Monday, December 6

COP26. Why do they call it decarbonize when they mean decaffeinated?


A new draft -which points to definitive- of the UN climate summit document COP26 softens the text on the progressive elimination of fossil fuels.

The assembled delegates try to reach a minimum agreement that will validate the almost 200 nations present in Glasgow. According to the development of the negotiations, the summit will end up decaffeinating, rather than ratifying and promoting, the Paris agreements in their first major review.

The result of the United Nations conclave and its impact on the Spanish economy, as well as on the investment industry, will be analyzed at the Forum Social Investor on November 16 in Madrid [inscríbase].

The new draft includes two words about fossil fuels that dilute the old draft.

Earlier it was strongly stated that the world should commit to ending fossil fuel subsidies in general, and phasing them out.

Now, the text includes the word “uninterrupted” before “coal,” and indicates that “inefficient” fossil fuel subsidies will be phased out.

Arab countries, many of which are major oil and gas producers, had opposed the formulation on fossil fuels in the previous draft.

The paragraph now reads: “(COP26) calls on the parties to accelerate the development, deployment and diffusion of technologies and the adoption of policies for the transition to low-emission energy systems, among other things, by rapidly increasing the generation of clean energy and accelerating the phasing out of the fossil. “

Negotiations are progressing along such steep trails that the Glasgow summit will be late to close. On the agenda, Friday was the last day.

China confirms its agenda on the sidelines of COP26

Meanwhile, in Beijing, a political pole without which it will be difficult to reverse climate change, they confirm their roadmap.

China will take its carbon dioxide emissions to a peak before 2030 and to neutrality in 2060. And it has already chosen who to bear the brunt of the new plan.

The Communist Party has set a tough task for the ferrous sector, which fuels about 15 percent of the country’s total greenhouse gas emissions.

The climate target will lead to a drop in demand for iron ore, a key ingredient in steelmaking, said Li Xinchuang, president of the China Metal Industry Research and Planning Institute.

Crude steel production in China has fallen for four consecutive months as a result of Beijing’s measures to reduce carbon emissions.

That constrained its iron ore imports and plunged iron ore prices in half from a record in mid-May.



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