How will COP26 be remembered by future historians? Whether it is regarded as a global triumph or a disastrous failure, one thing is clear: the conference will go down in history as the moment the global economy officially entered the Age of Net Zero.
More than 130 countries, including China, the US and those in the European Union (EU), have now pledged to achieve net-zero emissions by 2050 or shortly after. Hundreds of multinational companies, including British Airways, Mars, Unilever, Shell and BP, have followed suit. Meanwhile, the Glasgow Financial Alliance for Net Zero, a coalition of more than 450 banks, insurers and investors that represent $130trn in total assets, has also made the pledge.
While these commitments fall far short of what is needed to limit global temperature rises to 1.5°C, they will still have significant repercussions for the way that economies operate – and in whose interest. From energy to transport, the transition towards net zero will likely involve a degree of economic restructuring. However, few sectors face as much disruption as rural land markets.
