Happy Halloween! Here is The Economics Digest's week 4 briefing.
The pre-Cop26 G20 meeting concluded this evening. Leaders of the world's top 20 economies held discussions about climate promises and the upcoming cop26, which is to be held in Glasgow for the next 12 days. Boris Johnson has highlighted the importance of the talks, stating "If Glasgow fails, the whole thing fails". A key source of contention at the talks will be attempting to taper unsustainable economic growth processes in developing countries. China, for example, has proposed sluggish plans to reach net-zero by 2060, a date which American Climate Czar John Kerry argues would make the rest of the world's efforts to curb global warming by 1.5C in vein.
However, there are also tensions within the West. France and the UK are in the midst of a standoff over fishing which some are worried could devolve into a trade war, which renowned climate scientist Professor Nicholas Stern argues could delay climate action. Meanwhile, Australia has been accused of "scamming" the 1997 Kyoto protocol climate talks, through deceit over reductions in emissions in previous years and openly seeking to do the bare minimum. This has become relevant due to Australia's chest-thumping as a country that "meets and beats" climate goals, and subsequently should receive "Kyoto carry-over credits" at Cop26.
Australian PM, Scott Morrison, Courtesy of The BBC
Personally, as an international relations student as well as an economics one, this week's headlines have been especially interesting. In the run-up to perhaps the most pivotal few days of the year, if not decade, the globe is dealing with themes of international trade, economic development and as always, neoliberalism. Certainly, something to bring up in your macro workshops and seminars.
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