COP 26 Climate Talks

The COP 26 UN Climate Change Conference was held in Glasgow, the United Kingdom (UK) from 31 October to 12 November 2021. Hosted by the UK in partnership with Italy, the conference aimed to โ€œincrease climate ambition, build resilience and lower emissionsโ€ with cooperation from all participating countries. To find out more about COP 26 and the various issues covered at the conference, you may sign up for economics tuition Singapore with a reputable economics tutor Singapore.

Global Warming Within 1.5 Degree Celsius

Among the long list of items on the agenda, some of the key issues covered at the conference included impacts of climate change, emission targets for the respective countries and financial support for developing countries. You may consult your economics tutor Singapore in economics tuition Singapore about the significance of these issues. Till Friday, 12 November 2021, the participating countries have failed to reach an agreement on how to curb global warming to within 1.5 degree Celsius from preindustrial levels by 2030.

To do this, all countries must agree to more ambitious emission targets to bring down emissions by 45 per cent and the corresponding timelines to implement these targets. Under the current commitments, global emission will increase by 14 per cent by 2030. In consultation with your economics tutor Singapore in economics tuition Singapore, discuss the consequences if failing to meet the emission targets. They must also make necessary policy adjustments to support these emission targets. With guidance from your economics tutor Singapore in your economics tuition Singapore class, discuss the necessary policy adjustments to be made. You may use the example of China or Malaysia to explain. For example, countries such as China and Malaysia offer fossil fuel subsidies for their residents. As use of fossil fuels produces greenhouse gases and adds to the problem of global warming, they are required to reduce, if not totally remove the fossil fuel subsidies.

Once the participating countries have agreed on the emission targets and timelines, they must also reach a consensus on the penalty amounts in the event they fail to meet these targets. However, it is a challenge to ensure strict enforcement of these penalties. You may discuss with your economics tutor Singapore in economics tuition Singapore the challenge to ensure strict enforcement.

Financial Support For Developing Countries To Tackle Climate Changes

Developed countries have pledged a total of US$100 billion every year in grants and loans to support their developing counterparts in tackling climate changes. However, their funding pledges have yet to be met in full. Developed countries who are largely responsible for causing the global warming in the past decades are required to pay for the damages they have done. Failing to meet the pledged amount is considered a breach of trust. It also makes developing countries reluctant to cut down on carbon emissions, which is often at the cost of the economy. With help from your economics tutor Singapore in economics tuition Singapore, discuss the cost and benefit of reducing carbon emission.

New pledges have been added in the revised draft of COP 26 paper that the financial support would be doubled to US$200 billion a year by 2025. Analysts worry that it may be difficult for an agreement to be reached on such ambitious pledges. Even if all participating developed countries agree to the increased financial support, it remains a challenge to ensure that they meet the pledges in full every year. In discussion with your economics tutor Singapore in your economics tuition Singapore class, list the possible reasons why they fail to meet the pledges.

The COP 26 UN Climate Change Conference, which was set to wrap up on 12 November 2021 has been extended. A deal is expected after the session on Saturday, 13 November 2021.

Linda Geng

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