Page 4 - ISQ UK_October 2021
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           The World Awakens

           Chris Bailey, European Strategist, Raymond James

                             “    Following the light of the sun, we left the Old World     ”

                                                                       - Christopher Columbus

           This year, the first half of November may help progress a   temperature target, namely restricting a rise in temperature to
           range of important initiatives for much longer than just   1.5  by halving carbon dioxide emissions by 2030.  Whilst the con-
                                                                vergence of a ‘movement of movements’ is building, it is difficult
           the rest of this decade. The international climate summit
                                                                to have truly global applications, given that developed market
           COP26 will take place in Glasgow between Monday 1    nations cannot easily criticise the very same economic growth
           November and Friday 12 November and there is much to   engines that they applied themselves over recent decades.  Fortu-
           discuss.  After all - as noted by the U.K. government recently   nately, periods of change and new insights are applied all the more
                                                                quickly. Acknowledgement of this alone would allow discussions
           - COP26 may be our last  ‘best hope for the world to come
                                                                in Glasgow to have some real impacts over the next two or three
           together and tackle climate change’, beyond hopes already   decades, something that financial markets might find comfort in.
           forged at the 2015 Paris Agreement.
                                                                But what about current energy price concerns, not just in
           However, the world has already evolved in many ways over the last   the U.K. despite the rise of both wind and solar power solu-
           six years with the growing global influence of emerging market   tions? ‘Green’ energy focus by the end of the next decade
           nations - even given the COVID-19 crisis. This alone can make   and hitting net zero emission by 2050 remain far more
           discussions more challenging for a world where rising global   consistent with continued nuclear energy than gas and
           emissions are already expected to breach the Paris Agreement
                                                                coal in particular. As always change occurs over time.

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