The 27th Conference of the Parties to the UN Framework Convention on Climate Change, or COP27, began this week in Egypt.
In a move that must have irritated the intergovernmental panel on climate change , The Economist’s cover story last week called on readers to “Say goodbye to 1.5°C”. You would never guess this from the industry’s messaging, which is all about how committed it is to tackling climate change. Just look at the sponsors of South Africa’s pavilion at COP27 — they include greenhouse gas behemoths Sasol, Thungela and Exxaro, and Standard Bank, Africa’s largest lender to the oil and gas industry.
The bottom line is that it doesn’t matter what the government does or how far it bends to accommodate it, business will always resist to the full extent of its power any attempt to regulate it effectively.
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