The COP26 climate agreement has just been released in the past few days, and it is not surprising to see once again that the agreement has failed to achieve the goal of limiting warming to below 1.5°C by the end of the century. This actually shows that the United Nations as a platform for international politics is no longer sufficient to deal with international crises. On the contrary, we have seen in recent years that some multinational business groups (such as Apple and Google) have achieved remarkable results by requiring their suppliers to adopt green power production methods to reduce carbon emissions. It seems that in order to truly achieve the 2050 zero carbon goal in the future, it may be most effective to use this "direct benefit and punishment" mechanism. We have seen some fairly strong business regulations on carbon footprints adopted by the EU in recent years, which may be in line with such mechanisms.
Key elements include recognizing that global carbon dioxide emissions must be reduced by 45% by 2030, net-zero carbon emissions by 2050, inclusion of coal reduction targets, international cooperation mechanisms between markets and non-markets, strengthening of 2030 emission reduction targets and climate disaster subsidies number list In addition there are multilateral agreements such as methane emission reduction, stopping deforestation, and cooperation between the United States and China. According to Nordhaus' research in 2021 if we want to achieve the 1.5°C target, we should work towards the following three aspects a unified global carbon price, (2) research and development of low-carbon and carbon-reduction technologies, (3) An international climate agreement similar to a climate club, where members of the club have the same carbon price, also impose a carbon border tax or tariff on imports from non-member countries, which is a penalty for non-compliance countries that the current Paris Protocol lacks.
The global unified carbon price has shown its light in the market and non-market international cooperation mechanism of the Glasgow Agreement. The market international cooperation mechanism is to establish an international carbon emissions trading market. The non-market international cooperation mechanism has yet to be determined through negotiation. The global carbon tax is one of the proposals, which is still subject to negotiation. A suitable case for the climate club is the European Union, where the EU emissions trading system harmonizes carbon prices, and the EU will also start enforcing a carbon border tax in 2023. The carbon border tax has already created pressure and reactions in many countries, and the Taiwanese government and manufacturers have also changed their long-delayed behavior. According to our research, Taiwan can achieve net zero emissions by 2050, which is a win-win for the environment.