Collapse of plastics talks heralds end of global climate order

Plus, the real winner in the Biden's Administration's $6.6 billion loan to Rivian

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Photo: :ErWin/flickr.

The collapse of global plastic talks in South Korea over the weekend, like the disappointing COP29 climate talks a few weeks before, was frustratingly predictable.

Even though more than 100 countries got behind seemingly obvious plans to cut plastic production to reduce the world’s reliance on the harmful petrol products, a handful of oil states, including Saudi Arabia and Russia, were easily able to block a comprehensive agreement. They argue that reducing plastic pollution, not production, is the answer.

This is shockingly similar to the argument that reducing carbon emissions from oil production should allow for safe scaling of fossil fuels and more energy security. Or that the answer to gun violence is safer, and more, guns. As long as the oil states are allowed to block these agreements, as they did in both Baku at COP29 and now in Busan at the plastic talks, no deal will ever get done.

It’s time for a new world order. And it’s coming whether global leaders like it or not. Unfortunately for U.S entrepreneurs, it’s going to be led by China.