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2 Significant Outcomes From COP26

If you follow the energy markets, as I assume most readers here do, you may be aware that COP26, the U.N. climate summit held in Glasgow, Scotland is drawing to a close today after eleven days. If you live in the U.S., however, there is also a chance that you haven’t heard much about it. Coverage of the summit is extensive in Europe and my U.K. friends and relatives have been abuzz with stories emanating from Glasgow over the last couple of weeks, whereas it is an afterthought for most news outlets here and very few people have mentioned it in conversation.

So far, the history of these kinds of things suggests that, from an investor’s perspective at least, the U.S. media treatment of COP26 is far more realistic than, say, the BBC World Service’s somewhat breathless blanket coverage of the event. Yes, I get that the science indicates that climate change is a real problem that threatens the very planet we live on, but summits such as this have never been agents for real change. They have been about making concerned sounding speeches and posturing, while setting lofty goals far enough in the future to enable current politicians to essentially ignore them. If anything, the amount of hot air and CO2 they produce probably makes the problem worse.

There has been plenty of that this week, but there were also two developments that could force real change within a timeframe that affects us all.

The first came quite early, when several key countries…

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