The agreement reached in Paris yesterday at the UN Convention on Climate Change (COP 21 See attached,) is to be welcomed. Recognition of a new target ceiling for global warming of 1.5 degrees centigrade and a new goal of net zero emissions by the second half of this century are both highly desirable. The first test of whether this agreement is to be taken seriously will be how stock markets respond when they open on Monday. If the share prices of oil, gas and coal companies fall substantially and stay down, this first test will be passed. We shall see.
It would be foolish to celebrate COP 21 and abandon all scepticism when the USA has yet to ratify the Kyoto Agreement and when our own government has been cutting green subsidies and is seeking to overcome environmental objections to a third runway at Heathrow (or the no less serious environmental objections to Gatwick expansion). Furthermore, there are no sanctions on governments who fail to deliver their obligations under COP 21. This is in sharp contrast to TTIP under which businesses will be able to prosecute governments who stand in their way of their profit making by taking into account environmental considerations. Can a government willing to sign up to TTIP be trusted to deliver under COP 21 when the latter has no sanctions?
A low carbon future is attainable, but whether it can be delivered without dismantling capitalism first is quite another matter.