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Latin America & Caribbean
Brazil's President Luiz Inácio Lula da Silva and Germany's Chancellor Friedrich Merz walk after a bilateral meeting on the sidelines of the UN Climate Change Conference (COP30), in Belem, Brazil, on November 7, 2025.
When it comes to global warming, the hottest ticket in the world right now is for the COP30 conference, which runs for the next week in Brazil.
What’s COP30? It’s the 30th installment of an annual UN-backed event that brings together world leaders, diplomats, and experts for two broad purposes: finding ways to slow global warming and to address the impacts of climate change.
This year’s meeting, held in the Amazon rainforest city of Belém, comes amid huge new challenges to the climate agenda. The government of the world’s largest economy, the US, is once again actively hostile towards climate policy. The world’s leading philanthropist, Bill Gates, has recently downgraded climate change as a key concern.
What’s more, it’s been ten years since nearly 200 countries signed the Paris Agreement, pledging to reduce emissions in order to keep global temperature rises within specific targets. The efforts have largely failed, and the targets are now unreachable.
So what is achievable at this year’s COP? To learn more we sat down with Herbert Crowther, an energy and climate expert at Eurasia Group. Our conversation has been lightly edited.
GZERO: Herbert, you’re on your way to COP 30 in Brazil. How does this COP feel different from previous ones? Are the stakes higher? Lower?
This COP feels different because there isn’t a single trademark deliverable or negotiating point. Most other recent COPs have had that: last year at COP29 it was about setting financing targets, for example.
This year the larger question is how to find ways to address the current geopolitical obstacles. The Brazilian COP hosts have tried to frame this in terms of COP30 being about “implementation” of prior commitments rather than negotiating new commitments, but that framing has faced some pushback.
So it’s all much more unpredictable than other recent gatherings. From a negotiating point of view, the stakes are perhaps lower – but from a political sentiment point of view, the stakes are higher.
GZERO: The Trump administration has left the Paris Agreement. Bill Gates is focusing on other things. That means two huge, longstanding pillars of support for climate policy are now gone. Who is going to drive this stuff now?
Those are real headwinds. But there are other data points that are less foreboding. Besides the US, no other country has departed the Paris Agreement. The costs of low-carbon energy continue to drop, driven in significant part by Chinese manufacturers. The private sector generally remains bullish on decarbonization technologies. And many philanthropies will still engage in climate work, even as they change their public framing around it or prioritize other issues. The area where politics may be most disruptive is in the question of financing: projects may be more difficult to finance and more reliant on government support.
GZERO: What’s a realistic expectation of what can be achieved at this COP? What are you most optimistic about and what are you most pessimistic about?
We will likely see more agreements between countries on carbon trading, as well as some new targets for financing and monitoring projects that help countries to adapt to climate change.
I’m more pessimistic on the ability of COP30 to find a political message that will respond effectively to this geopolitical environment. In many ways, a positive vision for COP30 is simply to maintain credibility for the multilateral process, and to create conditions for a COP31 next year that has more time to identify solutions tailored to this geopolitical environment.
GZERO: A lay reader, or a person who doesn’t follow climate policy closely, might look at the headlines about how countries keep failing to meet their obligations, and wonder “why keep having COP at all?” How would you answer that?
That’s a very understandable concern. What is sometimes lost by those headlines is the value of the COP process as a choreography mechanism to encourage countries to regularly deepen their long-term climate ambitions. Most countries have done this ahead of COP30 with new 2035 targets, even if those commitments are not as ambitious as many observers would like. Recalibrating expectations and finding a new political framework for the whole process will be a topic of discussion in Belém.
No matter what happens, you’ll be in Brazil! What’s one thing you’re excited to do there that has NOTHING to do with climate change?
I am looking forward to seeing Belém – my first time in the Amazon! I will be consuming lots of Brazilian espressos throughout the week.
Have a couple for us too – enjoy!
What We’re Watching: Milei sticks to his guns, Putin gets ready to test, Central Asia comes to Washington
Argentina's President Javier Milei gestures after the La Libertad Avanza party won the midterm election, which is seen as crucial for Milei's administration after US President Donald Trump warned that future support for Argentina would depend on Milei's party performing well in the vote, in Buenos Aires, Argentina, on October 26, 2025.
Argentina’s Milei says no float just yet
Argentine President Javier Milei says he still won’t float the peso freely, signaling he’ll continue to spend his country’s central bank reserves to artificially manage the exchange rate until the 2027 presidential election. Why is that a big deal? Just last month, ahead of the midterm elections, Milei got $2 billion from the United States – as well as a $20 billion credit line – to shore up dwindling reserves. Keeping the currency strong is part of his broader effort to bring down inflation, which includes taking a chainsaw to government spending. But investors expected that after the midterms – which he won handily – he’d move in a more market- friendly direction, letting the peso float. So much for that. If the policy puts reserves in danger again, will the self-styled “anarcho-capitalist” president get another bailout from Tío Sam?
