World moving towards grand carbon deal

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From the FT:

A groundbreaking UN climate-change deal is edging closer, according to a French government document, as countries scramble to avoid a repeat of the last big summit on the issue in 2009, which ended in acrimony.

…the paper repeatedly refers to “common understanding” and “shared recognition” on the basic shape of an agreement requiring virtually all countries to take voluntary but progressively tougher action from 2020 to stop global temperatures rising more than 2C from pre-industrial times.

…The French document was prepared for a two-day informal Paris meeting of ministers representing more than 60 countries, including the EU, starting on Monday and aimed at helping to sharpen the UN negotiations.

…The French paper acknowledges that one of the “key political issues” to be resolved is how to make it clear that any Paris agreement will not end with just these first pledges, which the UN concedes are so far not enough to meet the 2C target.

What a shame we aren’t at the centre of negotiations shaping policy with our world leading carbon price.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.