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What is COP26? Here’s how global climate negotiations work and what’s expected from the Glasgow summit

A former UN adviser explains what happens at climate summits like COP26 and why people fear this one won’t meet its goals.

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U.N. climate summits bring together representatives of almost every country. UNFCCC

Over two weeks in November, world leaders and national negotiators will meet in Scotland to discuss what to do about climate change. It’s a complex process that can be hard to make sense of from the outside, but it’s how international law and institutions help solve problems that no single country can fix on its own.

I worked for the United Nations for several years as a law and policy adviser and have been involved in international negotiations. Here’s what’s happening behind closed doors and why people are concerned that COP26 might not meet its goals.

What is COP26?

In 1992, countries agreed to an international treaty called the United Nations Framework Convention on Climate Change (UNFCCC), which set ground rules and expectations for global cooperation on combating climate change. It was the first time the majority of nations formally recognized the need to control greenhouse gas emissions, which cause global warming that drives climate change.

That treaty has since been updated, including in 2015 when nations signed the Paris climate agreement. That agreement set the goal of limiting global warming to “well below” 2 degrees Celsius (3.6 F), and preferably to 1.5 C (2.7 F), to avoid catastrophic climate change.

COP26 stands for the 26th Conference of Parties to the UNFCCC. The “parties” are the 196 countries that ratified the treaty plus the European Union. The United Kingdom, partnering with Italy, is hosting COP26 in Glasgow, Scotland, from Oct. 31 through Nov. 12, 2021, after a one-year postponement due to the COVID-19 pandemic.

Why are world leaders so focused on climate change?

The U.N. Intergovernmental Panel on Climate Change’s latest report, released in August 2021, warns in its strongest terms yet that human activities have unequivocally warmed the planet, and that climate change is now widespread, rapid and intensifying.

The IPCC’s scientists explain how climate change has been fueling extreme weather events and flooding, severe heat waves and droughts, loss and extinction of species, and the melting of ice sheets and rising of sea levels. U.N. Secretary-General António Guterres called the report a “code red for humanity.”

Enough greenhouse gas emissions are already in the atmosphere, and they stay there long enough, that even under the most ambitious scenario of countries quickly reducing their emissions, the world will experience rising temperatures through at least mid-century.

However, there remains a narrow window of opportunity. If countries can cut global emissions to “net zero” by 2050, that could bring warming back to under 1.5 C in the second half of the 21st century. How to get closer to that course is what leaders and negotiators are discussing.

Guterres standing at a podium with #TimeForAction on the screen behind him
U.N. Secretary-General António Guterres called the latest climate science findings a ‘code red for humanity.’ UNFCCC

What happens at COP26?

During the first days of the conference, around 120 heads of state, like U.S. President Joe Biden, and their representatives will gather to demonstrate their political commitment to slowing climate change.

Once the heads of state depart, country delegations, often led by ministers of environment, engage in days of negotiations, events and exchanges to adopt their positions, make new pledges and join new initiatives. These interactions are based on months of prior discussions, policy papers and proposals prepared by groups of states, U.N. staff and other experts.

Nongovernmental organizations and business leaders also attend the conference, and COP26 has a public side with sessions focused on topics such as the impact of climate change on small island states, forests or agriculture, as well as exhibitions and other events.

The meeting ends with an outcome text that all countries agree to. Guterres publicly expressed disappointment with the COP25 outcome, and there are signs of trouble heading into COP26.

Greta Thunberg raises an eyebrow during a session at COP25
Celebrities like youth climate activist Greta Thunberg add public pressure on world leaders. UNFCCC

What is COP26 expected to accomplish?

Countries are required under the Paris Agreement to update their national climate action plans every five years, including at COP26. This year, they’re expected to have ambitious targets through 2030. These are known as nationally determined contributions, or NDCs.

The Paris Agreement requires countries to report their NDCs, but it allows them leeway in determining how they reduce their greenhouse gas emissions. The initial set of emission reduction targets in 2015 was far too weak to limit global warming to 1.5 degrees Celsius.

