Agathe Demarais
@AgatheDemarais
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Geoeconomics @ecfr • Columnist @ForeignPolicy • Ex @TheEIU & @DGTresor • Sanctions book Backfire @ColumbiaUP • Find me where the sky is blue
London, England
Joined February 2014
Rich countries will get access to coronavirus vaccines first - for poorer ones, the timeline will stretch until 2024 (at the earliest)
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🇷🇺 - Sanctions against Russia are very much working [updated with latest data].• Real GDP, retail trade and vehicle manufacturing are all dropping off a cliff.• Russia is heading towards ~4% recession in 2022 and in 2023, complicating financing of war in Ukraine
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🇷🇺 - Sanctions against Russia are very much working.• Real GDP, retail trade and vehicle manufacturing are all dropping off a cliff.• Russia is heading towards ~6% recession this year (a worse downturn than after first sanctions in 2014-15)
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🇪🇺 - EU will publish list of critical technologies today - a key step to kickstart Europe's de-risking efforts vis à vis China.• A short thread with graphs on why this list matters, what we can expect, and what's next for EU de-risking plans 👇🧵 [1/8]
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🇨🇳 - China is by far largest buyer of Africa’s mining output.• In 2020 China bought 43% of Africa’s minerals exports and 32% of region’s ores and metals exports.• Chinese demand for these materials will continue to increase in coming ten years, fuelling investments
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🇮🇳 - Indian ports are undergoing deep transformation as country positions itself as node for global supply chains.• Capacity at major Indian ports has more than doubled in past decade.• Average turnaround time are dropping in key ports, making maritime hubs more attractive
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🇨🇳 - China’s manufacturers are going bust.• ~30% of China's industrial firms are recording losses, more than during Asian financial crisis in 1998.• Public support is unlikely; local govs are highly indebted, central gov calls for industrial consolidation
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🇨🇳 - China's total gross national debt stands at more than 300% of GDP.• Data highlight how Beijing is facing "triple D" problem - debt, demographics and deflation.• ~75% of Chinese government debt is held by local governments, illustrating their vulnerability
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🇷🇺 - Sanctions on Russia are working [updated with November data].• Growth, retail trade, vehicle manufacturing all dropping off a cliff (car production fell by 80% in Nov.).• Russia's deep recession will continue in 2023, weighing on Kremlin's ability to wage war in Ukraine
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🇷🇺 - Russian gas giant Gazprom has just reported first net loss since 1999.• Gazprom posted US$6.84bn loss in 2023 as sanctions drastically curb sales to Europe.• Gazprom's losses will put Russian budget under (even) more pressure amid rising military spending
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One year after Ukraine's invasion, a growing number of countries side with Moscow.• Nearly 70% of global population live in neutral or Russia-leaning countries.• Notable shifts towards Russia since March 2022.🇿🇦 South Africa.🇲🇱 Mali.🇧🇫 Burkina Faso.🇹🇷 Turkey.🇶🇦 Qatar.🇧🇴 Bolivia
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🇻🇳 - Vietnam is one of only few countries going through manufacturing boom.• Country has positioned itself as trade and manufacturing connector between US and China.• With 🇨🇳, 🇱🇰, 🇹🇼 & 🇹🇷 Vietnam is one of five countries that have >18% of population work in manufacturing
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🇨🇳💰 - China's public spending on scientific research is now above America's.• Chinese researchers focus mostly on applied fields, whereas US still leads on basic research.• Beijing has precise priorities: AI, quantum, chips, neuroscience, genetics, biotech, deep space/oceans
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China is only major economy where growth in chip building capacity is slowing.• US, Europe, Japan, South Korea, Taiwan all post fast growth in semiconductor production capacity.• China's chip boom has faded, reflecting impact of US export controls and domestic economic slowdown
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🇷🇺🇪🇺 - Which countries rely most on Russian gas? .• Hungary, Czech Rep, Latvia, Slovakia, Italy top chart (all oppose sanctions on Russian gas).• Sweden, Denmark, Slovenia, Croatia least reliant.• Shows how fear of shooting itself in foot explains country-level sanction policy
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🇨🇳🇮🇳🇺🇸 - Indian students are replacing Chinese ones in US universities.• Number of Indians studying at US universities has grown by 37% over last five years, to 270,000.• Meanwhile number of Chinese studying in US is dropping, reflecting fraught US-China relations
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🇷🇺🛢️ - Virtually every sanctioned Russian oil tanker is now sitting idle.• 39 of 40 ships that US has sanctioned for breaching price cap are sitting idle.• Sanctioned tankers make up only small portion of Russian ghost fleet, with room for more sanctions.
