Germany makes an example of Elmos + China nears emission peak
Cosco yes - Elmos no. Where is the logic in that? The entry of a state conglomerate into actual infrastructure would, after all, be more detrimental to Germany than the takeover of a small factory for semiconductor precursors by a Swedish-Chinese company. German economy minister Robert Habeck consistently opposed both deals equally, as our analysis shows. It was Chancellor Olaf Scholz who tipped the scales in favor of Cosco's entry. Of course, the fact that Scholz used to be the mayor of Hamburg could have nothing to do with it.
Habeck, in turn, explained his concept coherently to the press on Wednesday. Europe should no longer be naive and simply leave takeovers to the market and should be as smart as China. EU member states should join forces to keep important industries in the EU. However, given Europe's complicated structure, this will hardly work as effectively as in China's controlled economy.
China is also a dominant player at the COP27 climate conference in Egypt. After all, the People's Republic remains the largest emission emitter. But hopes are growing that emissions will soon turn peak, as Nico Beckert analyzes. Perhaps, and with a bit of luck, the peak will come as early as 2025 – and not in 2030, as envisioned in China's official climate target. Thus, emissions could start to fall slowly in just a few years. While this would be a tremendous success, it would not be enough. Because in order to still meet the 1.5-degree target set in Paris, emissions would have to fall dramatically after 2025. It is now up to the conference participants to combine what is possible with what is necessary.