One key goal of COP26 is to ratchet up these targets to reach net zero carbon emissions by the middle of the century.

Another aim of COP26 is to increase climate finance to help poorer countries transition to clean energy and adapt to climate change. This is an important issue of justice for many developing countries whose people bear the largest burden from climate change but have contributed least to it. Wealthy countries promised in 2009 to contribute $100 billion a year by 2020 to help developing nations, a goal that has not been reached. The U.S., U.K. and EU, among the largest historic greenhouse emitters, are increasing their financial commitments, and banks, businesses, insurers and private investors are being asked to do more.

Other objectives include phasing out coal use and generating solutions that preserve, restore or regenerate natural carbon sinks, such as forests.

Another challenge that has derailed past COPs is agreeing on implementing a carbon trading system outlined in the Paris Agreement.

A man stands in a street market smoking, with cooling towers for a power plant behind him.
Chinese street vendors sell vegetables outside a state-owned coal-fired power plant in 2017. Kevin Frayer/Getty Images

Are countries on track to meet the international climate goals?

The U.N. warned in September 2021 that countries’ revised targets were too weak and would leave the world on pace to warm 2.7 C (4.9 F) by the end of the century. However, governments are also facing another challenge this fall that could affect how they respond: Energy supply shortages have left Europe and China with price spikes for natural gas, coal and oil.

China – the world’s largest emitter – has not yet submitted its NDC. Major fossil fuel producers such as Saudi Arabia, Russia and Australia seem unwilling to strengthen their commitments. India – a critical player as the second-largest consumer, producer and importer of coal globally – has also not yet committed.

Other developing nations such as Indonesia, Malaysia, South Africa and Mexico are important. So is Brazil, which, under Javier Bolsonaro’s watch, has increased deforestation of the Amazon – the world’s largest rainforest and crucial for biodiversity and removing carbon dioxide from the atmosphere.

What happens if COP26 doesn’t meet its goals?

Many insiders believe that COP26 won’t reach its goal of having strong enough commitments from countries to cut global greenhouse gas emissions 45% by 2030. That means the world won’t be on a smooth course for reaching net-zero emissions by 2050 and the goal of keeping warming under 1.5 C.

But organizers maintain that keeping warming under 1.5 C is still possible. Former Secretary of State John Kerry, who has been leading the U.S. negotiations, remains hopeful that enough countries will create momentum for others to strengthen their reduction targets by 2025.

Line chart showing pledges and current policies far from a trajectory that could meet the 1.5C goal.
The world is not on track to meet the Paris goal. Climate Action Tracker

The cost of failure is astronomical. Studies have shown that the difference between 1.5 and 2 degrees Celsius can mean the submersion of small island states, the death of coral reefs, extreme heat waves, flooding and wildfires, and pervasive crop failure.

That translates into many premature deaths, more mass migration, major economic losses, large swaths of unlivable land and violent conflict over resources and food – what the U.N. secretary-general has called “a hellish future.”

[Get The Conversation’s most important politics headlines, in our Politics Weekly newsletter.]

Shelley Inglis does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

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Analyst reviews Apple stock price target amid challenges

Here’s what could happen to Apple shares next.

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They said it was bound to happen.

It was Jan. 11, 2024 when software giant Microsoft  (MSFT)  briefly passed Apple  (AAPL)  as the most valuable company in the world.

Microsoft's stock closed 0.5% higher, giving it a market valuation of $2.859 trillion. 

It rose as much as 2% during the session and the company was briefly worth $2.903 trillion. Apple closed 0.3% lower, giving the company a market capitalization of $2.886 trillion. 

"It was inevitable that Microsoft would overtake Apple since Microsoft is growing faster and has more to benefit from the generative AI revolution," D.A. Davidson analyst Gil Luria said at the time, according to Reuters.

The two tech titans have jostled for top spot over the years and Microsoft was ahead at last check, with a market cap of $3.085 trillion, compared with Apple's value of $2.684 trillion.

