Expand competitive power markets, not regulations and subsidies, to address global climate change
The twenty-sixth session of the Conference of the Parties (COP 26) to the UN Framework Convention on Climate Change in Glasgow is finally upon us. Yet, despite all the previous meetings and government pledges, global greenhouse gas emissions (GHGs) have not yet peaked.
In fact, if current policies continue unabated, the expected GHG emissions will still be too high relative to the levels necessary to constrain global temperature increases to two degrees Celsius or less above pre-industrial levels. Perhaps more revealing, even if all countries met their current pledges and targets, the expected emissions would still be too high to reach this target. As a result, there will undoubtedly be proclamations urging governments across the globe to do more at the conclusion of this year’s COP 26. . .