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World leaders team up to sign global climate change deal
Shri Prakash Javadekar today reiterated that the Paris Agreement is a legally binding agreement that covers all countries, developed and developing, with the aim to strengthen the global response to the threat of climate change. It commits rich and poor nations to rein in rising carbon levels and is an attempt to eliminate net greenhouse gas emissions from human activity this century.
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The MAC Global Solar Energy Index was up 1.9 percent.
That means the Chinese are allowing themselves 14 more years of increasing emissions, despite their commitment to lower the share of coal in their energy mix to below 60 per cent. St. Louis-based Peabody Energy Corp. fell 13.2 percent on Monday.
Wind turbine makers, electric auto company Tesla Motors, solar panel group SolarEdge Technologies Inc. and Albemarle Corp., which supplies lithium for batteries, will benefit from the deal, said Goldman Sachs.
The Paris climate agreement is an expensive news release, pushing unachievable policies in pursuit of an arbitrary goal.
Having developing countries on board for the deal was no easy task, as many argued that to stop using coal and other forms of fossil fuel for energy, the cause of greenhouse emissions, comes at a cost to their emerging economies. “You need to give time to wait for the dust to settle, and 2020 is still a long way out”.
“Financial support to developing countries remains quite vague and developed countries do not seem to have opened up new funding sources for this,”added Steets”.
Global warming alarmists are trumpeting a do-nothing climate agreement reached in Paris as if it would actually do anything to reduce carbon emissions, or hold down an increase in global temperatures.
FICCI stated that the fact that principles of equity and common but differentiated responsibilities has been retained is a big factor in the success of the outcome, as these are the underlying principles that India and Indian business and industry saw as bridging the trust deficit and ensuring climate justice.
“It reassures that the world community is coming together to provide a better earth to the future generations”, he said.
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Harshvardhan Neotia, President Elect, FICCI said that “while governments have architected the agreement, businesses can now look forward to gearing up to tackling the challenge of climate change in a renewed confidence”.