A U.S.-EU agreement could lead to a deal among the G-7 and the other economies that joined the summit this year-Australia, India, New Zealand, and South Korea-which in turn would account for at least half of the market for Russian exports. Russian fossil fuel interests dread a transatlantic merger of climate and trade policy. diplomats have an opportunity to work with European allies to promote cleaner fossil fuels as part of a trade and climate policy that aims to reduce emissions while ensuring energy security and preventing Russia from using energy dependence for coercion. Current EU plans, however, have a NordStream 2-shaped loophole because Europe wants to buy affordable but dirty Russian natural gas while discouraging the development of its own and the United States’ energy resources.
initiative to merge climate and trade policy should find support in the EU, which has already introduced a proposal to impose carbon fees on imports of energy-intensive manufactured goods. Russia would no longer be able to capitalize on its low environmental and labor standards.Ī U.S. and European economic and geopolitical interests. Such an approach could be an important part of international efforts to cut emissions it is also consistent with U.S. A new strategy could level the playing field by prioritizing cleaner, more ethically produced oil and gas. Currently, the United States imports more Russian oil than it produces in Alaska, and European reliance on Russian energy is only set to grow. It is time to correct the mistakes of the past and prevent state-controlled, mercantilist economies from continuing to ignore environmental, labor, and human rights standards to gain an unfair competitive advantage.
However, the current global trade regime has tolerated unfair practices that have resulted in a vast transfer of wealth from the West to undemocratic, non-market countries bent on undermining U.S. This would not only encourage the domestic production of goods and energy, but also demonstrate a model of clean and efficient production for other nations to emulate.įree trade proponents on both sides of the Atlantic, who prioritize cheap imports, may oppose this proposal. One aspect of that initiative could be a joint trade mechanism between the United States and the European Union that levels a common carbon fee on imported goods. We have an opportunity to counter Putin’s playbook with a bold initiative consistent with European priorities: a transatlantic climate and trade initiative that would cut global greenhouse gas emissions, increase energy security, and reduce Russia’s power to coerce Europe. Instead of complaining about some European allies’ poor choices, the United States should lead in responding to Russian intimidation. Russian President Vladimir Putin uses European energy dependence as a trump card in his campaign to subjugate Ukraine and other former Soviet republics, annex parts of their territories, undermine the transatlantic relationship, and restore Russia to greatness. But Europe’s thirst for Russian energy, particularly natural gas, has taken priority over geopolitical concerns-and unfortunately, the Biden administration has acquiesced.
presidents, from Ronald Reagan to Donald Trump, have sought to prevent European dependence on Russia by opposing the construction of Russian energy pipelines to Europe, such as the Yamal-Europe pipeline and NordStream 2. concerns that Russia could use its energy dominance across the continent to prevent a strong response from NATO allies should Russia expand its war in Ukraine. Europe’s energy crisis has reignited U.S.
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