President Joe Biden is backing a global effort with other wealthy nations to restrict government funding for oil and gas projects abroad. But instead of pushing other countries to transition away from fossil fuels—a key driver of economic growth around the world—America in 2025 should champion energy abundance to uplift all economies, especially low-income ones. This vision, espoused by President-elect Donald Trump, will help developed countries and emerging economies alike.
Unfortunately, this vision of promoting energy abundance was not present in the 2024 United Nations Climate Change Conference, or COP29, in Azerbaijan. The summit’s misguided goal was to pressure developed countries to pledge up to $1 trillion annually to help emerging economies adapt to supposedly severe climate change effects and develop their own renewable energy projects. Richer countries…