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European automotive sector is facing deep crisis.• Demand for cars in EU has stalled and may never return to pre-pandemic levels.• Outlook for exports has darkened amid US tariff threats and low Chinese demand
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🇷🇺 - Sanctions on Russia are working [updated with Dec. '22-Jan. '23 data].• Oil & gas extraction recorded big annual drop in January; shows impact of sanctions on oil exports.• Russian GDP will not recover to pre-war ('21) level until 2027; highlights depth of economic crisis
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🗺️📈📉 - Which OECD economies performed best and worst in 2022? .• Top performing.🇬🇷 Greece.🇵🇹 Portugal.🇮🇪 Ireland.🇮🇱 Israel.🇪🇸 Spain.🇲🇽 Mexico.🇨🇦 Canada.• Worst performing (all due to war in Ukraine).🇪🇪 Estonia.🇱🇻 Latvia.🇸🇰 Slovakia.🇨🇿 Czech Rep.🇩🇪 Germany.🇫🇮 Finland.🇸🇪 Sweden
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🇨🇳 - Chinese car production mostly serves domestic market.• China exports only around 16% of car production, a far lower share than 🇩🇪 (76%), 🇰🇷 (68%) or 🇯🇵 (46%).• Chinese automakers don't have big inventories, suggesting overcapacity narrative is not 100% accurate
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🇨🇴 - Colombia's economy is not in great shape.• Central bank was slower than others to hike, resulting in high inflation and overheated economy.• Budget and current-account deficits are huge and country is exposed to shifts in market sentiment
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🇪🇹 - Ethnic cleansing of Tigrayans may prolong Ethiopia’s civil war.• Evidence is emerging of war crimes by forces allied to Abiy Ahmed’s government.• Humanitarian situation in region catastrophic, with many people struggling to feed themselves
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🇨🇳 - China's regional inequalities are large and growing.• GDP/person in north-east is 60,400 yuan (US$8,340), compared to 124,800 yuan (US$17,233) along coast.• China’s richest provincial-level unit (Beijing) is four times wealthier than poorest (Gansu)
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🇺🇸🇨🇳 - Younger Americans are (much) friendlier to China than their parents.• 25% of Americans aged 18-44 view China as an enemy, compared with 52% of those 45 and over .• Young Americans also less likely to see Russia as an enemy than their older peers
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🇺🇸🇨🇳🇪🇺🇯🇵 - US remains (by far) the world leader for corporate R&D, accounting for ~40% of global total.• China and EU are competing for second place in global league table.• Japan has been in free fall over past two decades, now accounting for only 10% of global private R&D
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🇫🇷🇩🇪 - Nuclear dispute is driving a wedge between France and Germany.• France wants to count nuclear power towards targets for reducing CO2 emissions & subsidise sector.• Berlin fears that low (guaranteed) French electricity prices could weigh on Germany's competitiveness
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🤖 - US Chips Act is reshaping global semiconductor landscape.• America looks set to produce around one-third of global supply for leading-edge chips by 2032.• US rise will come at expense of South Korea, which could become minor player for top-notch chips
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🇹🇼🇺🇸🇨🇳 - Taiwanese firms now export more to America than to China.• Data highlight how US de-risking plans are rewiring global trade flows and supply chains.• Similar trends are visible across Asia, with South Korea and Japan now exporting more to the US than to China
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🇨🇳🏘️📉 - China's real estate crisis looks nowhere near over.• Price of existing homes are in free fall, highlighting anaemic demand from Chinese households.• Loss of tax revenues from land sales is hitting local governments hard, and many struggle to pay their bills
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🇨🇳🇮🇳 - China has supplanted the US as India’s top trading partner.• India-China trade relationship is deeply unbalanced; India records US$85bn trade deficit with China.• Indian firms get nearly half of supplies from China for electronics, machinery, chemicals and steel goods
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🇪🇺🚘 - European carmakers are facing huge trouble.• Nearly a third of major car plants from Europe’s five largest automakers were underutilized last year.• Stakes are high for EU economies: automotive sector accounts for ~7% of EU GDP and more than 13m jobs
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Chinese and Indian university students pick vastly different subjects.• Big chunk of Chinese study engineering, supporting country's tech ambitions.• Most Indian students pick humanities, law or business, boosting services sector
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🇯🇵🇪🇺 - Japan started derisking from China far earlier than western economies.• Tokyo has long been (among) world leader(s) for economic security, before it became buzz word.• As result Japan's economic reliance on China is low, esp. when compared to EU countries like Germany
