Brunei

AsiaSouth-Eastern AsiaModerate Risk

Composite Index

34

Risk Indicators
34Moderate

Active clusters

16

Related intel

8

Key Facts

Capital

Bandar Seri Begawan

Population

440K

Related Intelligence

72security

Crypto scams, exam leaks, and CCP-linked networks: are regulators racing the next wave?

A Seoul-based funeral services firm has disclosed roughly $33 million in unrealized losses after placing money into a leveraged ether ETF, highlighting how retail-adjacent corporate exposure can amplify volatility when crypto markets swing. In parallel, multiple reports describe cross-border scam ecosystems that move funds through layered accounts and recruit victims via fake job offers, then escalate to fortified scam compounds. Hong Kong emerged as the hardest hit jurisdiction in a crackdown spanning 10 jurisdictions, accounting for more than 40% of the $752 million in losses uncovered, with investigators tracing the largest loss to a Singaporean firm whose funds were dispersed across multiple bank accounts. Separately, US reporting on CCP-linked crime networks in Southeast Asia underscores an intelligence-and-law-enforcement overlap, while US state-level complaints show Texas and Florida leading reports of millions lost through crypto ATMs. Strategically, the cluster points to a convergence of financial crime, cyber-enabled fraud, and cross-border enforcement that can strain diplomatic and regulatory coordination across Asia and North America. The beneficiaries are criminal networks that exploit jurisdictional gaps—using Hong Kong, Singapore, and other hubs as transit points—while victims are increasingly pushed into crypto rails that are harder to reverse once funds are moved. For governments, the “CCP-linked” framing raises political sensitivity: it can accelerate pressure for information sharing, but also risks tit-for-tat narratives that complicate cooperation. The exam-paper leak in Pakistan adds a different but related pressure channel—state legitimacy and institutional trust—suggesting that online fraud and data theft are increasingly targeting high-stakes systems with mass participation. Overall, the power dynamic is shifting toward enforcement capacity and compliance tooling, but criminals appear to be iterating faster than some regulatory regimes. Market and economic implications are most visible in crypto-adjacent channels: leveraged ether ETF exposure can translate into sudden mark-to-market losses for corporate balance sheets, potentially affecting local financial sentiment and risk appetite. The crypto ATM complaints indicate demand for cash-out pathways, which can raise short-term scrutiny of kiosk operators, payment processors, and bank compliance controls, even if direct price impact on ETH is limited. In the near term, the $752 million cross-border losses uncovered signal that law-enforcement actions may temporarily disrupt liquidity for scam operators, but the broader effect is likely to be felt in compliance costs and transaction monitoring spend rather than in commodity prices. For Pakistan’s Cambridge exam leak, the immediate market linkage is indirect—reputational and administrative costs for education stakeholders—but it can still influence insurance and cyber-risk pricing for institutions handling exam data. The combined picture suggests elevated tail risk for crypto rails, higher regulatory risk premia for fintech and ATM networks, and potential volatility in sentiment around leveraged crypto products. What to watch next is whether enforcement actions move from “loss uncovering” to “asset freezing and operator disruption” across the same transit jurisdictions that enabled the $752 million flow. Key indicators include expansion of cross-border mutual legal assistance requests, the number of bank accounts and crypto on/off-ramps identified as repeat nodes, and whether crypto ATM operators face licensing or settlement actions in states with the highest complaint volumes. For leveraged crypto products, watch for additional disclosures by corporate or quasi-corporate holders, changes in ETF risk disclosures, and any regulator-driven restrictions on leverage or marketing. In Pakistan, monitor follow-on investigations into the April 29 Cambridge Math leak, including whether exam retakes, disciplinary actions, or platform takedowns occur and how quickly the Cambridge examinations board communicates remediation. Escalation would be signaled by coordinated takedowns that trigger retaliatory cyber activity or by sudden new scam recruitment waves; de-escalation would look like faster asset recovery, fewer new victim reports, and clearer cross-border coordination timelines.

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72economy

Iran War’s Energy Shock Is Spreading—Will Central Banks and ASEAN Hold the Line?

