Judging on the success or failure of COP26 depends on who is making that assessment. For the climate zealots, the outcome is far from satisfactory while for developing countries with large reliance on coal, it is a fair deal. In countries such as China and India, coal is widely available and accounts for around 63% and 73% of the electricity mix in China and India, respectively. By comparison, in the EU, coal provides only 15% of the electricity mix, although disparities still exist between countries, with Poland being the largest user of coal in the Union.
Some of positive outcomes of COP26 include greater financial support to vulnerable countries to combat the effects of climate change.
Overall, the trend in fighting climate change is not going to be reversed but the key question is when will those ambitious targets be met.
“Global Economy and Energy Markets Weekly Commentary – 11th Nov ‘21“, Dr Carole Nakhle, Nov 2021