China bid to host ocean COP tests UN high seas pledge

Plus, Jamie Dimon warns of the economic threats of U.S. bravado

In today’s edition:

— China’s bid to host a UN body on ocean conservation tests UN maritime security pledge

— Jamie Dimon’s annual letter warns of the market risk of U.S. going it alone

— Amid chocolate wars, candy makers retreat to original recipes

— Snow melts across the Rockies, setting up more drought in the West

— Big elephants and tiny echidnas join beavers as climate change warriors

Victoria Harbor, Hong Kong.

Time was when the idea of China — a notorious maritime agitator and illegal fisher — hosting a global body on the future of the oceans would have raised a few eyebrows, especially among the countries it has pestered on the South China Sea.

But such is the state of China’s climate and renewable energy status these days with the U.S. effectively on the sidelines of the global climate debate that the country boldly bid last week to become the first Asian-Pacific host of a United Nations governing body — this one on international ocean governance.

The UN set a vote on who will host its series of ocean forums, similar to its climate forums such as COP30 last year in Brazil, with China competing against Belgium and Chile, according to the Financial Times. China’s bid is to host the forums in its port city of Xiamen.

With wars raging in Europe and the Middle East, and energy security top of mind among global governments, China’s commitment to renewable energy has given it a commanding lead among green energy providers, despite the fact it still relies heavily on fossil fuels such as coal.

The UN, which governs security on the high seas through international law, may consider it’s better to have China under the tent on ocean initiatives than causing trouble from the outside. Shifting the debate to Asia would also help shine a light on a litany of ocean problems on the high seas in the region, where illegal fishing remains a major concern.

Among the contenders, Chile is probably the other most likely choice, but you never know. Having China in the mix now opens up a whole new range of possibilities for the ocean conservation crowd, and shows just how much the international climate debate has flipped on its head in only one short year.

If you have ideas or suggestions for us, contact me directly at
dcallaway@callawayclimateinsights.com.

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JPMorgan Chase’s new global headquarters at 270 Park Ave. in New York. Photo: JPMorgan Chase.

Jamie Dimon and the market risk of U.S. isolationism