Federal Reserve official Austin Goolsbee said the impact of the Iran war on the U.S. economy is starting to resemble an inflationary shock rather than a contained, temporary disturbance. His comments, reported on 2026-05-07, frame the macro risk as energy- and price-driven, with implications for how quickly policymakers can normalize rates. At the same time, multiple Asian reports describe an energy crunch tied to the Iran conflict, with heat-wave conditions worsening the strain on power systems. Across South and Southeast Asia, temperatures rose through April and in some places exceeded 100°F, leaving millions struggling to stay cool as electricity supply was constrained. Geopolitically, the cluster points to a regional stress test where Iran-linked energy disruptions are colliding with climate-driven demand spikes, raising the probability of policy missteps and social friction. The U.S. is effectively importing inflation risk through global oil and risk premia, while several Asian economies face the dual challenge of managing inflation expectations without triggering recessionary tightening. Malaysia’s central bank is expected to keep its benchmark rate unchanged because inflation is still “benign” even as global oil prices rise, suggesting a cautious stance that prioritizes growth stability over preemptive tightening. Meanwhile, ASEAN leaders are preparing a summit where the energy crisis is front and center, and where Manila must also keep attention on preventing regional conflicts in Myanmar, Thailand, and Cambodia from being pushed off the agenda. Market implications are likely to concentrate in energy-sensitive segments: crude-linked pricing, power generation and grid operators, and consumer utilities exposed to peak-demand costs. The U.S. inflation-shock framing increases the odds of higher-for-longer expectations, which can pressure rate-sensitive assets such as long-duration equities and credit, while supporting near-term hedging demand in energy and inflation-linked instruments. In Southeast Asia, the expectation of steadier policy rates in Malaysia implies less immediate support for local bond yields from monetary tightening, even as oil-price pass-through remains a key variable. The heat-wave and power constraints also raise the risk of short-term disruptions to industrial output and logistics, which can feed into food and services inflation baskets. Next, investors and policymakers should watch for evidence that Iran-war-related energy costs are translating into sustained core inflation rather than one-off headline spikes. For central banks, the trigger is whether inflation expectations re-anchor upward, forcing a shift from “benign” assessments to tightening bias; Malaysia’s decision path will be a near-term read-through for the region. For ASEAN, the key indicator is whether summit language turns into concrete cross-border energy coordination—such as emergency supply arrangements, grid interconnection priorities, or demand-management frameworks—before the next peak season. Escalation risk rises if heat-wave severity persists into May and if oil-price volatility accelerates, while de-escalation would be signaled by easing energy constraints and clearer inflation guidance from major central banks.

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62diplomacy

ASEAN’s Cebu summit turns Middle East shock into a Southeast Asia test—will maritime unity hold?

ASEAN leaders convened in Cebu on 8 May 2026 for the 48th ASEAN Summit, issuing declarations on maritime cooperation and a separate statement focused on the response to the Middle East crisis. The maritime cooperation declaration signals continued effort to coordinate regional approaches on sea governance among member states including Indonesia, the Philippines, Thailand, Malaysia, Singapore, and others. In parallel, reporting highlighted that the summit agenda centers on easing the economic fallout from the Iran war, with leaders explicitly discussing how Middle East tensions are feeding into regional uncertainty. The same meeting also places South China Sea disputes and Thailand–Cambodia border clashes on the agenda, linking external shocks to internal stability risks. Strategically, the cluster shows ASEAN trying to convert diplomatic signaling into practical risk management as the geo-economic landscape becomes more volatile. The Middle East crisis response and Iran-war impact focus indicate that ASEAN members are preparing for spillovers in energy prices, shipping costs, and investor sentiment, while trying to preserve room for maneuver among major powers. At the same time, the inclusion of South China Sea disputes and border clashes suggests ASEAN is confronting a dual-track challenge: external conflict externalities plus unresolved intra-regional friction. The likely beneficiaries are ASEAN states seeking to stabilize trade corridors and reduce escalation incentives, while the main losers are those most exposed to maritime disruption or cross-border instability. The EU-related items in the cluster, though not ASEAN-specific, reinforce that European institutions are also calibrating their security posture and political messaging in a challenging global environment. Market implications are most direct through energy and shipping channels. If the Iran war continues to pressure crude and refined product flows, ASEAN economies—especially import-dependent states—face higher costs that can transmit into inflation expectations and currency volatility, with potential knock-on effects for consumer staples, logistics, and aviation fuel demand. The South China Sea dispute backdrop raises the probability of higher maritime insurance premia and rerouting costs for regional trade, which can affect freight rates and port throughput expectations across the Philippines, Malaysia, and Singapore-linked supply chains. While the articles do not provide numeric estimates, the direction of risk is clearly upward for risk premia: energy, shipping, and regional trade-finance conditions are likely to tighten as uncertainty rises. In parallel, the EU public-opinion and EEAS staffing items point to continued institutional attention to stability and security, which can influence broader risk sentiment for global investors. What to watch next is whether ASEAN turns declarations into measurable coordination on maritime incidents, crisis communications, and economic mitigation measures tied to Middle East shocks. Key indicators include any follow-on ASEAN ministerial statements after Cebu, changes in shipping and insurance pricing for routes that intersect contested waters, and evidence of de-escalation or escalation around Thailand–Cambodia border incidents. For the Middle East angle, monitor signals on energy market stress—such as sustained spikes in crude benchmarks or shipping disruptions that would validate ASEAN’s concern about “Iran war impacts.” A practical trigger point for escalation would be any deterioration in maritime safety incidents in the South China Sea that forces ASEAN to choose between consensus and stronger collective action. Over the next weeks, the balance between diplomatic unity and domestic security pressures will determine whether the summit’s messaging reduces volatility or merely postpones harder decisions.