Analysts noted that Apple had been dealing with weakening demand, including for the iPhone, the company’s main source of revenue. 

Demand in China, a major market, has slumped as the country's economy makes a slow recovery from the pandemic and competition from Huawei.

Sales in China of Apple's iPhone fell by 24% in the first six weeks of 2024 compared with a year earlier, according to research firm Counterpoint, as the company contended with stiff competition from a resurgent Huawei "while getting squeezed in the middle on aggressive pricing from the likes of OPPO, vivo and Xiaomi," said senior Analyst Mengmeng Zhang.

“Although the iPhone 15 is a great device, it has no significant upgrades from the previous version, so consumers feel fine holding on to the older-generation iPhones for now," he said.

A man scrolling through Netflix on an Apple iPad Pro. Photo by Phil Barker/Future Publishing via Getty Images.

Future Publishing/Getty Images

Big plans for China

Counterpoint said that the first six weeks of 2023 saw abnormally high numbers with significant unit sales being deferred from December 2022 due to production issues.

Apple is planning to open its eighth store in Shanghai – and its 47th across China – on March 21.

Related: Tech News Now: OpenAI says Musk contract 'never existed', Xiaomi's EV, and more

The company also plans to expand its research centre in Shanghai to support all of its product lines and open a new lab in southern tech hub Shenzhen later this year, according to the South China Morning Post.

Meanwhile, over in Europe, Apple announced changes to comply with the European Union's Digital Markets Act (DMA), which went into effect last week, Reuters reported on March 12.

Beginning this spring, software developers operating in Europe will be able to distribute apps to EU customers directly from their own websites instead of through the App Store.

"To reflect the DMA’s changes, users in the EU can install apps from alternative app marketplaces in iOS 17.4 and later," Apple said on its website, referring to the software platform that runs iPhones and iPads. 

"Users will be able to download an alternative marketplace app from the marketplace developer’s website," the company said.

Apple has also said it will appeal a $2 billion EU antitrust fine for thwarting competition from Spotify  (SPOT)  and other music streaming rivals via restrictions on the App Store.

The company's shares have suffered amid all this upheaval, but some analysts still see good things in Apple's future.

Bank of America Securities confirmed its positive stance on Apple, maintaining a buy rating with a steady price target of $225, according to Investing.com

The firm's analysis highlighted Apple's pricing strategy evolution since the introduction of the first iPhone in 2007, with initial prices set at $499 for the 4GB model and $599 for the 8GB model.

BofA said that Apple has consistently launched new iPhone models, including the Pro/Pro Max versions, to target the premium market. 

Analyst says Apple selloff 'overdone'

Concurrently, prices for previous models are typically reduced by about $100 with each new release. 

This strategy, coupled with installment plans from Apple and carriers, has contributed to the iPhone's installed base reaching a record 1.2 billion in 2023, the firm said.

More Tech Stocks:

Apple has effectively shifted its sales mix toward higher-value units despite experiencing slower unit sales, BofA said.

This trend is expected to persist and could help mitigate potential unit sales weaknesses, particularly in China. 

BofA also noted Apple's dominance in the high-end market, maintaining a market share of over 90% in the $1,000 and above price band for the past three years.

The firm also cited the anticipation of a multi-year iPhone cycle propelled by next-generation AI technology, robust services growth, and the potential for margin expansion.

On Monday, Evercore ISI analysts said they believed that the sell-off in the iPhone maker’s shares may be “overdone.”

The firm said that investors' growing preference for AI-focused stocks like Nvidia  (NVDA)  has led to a reallocation of funds away from Apple. 

In addition, Evercore said concerns over weakening demand in China, where Apple may be losing market share in the smartphone segment, have affected investor sentiment.

And then ongoing regulatory issues continue to have an impact on investor confidence in the world's second-biggest company.

“We think the sell-off is rather overdone, while we suspect there is strong valuation support at current levels to down 10%, there are three distinct drivers that could unlock upside on the stock from here – a) Cap allocation, b) AI inferencing, and c) Risk-off/defensive shift," the firm said in a research note.

