COP26 may have fallen short in guaranteeing that the Paris Agreement’s topline goal of limiting global warming to 1.5° Celsius is met, but it did throw up one initiative that could retool how some of our most polluting products are made.
The European Union and the United States initially announced that they will suspend the trade disputes over steel and aluminium imposed by Donald Trump during his time in office under the guise of ‘national security’ concerns.
In addition to that pause on tariffs and a reactivation of a quota system for EU imports, the two sides are also setting up a global arrangement that will aim to spur the adoption of green technologies and address the issue of production overcapacity.
“The global arrangement will add a powerful new tool in our quest for sustainability, achieving climate neutrality and ensuring a level playing field for our steel and aluminium industries,” said Ursula von der Leyen, President of the European Commission...