The Carbon Border Adjustment Mechanism (CBAM), addresses the carbon costs paid by EU that adhere to the EU Emissions Trading System (ETS). This experiment is a step towards climate change regulation to tackle carbon leakage. There is a chance of so-called "carbon leakage" as the EU increases its own climate ambition and as long as many non- EU nations continue to have less restrictive climate policies.
The political economy of power pricing discourages the utility to purchase high-cost power, even if that results in load shedding. Heat waves make load shedding unpopular. The alternative is to bite the bullet and raise tariffs
“Outrage over outages” — headlines like these strafe even the election-reinforced cocoon of citizen comfort in city after city, as unusually severe temperatures scorch India. At the same time, much of the installed gas-based generation capacity lies idle in the country. Blame the political economy. By aggressively pursuing the current strategy of adding ever more renewable energy capacity, without any complementary investment in storage, India will face ever-rising shortages of power, even as precious generation capacity lies idle.
Cooperative federalism is the need of the hour to take on decarbonisation and adaptation efforts to mitigate climate change.
Climate change, loss of biodiversity, land use change, including desertification, and the issue of pollution form the crux of ‘World Environment Day’. This year’s theme for World Environment Day is ‘Restore lands to build drought resilience and combat desertification’.
The World Economic Forum, renowned for its commitment to shaping global agendas, launched the Giving to Amplify Earth Action (GAEA) initiative as a response to the pressing need for coordinated efforts in the realm of environmental sustainability. This initiative, which acknowledges that environmental issues transcend national borders, strives to utilize collective giving in addressing the major environmental crises the world is currently facing.
A more sensible solution is carbon dioxide removal but it isn't a priority yet. The biggest fossil fuel producers, which include the US, wouldn’t have had a market but for takers of their products in the very same rich countries whose climate campaigners shout the loudest against fossil fuels.
The rich world, whose proponents are the most vocally outraged at COP28’s failure to agree to a swift phase-out of fossil fuels, is the biggest user of fossil fuel energy.