Putin signals he’s ready to match any new US nuclear tests
Just days after US President Donald Trump announced that the Pentagon would resume nuclear testing – without going into some key details – Russian President Vladimir Putin signaled he is ready to do the same, asking members of his security council yesterday for proposals. Neither country has tested a nuclear warhead in decades, although both still test and maintain delivery systems such as rockets and missiles. A return to actual warhead testing could provoke a dangerous new arms race at a time when arms control agreements are already withering fast. For more, see our recent report here.
The ‘stans come to stan Trump
The leaders of the five Central Asian republics – can you name them? – will meet with Trump at the White House today. Russia has long dominated the resource-rich former-Soviet region, but China has made significant commercial inroads in recent years. Trump is seeking greater US access to critical minerals and other resources there, while the Central Asians – wary of both Russian intentions and China’s heft – are keen to diversify their economic and security ties. (Btw, the five are: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, and Uzbekistan. Did you get ‘em all?)
Hard Numbers: Bank of Canada slashes staff, US flights grounded by shutdown, Mexico’s president groped in viral incident, Japan targets ursine enemies
Canada's Prime Minister Mark Carney speaks during a press conference on the sidelines of the 47th ASEAN Summit in Kuala Lumpur, Malaysia, on October 27, 2025.
10%: The Bank of Canada plans to lay off 10% of its staff. The move comes amid broader cuts of thousands of government workers as Prime Minister Mark Carney tries to streamline operations and gird the country against the longer-term impacts of Donald Trump’s trade war.
40: The US government shutdown will hit travellers this weekend, as the Trump administration plans to cut 10% of air traffic at 40 of the country’s busiest airports. Thousands of flights will be canceled. The move is meant to ease working conditions for air traffic controllers, who have been on the job without pay since the shutdown began more than a month ago.
501: Mexican President Claudia Sheinbaum has filed a criminal complaint against a man who groped her breast and tried to kiss her on Tuesday. The incident was captured on video and went viral. “If I don’t file a complaint, then what message does that send to all Mexican women?” Sheinbaum said. The incident shines a fresh light on the country’s huge problem of violence against women – there have been 501 femicides in the country so far this year. Experts say that’s a vast undercount.
100: Japan hasn’t fought a war in 80 years, but the government has just deployed troops to deal with an internal enemy: bears. This year there have been more than 100 attacks by the animals – including at a hot springs, a bus stop, and inside a supermarket – leaving a record 12 people dead. Overpopulation and shortages of natural food is driving the bears more into settled areas to fatten up ahead of the winter hibernation.
20: Democratic Rep. Nancy Pelosi’s 20th term in Congress will be her last, as the 85-year-old representative for San Francisco and announced she would retire. A fierce leader who has politics in her blood, Pelosi was the first woman to ever serve as speaker, holding the gavel for eight years cumulatively. She was also the Democratic leader in the House for 20 years. Arguably her biggest legislative achievement was shepherding the Affordable Care Act through Congress – although she hated the final version of the bill.October 21, 2025: The owner of this cattle feedlot in Sergeant Bluff, Iowa, USA, used to fly a Trump/Vance flag. The Trump/Vance flag is no longer flying at the feedlot.
These days, US farmers aren’t just worried about the weather jeopardizing their harvests. They’re keeping a close eye on geopolitical storms as well.
The American agricultural industry exports roughly 20% of its production, making it heavily reliant on global trade. This year, China – the third biggest buyer of US agriculture – has drastically cut back orders in response to President Donald Trump’s tariffs. While China agreed to resume buying soybeans, a major import crop, after meeting with Trump at the ASEAN summit last week, it has not bought any US corn, wheat, sorghum, or soybeans so far this year. Accordingly, the USDA projects that American agricultural exports to China will fall 30% compared to last year, to $17 billion. That’s down more than 50% since 2022.
“There’s uncertainty in the markets,” Farm Bureau economist Dr. Faith Parum explains. “Farmers are making decisions now for next year, unsure of where the markets are for what they planted this year.”
Parum says she is “optimistic” about the trade deals Trump made with Southeast Asian countries at the ASEAN summit last week, as Malaysia, Cambodia, and Vietnam all opened up to more US exports. The region is now the fastest-growing export market for US agriculture, with over $12 billion in products shipped there last year.
