Difference between revisions of "Stalemate"
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The fears of a double dip economic recession have come to reality. The US fed and European bank struggle to jump start the collapsing economic activity. Markets | |||
The fears of a double dip economic recession have come to reality. The US fed and European bank struggle to jump start the collapsing economic activity. Markets are still uncertain over the future performance by the EU block. Due to the economic uncertainties of the west and a dwindling consumption in the globe, IMF has reduced the projected GDP growth of China and India in 2010.<br> | |||
The 192 participating nations | The 192 participating nations came together at the Cancun COP16 to negotiate climate change reductions with their own specific agenda. While as the under-developed want more money, the developing and the developed nations want a quick economic recovery and subsequent growth. OPEC block also intensified lobbying and funding to avoid an accord in the COP 16 meet. The Chinese premier again snubbed the other heads of nations and missed the negotiations all together.<br> | ||
The careful speech made the US president Barak Obama | The careful speech made the US president Barak Obama indicated the huge pressure of the industrial lobby and US scepticism over taking up any emission reductions. Putting the blame of current state of climate; India, Brazil, South Africa took sides with China and maintain their demand of massive reduction commitment from US and EU. With current state of economy and no commitment from US, EU saw a decreasing support from European nationals to push for emission reductions. With their own financial woes, Europeans no longer wish to suffer economically by taking emission reduction commitments. However, recent report confirm that major corporations see global warming as an opportunity and are spending huge fortunes on green R&D. Only time would tell what comes out from this research and how readily is it adopted.<br> | ||
The fires of Russia and flood in Pakistan are history. Lack of public interest on climate change and heightened focus on economic well being reduced the pressure on the negotiators to end with a strong accord. Even after 11 days of relentless fighting, the voice of the island nations remains unheard and their fears grow as no clear outcome emerged from the Cancun summit. The Cancun summit ended with noting of another accord and no concrete action plan. It appears that the world awaits a massive catastrophe to take action. | |||
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