Beijing’s upcoming Communist Party conclave will discuss the 14th Five-Year Plan, covering economic targets for the first half of the next decade. The meeting comes amid geopolitical and economic uncertainty, with China’s economy bouncing back from the shock of COVID-19 but facing a far more challenging external environment and threats of decoupling in high-technology industries.

Carbon prices alone are not enough to reach net-zero emissions by midcentury. Additional policies are needed to complement an economy-wide carbon tax and further cut CO2 from the US energy system.

We lay out five areas where change will be needed on both sides of the Atlantic in order for the US and Europe to come together on one of the biggest challenges of the 21st century: managing the rise of China.