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Europe vows to work against fossil-fuel investments globally – Sydney Morning Herald

The European Union plans to use its diplomatic and economic muscle to accelerate global energy transition away from fossil fuels.




The EUs executive arm is drafting a law, to be unveiled by June, that would start penalising imports of certain goods from countries with weak pollution rules, thereby helping to protect the competitiveness of local producers abiding by stricter standards. This push to export climate standards got a boost last week when President Joe Biden moved to restore the US as a member of the Paris climate accord, which seeks to limit global temperature increases to 2 degrees Celsius through steep reductions…

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