“The West and the US are increasingly moving away from fossil fuel. In fact, both the EU and the US are bringing in new regulations that will make it harder for emerging economies in Asia, Africa, and Latin America to trade with the EU and the US. Take for example, the Carbon Border Adjustment Mechanism in the EU and Inflation Reduction Act in the US, both of which are aimed towards aligning trade rules with climate change mitigation policies pursued by the developing countries.”

https://thewire.in/world/dollars-yuan-gold-us-china-trade