The global energy transition depends on something that is rarely said clearly: without open and predictable trade, there will be no large-scale investment, and without investment, the green industry needed to curb global warming will not see the light of day. The world needs green steel and aluminum, SAF, clean fertilizers, green hydrogen, and a variety of other low-emission goods. The technology is mature, costs have fallen, and countries like Brazil are accumulating natural advantages that are difficult to replicate. Yet many highly competitive projects remain paralyzed. If the potential is so great, why is the industry moving slowly?
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