A new climate club is the best way to reduce global emissions of greenhouse gases

Abstract

With the election of President Joe Biden and the subsequent announcement that the United States would reintegrate the Paris Accord, there is new hope that progress can be accomplished at the 2021 United Nations Climate Change Conference to be held in Glasgow in November 2021 (COP 26). However, negotiations under the aegis of the UN Framework Convention on Climate Change (UNFCCC) have been very contentious in the past as unanimity is required to adopt resolutions. As a result, it is very difficult to agree on binding ambitious plans to reduce greenhouse gas (GHG) emissions or to agree on measures to adapt to climate change. This chapter looks at the role of a few players in the international negotiations. For instance, Canada was instrumental in organizing the process in the 1980s that led to the adoption of the UNFCCC at the Rio Summit, but upheavals in domestic politics led to periods where Canada was less active and even opposed to taking strong action. In the last few years, this has changed with more attention and action taking place now to reduce GHG. It is also important to look at the case of China, the world's largest emitter of GHG, both at the UNFCCC where it leads the G77, and domestically as it has become the country that invests the most in renewable technology. The other big player to look at is the United States, as all indications are that the Biden administration understands the need to take strong action. It is also important to look at the emphasis now given to climate issues by the private sector (insurance firms, business, etc.) as they understand the priority given by investors to environmental, social and governance (ESG) questions. Finally, possible actions, such as a tax on the carbon content of imported goods, could have a major impact on trade in the future.