But the US-China trade tensions come at a bad time for many farmers. Despite a record corn harvest this year, many US growers are losing more than $100 an acre, according to Parum, squeezed between falling crop prices, a result of losing their major buyer, and rising production costs. Parum says production costs, like fertilizer, transportation, and labor, have increased over the past few years. Fertilizer prices have not stabilized since Russia’s full scale invasion of Ukraine, and have risen since July because of China limiting exports. Meanwhile, immigration crackdowns have caused the price of farm labor to go up.
From 2020 to 2022, 61% of the hired farm workers were immigrants, and only 7% were US born – the rest were immigrants who had obtained US citizenship. As a result, according to Eurasia Group US policy expert Noah Daponte-Smith, “A lot of [workers] are losing their authorization to work or being deported outright. And that is creating labor market pressures in the food supply chain that are pushing prices up.”
“[Immigration] is one of these issues where administration policy counteracts other policies, namely: keeping food prices down,” Daponte-Smith added.
This tension can also be seen in the meat aisle. Beef prices are at record highs due to droughts which have shrunk herd sizes. Trump’s solution was to quadruple imports of Argentine beef. The deal gave Argentine President Javier Milei, an ideological ally of Trump’s, a lifeline ahead of midterm election but enraged US beef producers who were suddenly subjected to more foreign competition. The pushback was immediate, prompting Vice President JD Vance to hold a private meeting with lawmakers from leading agricultural states to hear out their grievances.
There’s a political component to this: America’s agriculture industry is disproportionately consolidated in Republican led-states like Iowa, Texas, and Nebraska, and farmers are an “ancestral” contingent of the GOP, says Daponte-Smith. Republicans have a 25-point advantage over the Democratic party in rural areas of the country, according to Pew Research Center.
“Trump’s between a rock and a hard place,” says Daponte-Smith. “The administration campaigned on an anti-inflation message, but his efforts to bring prices down anger a core Republican constituency.”
Yet farmers remain optimistic about the country’s direction, according to Purdue University, with 71% saying the US is “headed in the right direction.” However, confidence in tariffs has declined: only 51% now believe tariffs will strengthen the agricultural economy, down from 70% in spring. Meanwhile, 30% think tariffs will weaken it.
Politically, Trump appears to be moving quickly to neutralize the farm backlash, offering farmers a multibillion dollar financial support package drawn from tariff revenues.
“They don’t want this to be happening next August,” says Daponte-Smith. “That’s when it really could be an issue.”
What We’re Watching: Venezuela clamps down on dissidents, Democrats celebrate election successes, Leading economist warns of triple bubble
Venezuela's President Nicolas Maduro reacts after shooting an arrow during a rally on the Day of Indigenous Resistance, his first public appearance after opposition leader Maria Corina Machado was awarded the Nobel Peace Prize, in Caracas, Venezuela, on October 12, 2025.
Venezuela’s Maduro turns the screws as Trump ponders regime change
Amid intensifying US attacks on alleged Venezuela-linked drug trafficking boats in the Caribbean, Venezuelan strongman Nicolás Maduro is cracking down on dissent at home. The largest US military buildup in the Caribbean in decades has raised concerns that US President Donald Trump may seek to knock Maduro out of power altogether. Maduro — who remains deeply unpopular after evidently rigging last year’s presidential election — has deployed loyalist vigilantes to police dissent and arrested dozens more critics. (For more on this see our latest “Debrief” with Eurasia Group’s Venezuela expert Risa Grais-Targow here.)
Democrats celebrate a good election night
As Democrats plot a path back to power in next year’s midterms, last night’s local election results give them much to chew over. First, voters in California authorized a redistricting that gives Dems a shot to overturn five GOP-held seats. Second, centrist Democrats comfortably won the gubernatorial races in New Jersey and Virginia, while voters in swing-state Pennsylvania re-elected three liberal state Supreme Court justices. A key factor in VA and NJ was that voters of color who had voted for Trump in 2024 swung back to the Democrats. Lastly, of course, democratic socialist Zohran Mamdani’s victory in the New York mayoral race will intensify internal party debates about whether to double down on centrism or populism.
Leading economist warns of three big bubbles
Is the world economy about to take a bubble bath? The head of the World Economic Forum has warned of three potentially crippling financial market bubbles: in crypto, in AI, and in public debt. If any of the three bursts — that is, if a critical mass of investors think they are overvalued and start a mass sell 0ff – we could be in for a world of hurt. Goldman Sachs CEO David Solomon and JP Morgan Chase CEO Jamie Dimon have both recently warned of a coming market correction. The WEF comments came amid a brief selloff yesterday in tech stocks over concerns about over-investment in AI.
