Climate Change

Properly pricing the damage done by emissions raises the cost of energy consumption, squeezing demand and incentivizing alternative supplies. It also creates markets for capital investments in clean energy. But researchers Danny Cullenward and David G. Victor show that the reality is different. ( Making Climate Policy Work).. few carbon-trading systems have been put into effect. In Australia and Canada, carbon markets have been rolled back. Where trading in carbon permits continues, more often than not, it is perfunctory and marred by exemptions and giveaways of free polluting permission. The result is not true market discipline but, as Cullenward and Victor call it, “Potemkin markets.” The only major system of carbon currently in operation is that of the EU. Brussels is now proposing the introduction of a carbon border adjustment mechanism to be phased in between 2023 and 2025. The pressure of carbon pricing will continue, but European industry will be shielded against foreign competition.

The question is whether such tactics will work with the United States. The Biden administration does not like having its arm twisted, especially when it comes to carbon pricing.

Present at the Creation of a Climate Alliance—or Climate Conflict
The United States and Europe are on the brink of decisions that could save the planet—or tear apart the West. https://foreignpolicy.com/2021/08/06/climate-conflict-europe-us-green-trade-war/

What Must Be Done to Avert Climate Catastrophe? New Economic Thinking https://www.youtube.com/watch?v=9f7ufgv9T1I
Are existing institutions up to the task? Is the nation-state an obstacle, and if so how do we overcome it? What would alternatives look like, and how would we realize them?

Recently, it seems that much of the world has awakened to the imminent threat posed by climate change. Multilateral efforts, especially those led by the United Nations Framework Convention on Climate Change, have earned support around the world, but the convention itself is rather toothless. The United States rejoining the UN’s Paris Climate Agreement is an important step forward, but perhaps more important is the announced collaboration between the US and China, for without their partnership much cannot be achieved.

The goals set by the Paris accord are ambitious and require countries to undertake a massive economic transition, but little progress has yet been realized. Shaken by a deadly pandemic, the world now looks ahead to COP26 in Glasgow later this year to avert climate catastrophe.

It begs to wonder: Will meaningful change finally come of these efforts? What has stood in the way until now, and what impediments might derail this shift?

In a series of debates, the Institute for New Economic Thinking examines the role of economics in climate change, the relation between how we think about and govern our economies and the transformation we know is necessary, and the areas where economics can still play a productive role for the good of the climate and society.

Climate hazards are threatening vulnerable migrants in Indian megacities https://www.nature.com/articles/s41558-021-01105-7 

Rising temperature adversely impacts the agriculture, thereby increasing the vulnerability7,8 of marginalized agriculture-dependent rural populations. Thus, climate change can be a catalyst for such migrants to relocate in search of better living conditions and alternate livelihoods9. Although migration is perceived as an important adaptation mechanism to counteract the negative outcomes of climate change2, climate extremes at the destination location, on the other hand, can have a detrimental effect on these migrants10, as population dynamics and climate change is considered a mutually interacting two-way avenue2. Therefore, an improved and systematic understanding of climate change-induced risks that the migrants face at the destinations, especially in megacities, is of utmost importance.

the emergence of two fundamentally different but equally devastating hazards — heatwaves and floods — can contribute to the vulnerability of migrants at their destination ( mainly Mumbai and Delhi) Delhi has witnessed record summer temperatures for several years in a row, accompanied by higher fatalities and hospitalization.

major hazard is flooding in coastal cities such as Mumbai caused by tropical cyclones and sea-level rise. A substantial rise in the pre-monsoon sea-surface temperature trends across the Northern Indian Ocean, specifically in the Arabian Sea, creates a conducive environment for the genesis and propagation of tropical cyclones.  the coastal cities — specifically Mumbai, where the influx of marginal migrants is very high — face immense challenges in managing the increasing hydroclimatic hazards, the consequences of which are experienced by the large vulnerable population and are often met with huge monetary losses

European Commission proposes ambitious climate change policies, urging U.S. and other nations to follow https://www.washingtonpost.com/world/europe-climate-plan/2021/07/14/197ced78-e49b-11eb-88c5-4fd6382c47cb_story.html  14th July 2021

Plans aiming to reduce net greenhouse gas emissions by at least 55 percent below 1990 levels within less than a decade...expansion of the bloc’s carbon market to include cars, maritime transport and housing..phase out carbon dioxide emissions from vehicles by 2035..

..plans for a social fund, which is expected to help compensate low-income families negatively affected by the changes.

But climate change researcher Edenhofer said it is inevitable that consumers will have to pay a price for the proposals. Politicians need to clearly communicate that we have to bear the costs because change is needed,

Europe Unveils Plan to Shift From Fossil Fuels, Setting Up Potential Trade Spats https://www.nytimes.com/2021/07/14/world/europe/climate-change-carbon-green-new-deal.html

.. tariffs on certain imports from countries with less stringent climate-protection rules... eliminating the sales of new gas- and diesel-powered cars in just 14 years, and raising the price of using fossil fuels.

Delivering the European Green Deal https://ec.europa.eu/info/strategy/priorities-2019-2024/european-green-deal/delivering-european-green-deal_en

Transforming economy and socities.. New opportunites for innovation, investment and jobs.

Make transpot sustainable: reducing emissions of new cars, promoting zero/low emission vehicles, carbon pricing for aviation, sustainable blnded fuels,

Third industrial revolution - new jobs in new green  energy, transport, construction sectors 35 million building to be renovated by 2030, generating 160000 jobs.

Cleaning the energy system: renewable fuled - hydrogen for industry and transport. tax system for energy products to support green transition

Renovating buildings for greener lifestyles Social Climate Funds ..  EUR 72.2 billion over 7 years in funding for renovation of buildings, access to zero and low emission mobility, or even income support.

Restoring nature and enabling biodiversity