Source: Xclusiv According to Xclusiv, “meanwhile, the U.S. introduced a methane emissions fee for large oil and gas producers, a move that could be reversed under a potential Trump administration.
This highlights the varying levels of climate commitment among major economies and the influence of domestic politics on global climate policy. In line with COP29’s finance focus, China signaled potential improvements to its climate commitments. Representing President Xi Jinping, Vice Premier Ding Xuexiang announced that China’s upcoming climate targets would cover all greenhouse gases and include all economic sectors, not just carbon dioxide emissions.
China has faced pressure to accelerate its emissions reduction timeline and meet net-zero emissions sooner than 2060. For the first time, Ding shared China’s contribution to climate finance for developing countries, disclosing that it has mobilized $24.5 billion since 2016.
This transparency represents a shift in China’s approach, although Ding maintained that developed countries should still bear the primary responsibility for climate finance. Saudi Arabia, the world’s largest oil exporter, also marked a significant development by launching its first carbon trading exchange, managed by the Regional Voluntary Carbon Market Company (RVCMC). This platform aligns with Saudi Arabia’s broader strategy under its Vision 2030 economic diversification plan and aims to facilitate carbon trading in the region.
The new exchange wil.