasizes the importance of phasing out fossil fuel subsidies, a concept supported by organizations like the IMF, UNEP, and IEA, as well as civil society advocacy groups [3] - Despite a 2009 G20 commitment to gradually eliminate fuel subsidies that encourage wasteful consumption and hinder climate change efforts, progress has been slow due to political resistance and lobbying from the fossil fuel industry [3]