China and Europe Form Carbon Alliance as US Bets on Fossil Fuels

China and the European Union have joined forces in a bid to create a global alliance on carbon pricing, putting them at odds with the Trump administration’s push to invest more in fossil fuels.

The coalition on compliance carbon pricing — chaired by the EU, China and Brazil, which championed the idea at the COP30 climate summit in November — was launched in the Italian city of Florence on Thursday. Environmentalists and economists have long advocated carbon pricing as a tool for reducing greenhouse gas emissions and tackling global warming.