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62security

Taiwan Tensions, Carrier Movements, and ASEAN Oil Swaps—What’s the Real Pressure Point?

On May 4, 2026, multiple signals converged around the Taiwan Strait and regional energy flows. A report flagged PLA activities in the waters and airspace around Taiwan on May 4, while a separate open-source tracker from The War Zone mapped where U.S. carrier strike groups and amphibious ready groups were positioned as of May 3, noting that the USS Ford finally headed home. Separately, a local U.S. story described Independence residents protesting a proposed $6.6B data center project, highlighting domestic political friction around large infrastructure investment. In parallel, a Nikkei Asia report said several ASEAN states are shifting oil imports toward Brunei and Libya as part of their sourcing strategy. Strategically, the Taiwan-related items point to sustained coercive pressure and heightened risk of miscalculation, especially when U.S. carrier posture is in flux. PLA air and maritime activity around Taiwan typically tests reaction time, surveillance coverage, and the credibility of deterrence messaging, while the carrier tracker underscores how quickly Washington can surge or reposition assets to reassure partners. The domestic data-center protest matters geopolitically because it can affect U.S. technology and infrastructure investment pipelines, which in turn influence cloud capacity, power demand, and the broader industrial base that underpins defense-adjacent supply chains. Meanwhile, ASEAN’s oil sourcing shift signals that even as security attention concentrates on the Taiwan corridor, energy procurement remains a parallel arena where states hedge against price volatility and geopolitical disruptions. Market and economic implications span defense, shipping/insurance, and energy benchmarks. Increased Taiwan-area PLA activity can lift risk premia for regional maritime routes and defense-related equities, while carrier movements can influence near-term expectations for U.S. naval readiness and operational tempo; the USS Ford “heads home” detail suggests a rotation rather than a sudden drawdown. The ASEAN pivot toward Brunei and Libya may affect crude mix and logistics, potentially influencing Asian refining margins and demand patterns for specific grades, with knock-on effects for freight rates and hedging instruments tied to Brent-linked benchmarks. The $6.6B data center controversy adds a domestic variable: if permitting or political opposition delays projects, it can tighten near-term capacity expectations for data infrastructure and increase uncertainty around power and construction cost trajectories. Next, investors and policymakers should watch whether PLA activity levels persist or escalate over subsequent days, and whether additional U.S. carrier/ARG deployments replace the assets that are rotating out. Key indicators include changes in the frequency and geographic spread of PLA sorties, any reported adjustments to U.S. carrier group schedules, and signals from Taiwan-related air defense posture. On the energy side, monitor ASEAN import statistics for Brunei and Libya volumes, plus any changes in refinery run rates that would reveal whether the sourcing shift is structural or tactical. For the U.S. domestic front, the trigger points are local government responses to the Independence data-center protest and any federal-level engagement that could alter timelines for large-scale digital infrastructure.

