Have we seen the end of the UN's climate change plan?
I think so.
The effect of China saying "Thanks for the invite, but we're washing our hair that night" is to unravel the rest of the world's commitment to the idea.
Without the world's biggest producer of carbon emissions on board, there is nothing the rest of the world can do to significantly reduce the amount of CO2 emissions being pumped into the air.
Given the way most of the current climate change policies are structured - making some businesses pay more taxes in a recession - this puts China at a massive economic advantage. While those Western businesses will have to increase costs to cover their new taxes, Chinese companies will be able to undercut them even further.
It'll be interesting to see where the UN goes from here. Is there a way forward that can keep the current process going? Or will they have to dump it and start again?
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