Related: Veteran fund manager picks favorite stocks for 2024

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Major typhoid fever surveillance study in sub-Saharan Africa indicates need for the introduction of typhoid conjugate vaccines in endemic countries

There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high…

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There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high burden combined with the threat of typhoid strains resistant to antibiotic treatment calls for stronger prevention strategies, including the use and implementation of typhoid conjugate vaccines (TCVs) in endemic settings along with improvements in access to safe water, sanitation, and hygiene.

Credit: IVI

There is a high burden of typhoid fever in sub-Saharan African countries, according to a new study published today in The Lancet Global Health. This high burden combined with the threat of typhoid strains resistant to antibiotic treatment calls for stronger prevention strategies, including the use and implementation of typhoid conjugate vaccines (TCVs) in endemic settings along with improvements in access to safe water, sanitation, and hygiene.

 

The findings from this 4-year study, the Severe Typhoid in Africa (SETA) program, offers new typhoid fever burden estimates from six countries: Burkina Faso, Democratic Republic of the Congo (DRC), Ethiopia, Ghana, Madagascar, and Nigeria, with four countries recording more than 100 cases for every 100,000 person-years of observation, which is considered a high burden. The highest incidence of typhoid was found in DRC with 315 cases per 100,000 people while children between 2-14 years of age were shown to be at highest risk across all 25 study sites.

 

There are an estimated 12.5 to 16.3 million cases of typhoid every year with 140,000 deaths. However, with generic symptoms such as fever, fatigue, and abdominal pain, and the need for blood culture sampling to make a definitive diagnosis, it is difficult for governments to capture the true burden of typhoid in their countries.

 

“Our goal through SETA was to address these gaps in typhoid disease burden data,” said lead author Dr. Florian Marks, Deputy Director General of the International Vaccine Institute (IVI). “Our estimates indicate that introduction of TCV in endemic settings would go to lengths in protecting communities, especially school-aged children, against this potentially deadly—but preventable—disease.”

 

In addition to disease incidence, this study also showed that the emergence of antimicrobial resistance (AMR) in Salmonella Typhi, the bacteria that causes typhoid fever, has led to more reliance beyond the traditional first line of antibiotic treatment. If left untreated, severe cases of the disease can lead to intestinal perforation and even death. This suggests that prevention through vaccination may play a critical role in not only protecting against typhoid fever but reducing the spread of drug-resistant strains of the bacteria.

 

There are two TCVs prequalified by the World Health Organization (WHO) and available through Gavi, the Vaccine Alliance. In February 2024, IVI and SK bioscience announced that a third TCV, SKYTyphoid™, also achieved WHO PQ, paving the way for public procurement and increasing the global supply.

 

Alongside the SETA disease burden study, IVI has been working with colleagues in three African countries to show the real-world impact of TCV vaccination. These studies include a cluster-randomized trial in Agogo, Ghana and two effectiveness studies following mass vaccination in Kisantu, DRC and Imerintsiatosika, Madagascar.

 

Dr. Birkneh Tilahun Tadesse, Associate Director General at IVI and Head of the Real-World Evidence Department, explains, “Through these vaccine effectiveness studies, we aim to show the full public health value of TCV in settings that are directly impacted by a high burden of typhoid fever.” He adds, “Our final objective of course is to eliminate typhoid or to at least reduce the burden to low incidence levels, and that’s what we are attempting in Fiji with an island-wide vaccination campaign.”

 

As more countries in typhoid endemic countries, namely in sub-Saharan Africa and South Asia, consider TCV in national immunization programs, these data will help inform evidence-based policy decisions around typhoid prevention and control.

 

###

 

About the International Vaccine Institute (IVI)
The International Vaccine Institute (IVI) is a non-profit international organization established in 1997 at the initiative of the United Nations Development Programme with a mission to discover, develop, and deliver safe, effective, and affordable vaccines for global health.