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🇷🇺 - Sanctions on Russia are working [updated with February '23 data].• Oil, gas, coal extraction recorded annual drops (again) in February, weighing on Kremlin's finances.• Russia's GDP will not recover to pre-war ('21) level until 2027 - long-term economic outlook is bleak
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Millions of civilians in #Tigray are under blockade & running out of food/medicine.• Hundreds of thousands are believed to have died in war, which is about to enter third year.• Ethiopia is in no rush to do peace talks as its forces and Eritrean allies make gains on battlefield
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🇪🇹 - Ethiopia is not making headlines, but two bloody ethnic revolts rack the country (home to 120m people).• Nobody knows how many have died through murder, ethnic cleansing and famine in Tigray since 2020.• Some researchers reckon death toll could be half a million
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🇨🇳 - China is (quietly) building huge commodity stockpiles.• Country's commodity imports rose by 16% last year and they're still growing despite economic slowdown.• In clear sign of caginess, state statistics do not include data on commodity stocks anymore
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🇨🇳 - China now settles half of its crossborder trade in renminbi, up from zero in 2010.• Rise in RMB use highlights sanctions-proofing strategy of Beijing and its allies, such as Russia.• China's promotion of CIPS, its homegrown alternative to Swift, may support rise in RMB use
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🌍🗳️ - Latest edition of @TheEIU Democracy Index is out today.🇹🇭 Thailand registers biggest score improvement.🇨🇱🇫🇷🇪🇸 Chile, France, Spain reclassified as full democracies.🇷🇺 Russia records biggest drop in score, falling close to bottom of ranking (146 out of 167).#DemocracyIndex
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🇩🇪 - Germany is going through deep industrial crisis.• Country's industrial production has shrunk by around 5% over past ten years, with no recovery in sight.• High energy prices, labour shortages and increasing EU-China tensions are among main reasons for crisis
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🇨🇳 - China’s share of global production capacity is now above 80% for 11 clean technologies.• Massive Chinese investments mean that China's clean tech rise may not be over.• Beijing also invested US$546bn in its own energy transition in 2022, around half of global financing
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🇨🇳 - China's real estate crisis looks nowhere near over.• Price of both new and second-hand homes continued to fall in July, highlighting anaemic demand.• Chinese government efforts to stimulate investment and consumption are barely moving the needle so far
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Africa will be key region for US, EU & China to secure access to crucial minerals.• Region has world's largest reserves of cobalt, diamonds, platinum, bauxite, phosphates, uranium.🇿🇦🇩🇿🇦🇴🇱🇾🇳🇬 - South Africa, Algeria, Angola, Libya, Nigeria, produce ~70% of Africa's mineral output
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🇷🇺 - Moscow has no good option to revive flagging gas sales.• Europe has diversified sources of energy supply and plans to stop importing Russian fossil fuels in 2027.• China is not that keen to increase imports of Russian gas for fear of becoming overly dependent on Moscow
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🇲🇽 - Omicron is coming to Mexico.• Country has already recorded among worst death tolls in the world, with over 600,000 excess deaths.• Government's fiscal response has been among lowest in Latin America and emerging markets
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🗳️ - 2024 is the biggest election year in history.• 76 states will hold nationwide elections next year, including:.🇮🇳 India - 1.4bn people.🇺🇸 US - 342m.🇮🇩 Indonesia - 280m.🇵🇰 Pakistan- 245m.🇧🇷 Brazil - 218m.🇧🇩 Bangladesh - 175m.🇷🇺 Russia - 144m.🇲🇽 Mexico - 129m.🇹🇷 Turkey - 86m
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🛢️ - Looking at the bigger picture, oil was the main source of global energy supply for only 30 years.• Looking ahead, solar and wind will become key global sources of energy.• This will come at huge cost for major hydrocarbon exporters like Russia, Iran or Saudi Arabia
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🇩🇪🏭 - Germany's industrial sector is facing deep crisis.• Energy-intensive industries, such as chemicals, metal-work and paper, have been particularly affected.• On top of higher energy costs, many German firms are hit hard by growing geopolitical tensions
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Russia's state-owned energy giant Gazprom recorded a US$6.8bn loss in 2023, the first since 1999 - in my latest for @ForeignPolicy I unpack what this means for the Kremlin's war economy and why Moscow has no good option to revive flagging gas sales.
