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Outside In | Getting to net zero is going to be a brutal slog. Are we ready to make the drastic changes needed?

  • Rocketing fossil fuel prices worldwide make it clear the transition to sustainability is going to be messier and more costly than we think
  • Political leaders need the will to make unpopular decisions, and consumers will have to make significant lifestyle changes

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A sign on the forecourt of a petrol station in London on October 1 as Britons resort to panic buying. By 2050, 86 per cent of all cars need to be electric, according to the IEA, compared with 1 per cent today. Photo: Bloomberg
With the COP26 climate summit in Glasgow now just three weeks away, the daunting global scale of the challenges we face has become clear. The summer’s floods, fires and other pestilences have demonstrated the dreadful immediacy of global warming.
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Soaring fossil fuel prices worldwide have provided stark warnings on the difficulty and huge cost of the transition to sustainability, both for governments, and for us as individuals. But evidence of the political or personal will to make the necessary hard choices remains thin on the ground.

The long-awaited Glasgow summit will undoubtedly bring hard talk, and a plethora of grand-sounding pledges, but as Brooke Masters at the Financial Times said late last month: “Stunts and pious pledges won’t save the planet.”

Alok Sharma, Britain’s president of the COP26 meeting, says he wants to use the summit to “consign coal to history”. Yet, world coal prices are at record levels, up 35 per cent so far this year; China and India are scrambling desperately for coal for their thermal power plants wherever they can find it; and natural gas prices in Europe are up 10-fold since January amid uncertainties over Russian supplies.

Oil prices, meanwhile, are heading for above US$80 a barrel as Opec leaders resist pressure to boost production, and British drivers are panic buying petrol as pumps run dry.

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And, in an untimely piece of divine intervention, Europe and Britain suffered falls in renewables after a summer of below-average wind and sunshine.

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