The author is professor of finance at the University of Chicago’s Booth School of Business
Will COP26 deliver? As Queen Elizabeth put it: “They talk, but they don’t do.” The least that should come out of the deliberations is stronger individual country commitments to reduce emissions. Ideally, we would also agree to a global plan to keep warming from reaching 1.5C above pre-industrial levels. All this seems unlikely on the current trajectory.
The 1992 UN Rio summit concluded that countries had a common but differentiated responsibility to tackle emissions — common in that climate change affects us all, and differentiated because countries have different responsibilities for creating the problem, as well as differing abilities to resolve it.
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