Cop26 is doomed, and the hollow promise of ‘net zero’ is to blame | Yanis Varoufakis

Net zero is popular among polluters for good reason - it's toothless compared to emissions restrictions and a carbon tax

Make no mistake, the money is here, if the world wants to use it," said Mark Carney, the former Bank of England governor who today serves as UN climate envoy, while also representing an alliance of financiers sitting on a pile of $130tn worth of assets. So, what does the world want? If only humanity had the power to organise a global poll based on one-human-one-vote, such a species-wide referendum would undoubtedly deliver a clear answer: Do whatever it takes to stop emitting carbon now!" Instead, we have a decision-making process culminating in the colossal fiasco currently unfolding in Glasgow.

The failure of Cop26 reflects our failed democracies on both sides of the Atlantic. President Biden arrived in Glasgow as his people back in Washington were pushing his infrastructure bill through Congress - an exercise that decoupled the bill from any serious investment in renewables and funded an array of carbon-emitting infrastructure such as expanded roads and airports. Meanwhile in the European Union, the rhetoric may be painted in bright green, but the reality is dark brown - with even Germany looking forward to copious amounts of Russian natural gas in exchange of green-lighting the Nord Stream 2 gas pipeline. The EU should be creating a pan-European Renewable Energy Union, but alas our leaders are not even debating this idea.