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🇨🇳🇪🇺 - Despite de-risking calls, EU firms are increasingly reliant on Chinese technology.• China is top supplier of high-skill, technology-intensive goods to EU, ahead of the US.• By contrast EU is only small supplier of high-tech goods to China, far behind Taiwan & South Korea
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🇨🇳📱🇺🇸 - Apple's iPhone is losing ground in China as domestic competitors gain market shares.• Top five smartphone brands in China are all Chinese - Vivo, Huawei, OPPO, Honor and Xiaomi.• Highlights China's growing drive for tech self-sufficiency, with western brands pushed out
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🇷🇺🇨🇳 - China will be Russia's sole economic and financial lifeline in coming years.• Relationship will be highly unbalanced: China's economy is far bigger than Russia's.• Russia is only a minor trading partner for China, giving Beijing leverage in negotiations with Moscow
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🚢🚉🇷🇺 - Western decoupling from Russia is reshaping global trade/transport routes.• Moscow is developing rail transport corridor to India (via Iran) and Arctic Sea shipping route.• Routes could cut 30%-50% off transit times vs. Suez Canal and avoid security problems in Red Sea
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🇨🇳🤖🇺🇸 - Semiconductors form key area of US-China tech rivalry.• China is on track to spend US$142bn in field, on top of extra US$27bn through state "Big Fund" for key tech.• US funding is about four times smaller so far, with clear focus on most advanced (smallest) chips
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🇺🇸 - Despite talks of dedollarisation, America remains (by far) the world's financial hegemon.• US stock echanges capture more than half of global free-float market capitalisation.• US share of global stockmarket is 2.3 times its share of global GDP — the highest-ever ratio
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Asia's economic model is changing fast.• "Factory Asia" is increasingly producing for Asian countries, instead of shipping goods to US & Europe.• More regional trade means more capital flows across Asia, further deepening region's integration
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🇨🇳 - Chinese firms are fast turning away from US and Europe for greenfield FDI.• China is de-risking, too, by reducing reliance on western markets for trade and investment.• In countries 👇 imports from China of intermediate goods used in manufacturing have tripled since 2013
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🇨🇳 - In China domestic prices for many clean tech goods are in free fall.• Oversupply has led to 10-55% price drops since 2023, weighing on investment and fuelling bankruptcies.• Export prices have been dropping too and outlook is bleak with 🇺🇸🇪🇺 market access restrictions
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African megacities are being swamped by rising oceans.• Lagos is sinking by up to 87mm/year, due to badly maintained drainage and uncontrolled development.• 42% of West Africa’s GDP comes from coastal areas, which are also home to a third of region’s population
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🇨🇳 - China may well be the world leader for de-risking trade ties.• Chinese firms have been developing ties with emerging markets over past ten years.• This reduces China's reliance on unfriendly markets (🇺🇸🇪🇺), shielding Beijing from geopolitical tensions
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🚢🇪🇬 - Global shipping routes are fast changing.• Most ships now prefer going around Cape of Good Hope instead of shorter journey through Suez Canal.• Trend has economic side effects; longer maritime journeys are costlier & Egypt is losing Suez transit fees
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Africa will be demographic (and economic) powerhouse of next century.• Nigeria, Egypt, Tanzania, Ethiopia, DRC will account for over half of global population growth by 2050.• Africa will account for 38% of global population by 2100, with - crucially - young population
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🇷🇺 - Another illustration of how Russia's invasion of Ukraine badly backfired.• Share of Americans who believe Russia is an enemy stands at 64%, compared to 41% before invasion.• Negative view of Russia counts among rare areas of agreement between Democrats and Republicans
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🇪🇺 - We @TheEIU have revised our 2023 growth forecasts.• Amid high inflation & energy crisis, we expect recessions or zero growth in Europe.🇩🇪 -1%.🇬🇧 -0.6%.🇮🇹 -1.3%.🇪🇺 (EZ) 0%.• 🇫🇷 (0.3%) and 🇪🇸 (1.6%) are only big 🇪🇺 economies that we believe will not post recession in 2023.