IVI’s current portfolio includes vaccines at all stages of pre-clinical and clinical development for infectious diseases that disproportionately affect low- and middle-income countries, such as cholera, typhoid, chikungunya, shigella, salmonella, schistosomiasis, hepatitis E, HPV, COVID-19, and more. IVI developed the world’s first low-cost oral cholera vaccine, pre-qualified by the World Health Organization (WHO) and developed a new-generation typhoid conjugate vaccine that is recently pre-qualified by WHO.

IVI is headquartered in Seoul, Republic of Korea with a Europe Regional Office in Sweden, a Country Office in Austria, and Collaborating Centers in Ghana, Ethiopia, and Madagascar. 39 countries and the WHO are members of IVI, and the governments of the Republic of Korea, Sweden, India, Finland, and Thailand provide state funding. For more information, please visit https://www.ivi.int.

 

CONTACT

Aerie Em, Global Communications & Advocacy Manager
+82 2 881 1386 | aerie.em@ivi.int


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US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever… And Debt Explodes

US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever… And Debt Explodes

Earlier today, CNBC’s…

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US Spent More Than Double What It Collected In February, As 2024 Deficit Is Second Highest Ever... And Debt Explodes

Earlier today, CNBC's Brian Sullivan took a horse dose of Red Pills when, about six months after our readers, he learned that the US is issuing $1 trillion in debt every 100 days, which prompted him to rage tweet, (or rageX, not sure what the proper term is here) the following:

We’ve added 60% to national debt since 2018. Germany - a country with major economic woes - added ‘just’ 32%.   

Maybe it will never matter.   Maybe MMT is real.   Maybe we just cancel or inflate it out. Maybe career real estate borrowers or career politicians aren’t the answer.

I have no idea.  Only time will tell.   But it’s going to be fascinating to watch it play out.

He is right: it will be fascinating, and the latest budget deficit data simply confirmed that the day of reckoning will come very soon, certainly sooner than the two years that One River's Eric Peters predicted this weekend for the coming "US debt sustainability crisis."

According to the US Treasury, in February, the US collected $271 billion in various tax receipts, and spent $567 billion, more than double what it collected.

The two charts below show the divergence in US tax receipts which have flatlined (on a trailing 6M basis) since the covid pandemic in 2020 (with occasional stimmy-driven surges)...

... and spending which is about 50% higher compared to where it was in 2020.

The end result is that in February, the budget deficit rose to $296.3 billion, up 12.9% from a year prior, and the second highest February deficit on record.

And the punchline: on a cumulative basis, the budget deficit in fiscal 2024 which began on October 1, 2023 is now $828 billion, the second largest cumulative deficit through February on record, surpassed only by the peak covid year of 2021.

But wait there's more: because in a world where the US is spending more than twice what it is collecting, the endgame is clear: debt collapse, and while it won't be tomorrow, or the week after, it is coming... and it's also why the US is now selling $1 trillion in debt every 100 days just to keep operating (and absorbing all those millions of illegal immigrants who will keep voting democrat to preserve the socialist system of the US, so beloved by the Soros clan).

And it gets even worse, because we are now in the ponzi finance stage of the Minsky cycle, with total interest on the debt annualizing well above $1 trillion, and rising every day

... having already surpassed total US defense spending and soon to surpass total health spending and, finally all social security spending, the largest spending category of all, which means that US debt will now rise exponentially higher until the inevitable moment when the US dollar loses its reserve status and it all comes crashing down.

We conclude with another observation by CNBC's Brian Sullivan, who quotes an email by a DC strategist...

.. which lays out the proposed Biden budget as follows:

The budget deficit will growth another $16 TRILLION over next 10 years. Thats *with* the proposed massive tax hikes.

Without them the deficit will grow $19 trillion.

That's why you will hear the "deficit is being reduced by $3 trillion" over the decade.

No family budget or business could exist with this kind of math.

Of course, in the long run, neither can the US... and since neither party will ever cut the spending which everyone by now is so addicted to, the best anyone can do is start planning for the endgame.

Tyler Durden Tue, 03/12/2024 - 18:40

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