A year ago, following US President Joe Biden's election win, multilateralism once again became the beating heart of global climate action. G20 leaders agreed to more ambitious near-term climate targets en route to achieving net-zero emissions by mid-century, and they committed to ending inefficient fossil-fuel subsidies and cooperating on clean energy deployment to phase out coal more quickly.
The willingness of China and India to address fossil fuels reflected a growing awareness of the macroeconomic risks of resisting the clean-energy transition.
