Glasgow, we have a problem

The COP26 event in Glasgow was heavy on big statements and grand commitments to achieve net zero or zero carbon emissions, with shipping strongly represented. This was followed by the disappointment of IMO failing to agree to a similar ambition to go beyond its target of cutting carbon by 50% by 2050 and instead achieve net zero by that date.

This was never likely, given the difference between events such as COP and an IMO committee. But there is a bigger problem. Even before Glasgow, supply chains were sagging under the weight of demand while energy prices were rising and tensions simmering in eastern Europe.

Fast forward to February 2022 and it seems that the reality of geopolitics and energy supply have drawn ahead of ‘environmental imperative’.

That’s the view of a team of analysts assembled by IHS Markit for a webinar discussing what happens next. As Carlos Pascual, Senior Vice President, Global Energy, Economics & Country Risk pointed out, high energy prices have the potential to impact electoral politics and push action on climate change off the agenda.

Read the full article here.