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62diplomacy

ASEAN flirts with a Myanmar thaw—while energy deals stall and Japan–China ties stay frozen

ASEAN member states are weighing whether there is a “possible opening for thaw” with Myanmar after years of near-sidelining following the February 2021 military coup and the ensuing civil war. The Japan Times frames the moment as a regional diplomatic window that could emerge only if ASEAN can manage internal divisions over legitimacy, sanctions pressure, and humanitarian access. In parallel, Malaysia’s energy posture is sending a more transactional signal: a minister said Malaysia is not selling oil to ASEAN members because it still imports roughly 400,000 barrels per day. That stance suggests ASEAN’s energy cooperation—often used as a confidence-building tool—may be constrained by domestic supply security rather than political will. Finally, Nikkei reports that there is “no spring thaw” for Japan–China diplomacy six months after a Taiwan-related spat, underscoring that Northeast Asian tensions remain a separate drag on broader regional détente. Strategically, the cluster points to a two-track ASEAN dilemma: pursue engagement with Myanmar to stabilize borders and reduce spillovers, or maintain collective pressure that keeps the junta isolated. The “thaw” narrative benefits ASEAN’s middle powers—such as Thailand, Indonesia, and Vietnam—if they can broker humanitarian corridors, incremental dialogue, or quiet confidence measures without triggering backlash from partners that prioritize accountability. Malaysia’s refusal to sell oil to fellow ASEAN states shifts the bargaining dynamic toward national energy sovereignty, potentially weakening ASEAN’s ability to trade economic concessions for political progress. Meanwhile, Japan–China stagnation over Taiwan limits the room for cross-regional coordination, because maritime security and technology supply chains in East Asia remain entangled with deterrence politics. In short, ASEAN may be trying to open diplomatic doors in Southeast Asia while the wider Indo-Pacific security environment stays too tense to fully reward de-escalation. Market and economic implications are most visible in energy and risk premia. Malaysia’s continued net import dependence of about 400,000 bpd implies tighter regional availability and could keep crude and refined-product pricing sensitive to ASEAN supply expectations, particularly for buyers that hoped for intra-ASEAN sourcing. The likely beneficiaries are upstream and trading intermediaries that can supply alternative barrels, while ASEAN refiners and utilities may face higher procurement costs if they cannot rely on Malaysia. On the Northeast Asia side, the lack of Japan–China diplomatic thaw after a Taiwan spat can sustain volatility in shipping insurance, LNG and crude freight expectations, and electronics-linked supply chains, even if no direct sanctions are announced in these articles. The combined effect is a “patchy” risk environment: Southeast Asia diplomacy may improve at the margins, but energy cooperation frictions and East Asia security stress can keep hedging demand elevated. What to watch next is whether ASEAN moves from rhetoric to mechanisms—such as structured humanitarian access, phased dialogue formats, or a clearer stance on Myanmar’s representation—because “thaw” language can evaporate without institutional follow-through. For energy, the trigger is whether Malaysia’s ministerial position changes as import volumes, refinery runs, or contract structures evolve; any announcement of intra-ASEAN oil sales would be a concrete confidence signal. On Japan–China, the key indicator is whether Taiwan-related incidents produce further diplomatic downgrades or, conversely, quiet channels that reduce the probability of escalation. If ASEAN convenes special working-level sessions on Myanmar and simultaneously offers energy-linked confidence measures, the odds of de-escalation rise; if not, the region may settle into managed isolation with periodic humanitarian engagement. The escalation risk is highest if Myanmar violence worsens and ASEAN’s internal consensus fractures, while the de-escalation path depends on incremental, verifiable steps rather than broad political gestures.

