top of page

World’s Biggest Economies to 'Double Down' on Net Zero in October as Energy Bills Top £7000

The plan is working.

According to a draft document seen by Reuters, the EU will table a plan at COP27 for the world’s biggest economies to 'double down' on their carbon emission targets as the current energy crisis is not sufficiently painful.

Reuters report: 'Despite a raft of new emissions-cutting commitments countries announced at last year’s COP26 climate summit, “global climate action remains insufficient”, the EU said in a draft of its negotiations mandate for the COP27 summit in Sharm El Sheikh, Egypt, in November.'

The draft, which faces weeks of negotiations and could change before EU countries approve it in October, said polluters must revise their targets if the world is to stop global warming spiralling beyond 1.5 degrees Celsius.

“[The EU] calls upon all Parties to come forward with ambitious targets and policies and urges in particular major economies that have not yet done so to revisit or strengthen the targets,” it said.

Nearly 200 countries will convene at COP27 after what has been for many a devastating summer of drought, heatwaves and other climate-linked extremes. But the talks on how to curb emissions, and fund those efforts, face the tough context of an energy crisis that is exhausting state budgets and prompting some countries to burn more coal.

Joe Biden previously let slip that this was all necessary and part of the 'transition', whilst Klaus Schwab says that fuel prices must go even higher to 'save democracy'.

67 views0 comments


bottom of page