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Japan’s financial heft in South-East Asia remains understated; Japan 🇯🇵 is a (far, far) bigger investor in the region’s infrastructure projects than China 🇨🇳
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🇨🇳 - China is cementing its status as global factory of the world.• Every year Chinese firms churn out as much industrial output as the US and the EU - combined.• Only 20 years ago China's industrial output stood at only a fifth of America and Europe's total output
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Latest edition of @TheEIU Democracy Index is out - global score has dropped to lowest ever level, as pandemic has led to imposition of sweeping curbs on individual freedoms and civil liberties across the world
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🇰🇷 - South Korea’s role as major chip producer means country is critically important to global economy.• Samsung produces 41% of the world’s DRAM chips and 33% of NAND memory chips.• Many of world's biggest firms, including Apple, Qualcomm or Deutsche Telekom, depend on Samsung
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🇨🇳 - China imports more agricultural produce than any other country.• Country is obsessed with food security and has enormous stockpiles (eg. 18 months for wheat) .• Tracking Chinese build up of food reserves could be early indicator of coming war around Taiwan
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🇩🇪 - Germany stands out as laggard for economic performance among G7 countries.• Industrial production has tumbled (esp. in energy-intensive sectors) and carmakers are struggling.• Low growth in China and Europe has hurt exports and prospects for quick improvements look limited
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🇧🇷🇨🇳 - Trump 2.0 could further fuel growth in Brazil-China trade ties.• In Trump's first term Brazil's exports to China jumped as China replaced US soya and corn with Brazilian one.• Brazil's exports to China are three times bigger than those to the US, whose growth has stalled
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Geopolitical tensions are fuelling global economic fragmentation.• Three blocs emerge (i) western 🇺🇸🇪🇺🇯🇵 (ii) neutral 🇻🇳🇲🇽🇮🇳 & (iii) int'l coalition of rogues 🇨🇳🇷🇺🇮🇷🇰🇵🇸🇾.• Neutral states get growing share of global FDI as they position themselves as hubs between other two blocs
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🇷🇺 - Sanctions on Russia are working [updated with December data].• Retail trade and industrial production posted worst contractions since covid-19 hit in early 2020.• Dec. GDP contraction likely huge, but we can only guess as release of data was inexplicably cancelled
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Discontent is brewing in China.• 937 protests erupted in Q3 2024, a 27%-rise compared to the same period in 2023.• Property rout has wiped out many people’s savings and firm bankruptcies are soaring
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🇩🇪🇺🇸 - Germany stands among most obvious targets for Trump's tariff plans.• Country records huge trade surplus with the US, at €86bn last year.• Germany is also largest EU exporter to the US, with shipments totalling €158bn last year
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🔌🔋🇨🇳 - China accounts for almost 40% of global renewable power capacity.• Beijing sees renewable power as key driver of domestic energy security.• China's installed capacity for renewable power is twice bigger than Europe's and three times larger than US's
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🇨🇳🇻🇳🇺🇸 - Correlation between Vietnam’s exports to US and its imports from China is now close to 1.• This suggests that Vietnam increasingly plays role as a transit hub for Chinese exports to US.• Situation highlights difficulties of assessing reality (or illusion) of de-risking
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🇧🇷🇷🇺🇮🇳🇨🇳🇿🇦 - Dedollarisation is key issue at Kazan BRICS summit that starts today.• US dollar remains dominant currency, with more than half of global FX reserves held in greenback.• Moscow pushes for BRICS Bridge, a digital payment platform bypassing western financial channels
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🇷🇺📉 - Gazprom's stock has lost around 15% of its value over the past month.• Drop started after Russian gas giant posted US$6.8bn loss for 2023 due to falling exports to EU.• This week Russian state announced that Gazprom would not be able to pay dividends for 2023
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🗳️ - Here's @TheEIU's list of key elections in 2023.• Europe: Spain 🇪🇸, Poland 🇵🇱, Greece 🇬🇷, Cyprus 🇨🇾, Turkey 🇹🇷.• Asia: Pakistan 🇵🇰, Thailand 🇹🇭, Bangladesh 🇧🇩, New Zealand 🇳🇿.• LatAm: Argentina 🇦🇷 and potentially Peru 🇵🇪.• Africa: Nigeria 🇳🇬, Libya 🇱🇾, DRC 🇨🇩, Zimbabwe 🇿🇼
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Africa will be demographic (and possibly economic) powerhouse of 22nd century.• Sub-Saharan Africa is only region that will still record population growth in 2100.• African countries will reap benefits of higher population only if they manage to invest in education
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🇮🇳 - India's efforts to position itself as manufacturing alternative to China face challenges.• India's share of global manufactured exports has barely changed since 1990.• Infrastructure issues, red tape and protectionnist policies (tariffs) are deterring industrial investors
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Ahead of the European parliament elections, the popular myth that sanctions hurt Europe more than they harm Russia is likely to become (even) more mainstream - as I explain in my latest piece for @ForeignPolicy these claims are wrong and easy to debunk 👇.