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62security

Macron eyes a workaround as US AI curbs collide with Europe’s defense drone race

On June 17, 2026, French President Emmanuel Macron reportedly led discussions aimed at finding an alternative to a Trump-linked prohibition affecting AI models from Anthropic, signaling that Europe is preparing contingency paths if US restrictions tighten. In parallel, the US Air Force selected General Atomics and Anduril to build the first Collaborative Combat Aircraft (CCA) drone “wingmen,” with additional firms including ShieldAI and Collins tapped for autonomy systems. The same day, AP reported Bernie Sanders unveiling a plan to give the public direct ownership of AI companies, framing AI governance as a political and economic ownership issue rather than only a regulatory one. Separately, coverage highlighted Colombia’s emergence as a focal point for UAV warfare in the Americas, including references to a state-run drone factory and reported drone-strike harm, while Russia’s president met leaders in Brunei and the Philippines, underscoring ongoing diplomatic engagement around security and technology. Geopolitically, the cluster points to a convergence of three power arenas: AI industrial policy, autonomous military systems, and diplomatic alignment. If US-origin AI model restrictions constrain European access, Macron’s push for workarounds would benefit European AI sovereignty efforts while potentially disadvantaging firms reliant on US-controlled model ecosystems. The CCA wingman selection accelerates the US shift toward networked, semi-autonomous attritable air power, which can raise deterrence but also increases escalation risks if autonomy and targeting workflows proliferate faster than doctrine and safeguards. In the Americas, Colombia’s UAV-centric trajectory suggests a regional security market where state-backed drone production and operational experience can attract partners, while also increasing civilian exposure to drone warfare. Meanwhile, Sanders’ ownership proposal adds domestic US political pressure that could reshape how AI companies are structured and financed, indirectly influencing export controls, procurement, and the pace of capability deployment. Market and economic implications span both software and defense supply chains. AI model access constraints and sovereignty workarounds can affect European cloud and AI infrastructure demand, while the CCA program supports demand for autonomy stacks, sensors, and defense electronics—areas where companies like Anduril and General Atomics sit at the center of investor attention. The UAV warfare narrative in Colombia points to growth in drones, counter-UAS systems, and defense manufacturing capacity, potentially lifting regional procurement and insurance/operational risk premia for aerial security. On the policy side, a Sanders-style “public ownership” framework could influence valuations and capital structures across AI platforms, potentially increasing volatility in AI-related equities and venture funding. Currency and commodity effects are not directly specified in the articles, but defense and AI risk factors typically translate into higher volatility for defense contractors and autonomy suppliers, with near-term sentiment swings around contract awards and export-policy headlines. Next, watch for concrete policy mechanisms behind Macron’s “alternative” to the Anthropic-related prohibition—such as licensing pathways, model hosting arrangements, or EU-level procurement frameworks that reduce dependence on US-restricted models. For the US Air Force CCA wingmen effort, key indicators include milestone timelines for autonomy integration, test results for collaborative behaviors, and follow-on contracting for autonomy, datalinks, and mission planning. In Colombia, the trigger points are whether state-run drone production scales alongside clearer rules of engagement and civilian protection measures, and whether counter-UAS procurement accelerates after reported incidents. On the US domestic front, monitor how Sanders’ proposal is received by Congress and industry, because ownership and governance changes can alter compliance posture and investment velocity. Finally, the Russia meetings with Brunei and the Philippines should be tracked for any security-technology cooperation signals that could intersect with drone supply chains or AI-enabled surveillance capabilities.

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62diplomacy

Laos flirts with Russian nuclear power and Siberia gas links—Putin’s Kazan diplomacy raises the stakes

On June 18, 2026, Russian President Vladimir Putin met Laos Prime Minister Sonexay Siphandon in Kazan, signaling continued high-level political engagement between Moscow and Vientiane. In parallel, LNCCI chief Oudet Souvannavong said Laos is studying the possibility of building a nuclear power plant (NPP) with Russia’s assistance. The same source added that Laos is developing a national energy strategy and is considering new energy sources, including interest in connecting to the “Power of Siberia 2” gas pipeline concept. Separate reporting also noted Putin’s engagement with Brunei’s Sultan to strengthen ties, reinforcing that Russia is actively cultivating energy and political partnerships across Southeast Asia. Strategically, the Laos-Russia track matters because it links Russian technology and financing capacity to a Southeast Asian country that is still expanding its power mix and infrastructure. If Laos moves from “studying” to contracting, it would deepen Russia’s footprint in a region where China, Japan, and Western-linked lenders already compete for energy influence. The nuclear angle is especially sensitive: it could create long-term dependencies on Russian fuel-cycle services, training, and regulatory frameworks, while also raising proliferation and safety scrutiny. For Russia, the diplomacy offers a pathway to diversify partners beyond Europe and to monetize energy and nuclear expertise; for Laos, it offers potential baseload capacity and grid stability but increases exposure to external geopolitical risk and sanctions spillovers. Market implications are indirect but potentially meaningful for energy and risk pricing. A Laos push toward “Power of Siberia 2” would, if realized, strengthen demand expectations around Russian gas export capacity, affecting European and Asian gas benchmarks through sentiment and forward contracting narratives. The nuclear discussion could also influence regional perceptions of long-dated power procurement, potentially shifting attention toward uranium and nuclear services supply chains, even if no procurement is announced yet. In FX and rates terms, any future Russian-linked financing could become a factor for Laos’ external funding costs, though the articles provide no figures. Overall, the near-term market signal is more about strategic positioning than immediate commodity flows, with the largest impact likely in energy-risk premia and long-horizon infrastructure expectations. Next, investors and policymakers should watch whether Laos converts “reviewing” into formal feasibility studies, memoranda of understanding, or reactor-site and regulatory announcements. Key triggers include the publication of Laos’ energy strategy milestones, any mention of financing terms, and whether Russia offers a defined reactor model and timeline. For “Power of Siberia 2,” the critical indicator is whether Laos is named in any binding offtake or interconnection planning beyond exploratory interest. Escalation risk would rise if nuclear cooperation advances without clear safeguards and international oversight, while de-escalation would be signaled by Laos narrowing the scope to non-nuclear options or by increased transparency on compliance and procurement standards. The most likely near-term timeline is continued high-level visits and technical working groups in the coming weeks, with concrete contracting decisions only after feasibility and financing discussions mature.

