The conclusions to be drawn from the Glasgow-hosted twenty-sixth Conference of the Parties UN climate summit (COP26) that closed on November 13 should be clear for climate campaigners. They are certainly not new.
Once again representatives of the world’s most powerful capitalist nation states – and the formally ‘non-market economies’ in World Trade Organisation (WTO) terms also present – were unable to overcome their competing economic and political interests to avert the prospect of future catastrophic climate change.
Nicholas Stern, author of the authoritative 2006 UK government commissioned report, at the time famously called climate change the result of “the greatest market failure the world has seen” – a failure, in other words, of capitalism. Nothing that transpired in Glasgow contradicts that now well-established assessment.
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