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Reading the news, one would be forgiven to think export controls on Russia aren’t working. Yet catchy headlines on sanctions evasion miss the big picture - in an op-ed for @POLITICOEurope I explain why export controls on Russia work better than we think 👇.
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🗺️ - Are geopolitical tensions reshaping global FDI flows?.• Flows between US and China are dropping fast, while US investments to Americas and Europe are growing.• Flows to/from China are plummeting; China is less attractive as a destination and focusing more inwards
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🇷🇺🇮🇳 - India's trade with Russia has ballooned in 2022.• Russia has become India's largest supplier of oil, surpassing Iraq.• India shares Russia's goal to increase payments in local currencies in bid to bypass dollar (and sanctions)
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🇨🇳🔌🔋 - China is well on track to become the world's global hegemon for green energy.• China seeks to hit peak carbon emissions by 2030 and to achieve net zero by 2060.• Transition will deepen country's global influence as it positions itself as leading supplier of clean tech
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🇨🇳🚢🚘 - China's car and ship exports keep growing.• In September alone China exported 464 ships worth more than US$4.6bn - the highest-ever recorded level.• Car exports this year are topping US$90bn, or six times more than in the entire year of 2019
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🇹🇷🇷🇺 - Turkish exports of military kit to Russia's neighbours often tend to go missing.• Shipments supposedly leave Turkey for Azerbaijan, Kyrgyzstan or Kazakhstan, but they really go to Russia.• Turkey is Russia's second-biggest source (after China) of sensitive military goods
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🇮🇳🇨🇳 - India’s dependence on Chinese imports keeps growing.• In 2023-24 financial year China edged past the US to reclaim its position as India’s top trading partner.• India’s imports from China rose by 56% since 2020, fuelling a 75% rise in country's trade deficit with China
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🇨🇳 - While western countries de-risk from China, the rest of the world is turning to Beijing.• Chinese firms now export more to developing economies than to US, EU and Japan.• China's trade push also comes with long-term investment plans, notably in southeast Asia
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This paper is a must-read to understand how Moscow has adapted to Western sanctions on energy exports - a 🧵with notes and graphs 👇.Via - @elinaribakova @IIF @ben_hilgenstock @KSE_Institute @TaniaBabina @Columbia_Biz @mironov_fm @IEBusiness @itskhoki @UCLA [1/7]
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🇷🇺 - Gazprom is struggling to find new customers after loss of European market.• Beijing has not signed up for new deals with Moscow after Gazprom stopped deliveries to EU.• Drop in revenues means Gazprom posted US$6.8bn loss last year while massively increasing borrowing
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🇷🇺 - Russia has deep pockets of support, esp. in developing countries.• Most people around the world live in countries that are neutral or Russia-leaning regarding war in Ukraine.• Russia will court emerging countries in coming years, using economic diplomacy and disinformation
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Moscow is fast depleting rainy-day savings to plug the war-induced fiscal hole and preserve social stability - in my latest for @ForeignPolicy I explain why this strategy can only last for a while and what this means for Russia's ability to finance the war.
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🇩🇪 - Espionage scandals are hurting Germany’s far right.• Charges of Chinese & Russian influence are marring AfD’s campaign for European parliament elections.• Party’s support stood at just 16% on April 30th, down from 23% in December and far below CDU/CSU
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🇨🇳 - China's CO2 emissions could peak this year (or reasonably soon).Beijing is building nuclear-power stations faster than any other country.China invests heavily in renewable energy, supporting its ambition to be (sole) global leader for clean tech.#COP28
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