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62diplomacy

ASEAN’s Cebu deadline meets Xi’s Africa outreach—while Russia courts ASEAN in Moscow: who’s steering the bloc?

ASEAN diplomacy is entering a high-stakes sprint as regional leaders gather in Cebu, with Manila pushing to finalize a long-delayed South China Sea code of conduct by year-end. The SCMP reports that the 48th ASEAN summit starting May 8 will place the global energy crunch alongside the code deadline, making maritime governance and energy security tightly linked. At the same time, ASEAN’s Secretary-General Dr. Kao Kim Hourn is set to lead the ASEAN Secretariat delegation to the 25th ASEAN-EU Ministerial Meeting in Bandar Seri Begawan, reflecting parallel efforts to keep external partners engaged. Separately, Brunei’s foreign ministry invitation underscores that ASEAN-EU dialogue remains a diplomatic channel for balancing pressure from major powers. The strategic context is a three-way contest over agenda-setting: China’s bilateral diplomacy, ASEAN’s internal cohesion, and Russia’s attempt to cultivate a “Russia-ASEAN” track. Xi Jinping’s congratulatory message to Benin’s newly elected president Romuald Wadagni signals continued political outreach into Africa, where Beijing can build support for its broader positions in multilateral forums. Meanwhile, Moscow is preparing official invitations for participants in an upcoming Russia-ASEAN summit, with Kremlin spokesman Dmitry Peskov saying bilateral meetings will depend on preparation progress—an implicit test of whether ASEAN states will treat Russia as a serious interlocutor. For Manila and ASEAN chairmanship, the code-of-conduct deadline is not only legal housekeeping; it is a credibility marker that can either reduce incident risk or expose divisions that external powers can exploit. Market implications are most immediate through energy and risk premia rather than direct commodity policy. The SCMP explicitly flags a global energy crunch as a top agenda item, which typically feeds into higher shipping and insurance costs for regional sea lanes and raises sensitivity to any South China Sea disruption. In parallel, China’s climate campaign—reported by Bloomberg as a major push to accelerate local authorities’ climate action under Xi’s green targets—can influence industrial compliance costs and power demand patterns, indirectly affecting regional energy markets. If ASEAN fails to lock in a credible South China Sea framework, investors may price in higher geopolitical volatility for trade routes tied to ASEAN economies, pressuring regional currencies and equity risk appetite. What to watch next is whether Manila can convert the Cebu summit’s political momentum into concrete negotiating text and whether ASEAN can keep the code process insulated from bilateral bargaining. Key indicators include drafts circulated ahead of year-end, the level of consensus among ASEAN members on enforcement language, and any public signaling from China on timelines and scope. On the external track, monitor the ASEAN-EU ministerial outcomes in Bandar Seri Begawan for commitments that could bolster ASEAN negotiating leverage, and track Russia-ASEAN preparation milestones that determine whether bilateral meetings occur. Finally, Xi’s continued Africa outreach and China’s climate accountability campaign are signals that Beijing will keep applying political and regulatory pressure simultaneously, so any sudden shifts in maritime rhetoric or climate-related policy implementation should be treated as potential cross-currents.

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