Millennium Post

Of climate bonds

The recently concluded APEC Summit in China has undeniably produced results. If we leave behind the controversy that erupted after Vladimir Putin offered a shawl to Chinese first lady Peng Liyuan, there are at least half a dozen important things to talk about, most important of them being the joint agreement between the United States and China to reduce their share of carbon emissions. Both countries are the world’s biggest emitters of greenhouse gases and in a world where importance to nation is given by its financial clout, it is good to know that both the largest economies of the world have decided to take a significant step towards mitigating the most ruthless factor which contributes towards enormous climate change.

China, which has said that it will peak its carbon emissions till 2030 and then start reducing it should in as much agreeable sense begin with the task as soon as it can. The United States on the other hand should realise that until and unless it makes all possible efforts to reduce its carbon footprint, real change may not happen and now, when the circumstances, have become so fragile on the environmental front, it must also become conscious to help planet Earth become a more cleaner and a greener place to live in.

With almost 40 per cent of the world’s greenhouse gas emissions, China and USA can practically be touted as the world’s biggest polluters too. However, there is all reason for the world to become worried too. An analysis that has been put forth by a New Delhi based environmental not for profit suggests that there is nothing laudable about the move and in totality the agreed emission cuts will fall way off the determined targets. It rightly suggests that India must take control of the situation and being a powerhouse itself should push for equitability between developed and developing nations. Indeed, there is no time to be wasted on any delay in saving Earth now from catastrophic retributions later. 
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