With the US retreating from climate finance and fossil fuels getting cheaper, Asia faces a choice: chase short-term gains or find new partners to keep its clean-energy future on track. Washington’s withdrawal last week from the Just Energy Transition Partnership (JETP), a global initiative to help developing nations shift from coal to renewables, has cast a long shadow over energy-hungry Asia, which faces intensifying climate threats and a fast-evolving geopolitical landscape. The price of Brent crude oil recently plunged to a five-month low before inching up as the world’s most influential oil cartel, Opec, increased output from April in response to pressure from US President Donald Trump to bring down prices. A possible early resolution to the Ukraine-Russia war could open the tap to cheap oil from Russia that had
Tag Archives: FossilFuels
Feb
China and the rest of the world remain thirsty for oil. That means the commodity’s central and volatile role in geopolitics continues, with decades-old realities driving economics, trade, alliances and conflicts for the countries dependent on fossil fuels. Yet, change lies ahead. Last month’s short-lived rally underscores oil’s mercurial clout. Brent crude hit a four-month high of US$82 a barrel after the United States expanded sanctions on Russia and Iran. Oil-supply news shocks continue to have an immediate and enormous impact on the global economy; other policy shifts such as tariff increases matter too. Meanwhile, after years of production cuts, Opec+ members refuse to ramp up supplies before April, if even then. US President Donald Trump wants America to “drill, baby, drill” , thereby forcing prices down to the detriment