Aug 03, 2022
In Business Forum
The two-week 26th UN Climate Summit (COP26) officially ended on November 12, 2021, and more than 100 countries signed an agreement to control future warming to 1.5 degrees Celsius (in line with the Paris climate agreement target) , and also became the world's first agreement to gradually reduce the use of "coal". image3 Photo Credit: Finance M Squared How to achieve the climate goals, according to the COP26 text, is mainly divided into the following four points: Phase-down coal use: 190 countries agreed to phase-down the use of coal energy and reduce government subsidies for fossil fuels, the first climate agreement to mention reducing the use of coal energy. Reducing methane emissions: More than 100 countries have agreed to reduce methane emissions by 30% by 2030, notably, China, Russia, India, Iran and Livestock Australia did not popular database sign up. Accelerate the transition to zero-carbon electric vehicles: More than 35 countries and some major global automakers have signed to accelerate the transition to zero-carbon electric vehicles. Major automakers include General Motors and Ford in the United States and Jaguar, Fiat, Volvo, Audi, Ford, and Volkswagen in Europe. Produce 100% zero-carbon vehicles by 2035. It is worth noting that the four economies of the United States, Germany, Japan and China and Toyota and Hyundai have not signed this agreement. More than 40 countries have signed the Glasgow Breakthroughs: Governments, businesses, and cities work together to commit energy, transport, agriculture, steel and other industries to the goal of combating ballooning changes, and set international common guidelines and time frames to achieve carbon reduction goals. COP26 demonstrates the global consensus on combating climate change. However, it is often criticized. When countries face a dilemma between important domestic industries or economic growth and environmental protection issues, many countries may be absent from the agreement's commitments, such as coal issues. In the event of boycotts from India and China, or the refusal of traditional car manufacturers and related economies to sign agreements to transform electric vehicles, etc. 2. An overview of the carbon reduction policies of the world's top two economies According to the statistics of the Global Carbon Project, in 2020, the top two largest carbon emitters in the world are China and the United States, accounting for 37.5% and 16.5% respectively. Therefore, in this part, we will focus on the further analysis of the climate change policies of the United States and China, the two largest economies in the world, and look for possible future trends from them.