China, Economic, Environment, Government, Politics, Society, United Nations

United Nations: ‘Greenhouse gases have reached a record high’…

MORAL DUTY TO ACT ON CLIMATE CHANGE

It comes as a complete surprise to hear the United Nations announcing that greenhouse gases have reached a record high. This is nothing but disheartening given the increase in environmental awareness over the past decade when we consider the amount of effort that has been made by our own country and others to cut down on carbon emissions.

While strenuous and laborious efforts have been made by many developed countries in reducing their carbon footprints, these incremental shifts have not been enough to offset the vast industrialisation of emerging economies such as China, where growth is now so rapid that green and environmental considerations are far down the list of government priorities.

The Chinese, of course, want the amenity and luxury of what we in the West take for granted, but do not take kindly to being told by already developed nations that they must achieve this more ‘sustainably’. Veering away from the higher costs involved is perhaps understandable given the size of China – costs which would undoubtedly run into trillions if it were to rapidly convert to more sustainable programmes.

The net effect of the global greenhouse gas menace has led the Intergovernmental Panel on Climate Change (IPCC) to warn that, without further remedial action, global temperatures will rise by 1.1°C by the end of the century, and sea levels will rise.

A cynic’s response would be to urge the UK government to abandon what would seem to be a hopeless cause. Realistically, though, we cannot allow ourselves the pleasure of such cynicism. The UN report is hardly an excuse to do nothing.

The assertion made that efforts by developed countries is not having any tangible effect is impossible to prove, given the number of extraneous variables involved. If we can do something extra to reduce carbon emissions, then we should at least try. One of the most compelling arguments for refusing to be deflected from reducing our greenhouse gas emissions that we have embarked upon is a moral one. How will we ever persuade others to act on climate change unless we continue to act on our own convictions?

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Economic, Financial Markets, Government, Politics, Russia

G20 warns that the global economic crisis is not yet over…

WORLD ECONOMY

At the end of the G20 last week, the leading group of nations said that the crisis in the global economy is far from over and more needs to be done to stimulate growth and create jobs around the world.

In a statement issued at the end of their summit in St Petersburg, Russia, G20 leaders welcomed a recovery in the developed world but warned of risks facing emerging markets.

The communique said:

… Despite our actions, the recovery is too weak, and risks remain tilted to the downside.

It listed ‘the main challenges’ facing the global economy, including ‘persistently high unemployment’ particularly among the young, financial stress in Europe and high levels of government debt.

The G20 also called for the withdrawal of emergency stimulus measures in countries such as the United States to be ‘carefully calibrated and clearly communicated’ to minimise volatility on the financial markets.

Speculation that the U.S. Federal Reserve is about to start reducing the level of support for the U.S. economy has plunged a number of emerging economies into turmoil.

The G20 is made up of developed countries and emerging markets accounting for 90 per cent of global output and two-thirds of the world’s population.

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