President Trump reportedly hasn't yet decided whether or not to invade Venezuela. But the fact that a man who got elected on ending endless wars is even considering waging war in the Western hemisphere is remarkable. How did we get here, and what happens next? Eurasia Group's Risa Grais-Targow breaks it down in the latest episode of #TheDebrief
Trump's been cagey on whether or not the US will go to war with Venezuela, but would he? Here's how it could happen and why.
So here's the context. Trump has started taking the war on drugs literally. You've probably seen US strikes on boats in the Caribbean allegedly carrying drugs, an issue that plays well with Trump's base in both red states and swing states and makes Democrats look weak. There's also concerns around migration flows, an issue that is very important for key advisors like Stephen Miller within the cabinet.
But this is about more than appearing tough on drugs and immigration. It's also about regime change. Ousting President Nicolas Maduro is unfinished business from Trump's first term and a key priority for Secretary of State, Marco Rubio.
There's also an element of psychological warfare here. You have a massive US military buildup just off the coast of Venezuela aimed at getting in Maduro's head, and it just might work.
Geopolitics are also key here. Trump is keen to show China that the US is strong in its backyard, Latin America, as we saw with his moves related to the Panama Canal earlier this year. He's also taking advantage of the fact that Maduro's typical allies, Russia, Iran, China, are either weak or distracted and are unlikely to come to his rescue. All of this suggests that the US may be readying for moves against Venezuela.
Obviously, US war with Venezuela would be a huge deal, but it's also about short-term political wins versus a long-term strategy, and that means that it could escalate very quickly.There's also competing interests within Trump's cabinet. For Stephen Miller, this is about testing the limits of presidential power while Rubio is more focused on toppling a leftist regime in the region that he sees as propping up other leftist regimes, including Cuba and Nicaragua.
Then there's Trump himself, who may or may not lose interest, especially if this is something that's not going to deliver a quick win.
So which way is this going to go? Here are a few things to look out for. The first is an escalation of "Maduro Must Go" rhetoric coming from the White House, something that we're just starting to see. The second is a broader campaign against cartels in the region that shifts the US focus to other countries like Mexico and Colombia.
Finally, there's strikes within Venezuelan territory itself, which could put the US on a clear path to escalation, at which point we may be past the point of no return. And unfortunately, the thing about a point of no return is that you don't always know you're there until you've passed it.
What We’re Watching: Trump threatens Nigeria, Jihadis surround Mali’s capital, Latin Americans back US-led regime change in Venezuela
Farmers proceed to their fields for cultivation under Nigerian Army escort while departing Dikwa town in Borno State, Nigeria, on August 27, 2025. Despite the threat of insurgent attacks, farmers in Borno are gradually returning to their farmlands under military escort, often spending limited time on cultivation.
Trump threatens hit on Nigeria over plight of Christians
US President Donald Trump on Saturday threatened military action against Nigeria, Africa’s most populous country, over the government’s alleged failure to protect Christian communities, who make up nearly half of the country’s 231 million people. Nigerian President Bola Tinubu rejected the claims, which echo a growing concern about anti-Christian violence among the American right, though his adviser said he’d “welcome US assistance” in combating jihadist insurgencies such as ISWAP, which have targeted Christian communities. In addition, there has been a surge in sectarian violence in Nigeria this year, a result of intensifying competition for land and resources between farmers, who are typically Christian, and herders, who are mostly Muslim.
Mali on verge of succumbing to jihadis
Meanwhile, in nearby Mali, jihadis have surrounded and blockaded the capital of Bamako, starving the city’s four million residents of fuel. The militants are now on the cusp of taking power from the Russian-backed military junta there. This is the latest twist in a 13-year long conflict that has featured three military coups, a French invasion, a Russian intervention, a French withdrawal, and a notorious jihadi leader nicknamed “One-Eyed Nelson.” The rise of an ultraconservative jihadist caliphate would subject Mali’s people – especially its women – to immense hardship, while also threatening to create a fresh refugee crisis that could ripple towards Europe. It would also mark a fresh setback for Russia, and could boost jihadist groups that have sprouted in neighboring Burkina Faso and Niger.
Split-screen on regime change in Venezuela
Nearly half of Americans oppose US-led regime change in Venezuela, and just 18% support it, a YouGov poll says. But people in the region see things differently, according to a multi-country Bloomberg study that shows 53% of respondents want Tío Sam to knock out Venezuelan strongman Nicolás Maduro. Mexico is the only country where opposition surpasses support for the idea. Within Venezuela? A plurality said they “don’t know.” The US has recently been striking boats it says belong to drug traffickers tied to the Venezuelan regime. But with more US warships in the region than at any time since the 1989-1990 invasion of Panamá, many are wondering if Maduro’s regime itself is the eventual target. (For more on what that could look like, see here.)