"A deal is hard to reach because the legitimate climate ambition of a rapid end to burning fossil fuel runs into the equally legitimate reality of fossil dependence. As Mr Cohen observes, 'You can wish fossil fuels away, but they still comprise 80% of world energy supply and are growing.' A new scenario from the IEA, a global forecaster, for achieving net-zero emissions envisions a significant amount of fossil-fuel use even in 2050 (albeit at much lower levels than today), making a mockery of talk of rapid phase-out."

“If the past is any guide, Xi won’t risk an economic slowdown, and his grip on power, over environmental issues, any more than he will risk liberalizing China’s human rights restrictions."

"Because the government auctions off only as much capacity as it reckons the country needs, it will be forced to let Big Wind off the hook and allow it to charge what it wants. For wind investors, it’s a one-way bet – paid for by electricity consumers and the economy as a whole.”

Michael Catanzaro of the Center for Strategic and International Studies highlights the many ways in which Biden can decarbonize the energy sector. “Short of a CES, Biden could pursue increased federal spending on R&D, an area that seems most politically promising. Over the last two years, several bipartisan bills have been introduced on advanced nuclear,...