COP26 Climate Summit Consensus Is Sought After Decades of False Starts
The climate summit that is about to begin in Glasgow marks the world's latest attempt to galvanize nations' response to climate change and improve on international efforts of the past few decades.
Negotiations at COP26, the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change, will center on getting countries to commit to stronger targets to reduce greenhouse-gas emissions, as well as pledges from richer countries to help finance the developing world's transition to renewable energy and to adapt to the effects of climate change such as rising sea levels and more-powerful storms.
Nations have made progress in the past quarter-century through the 1997 Kyoto Protocol, the 2012 Doha Amendment and the Paris Agreement of 2015. But accountability remains a problem, environmental scientists, world leaders and executives say. And some of the world's largest carbon emitters, including the U.S., have withdrawn from previous pacts.
Steep Cuts to Carbon Emissions Gain Stronger Economic Backing
As a growing number of global leaders pledged to achieve net-zero carbon emissions ahead of this week's climate conference in Glasgow, an awkward question hovered in the background: Is it worth it? That is as much an economic as a scientific question, and the economics of climate are far less settled than the science.
Until recently, economic models, including one developed by the world's best known climate economist, Nobel laureate William Nordhaus, concluded climate change would hurt economic growth, but not by enough to justify the steep cost of holding the rise in global temperatures to below 2 degrees celsius or achieving net zero emissions.
But some economists now argue those models use outdated data, put too low a value on future well-being and don't properly price society's desire for insurance against catastrophes. Their research is yielding higher costs from emissions, which doesn't prove net zero is cost effective but suggests that prospect is more likely than once thought.
TODAY IN CANADA
Earnings:
Cargojet 3Q
Nutrien 3Q
Economic Indicators (ET):
0930 Oct Canada Manufacturing PMI
Stocks to Watch:
AusNet Agrees to A$10.2 Billion Takeover by Brookfield-Led Consortium
Australian power distributor AusNet Services Ltd. said it has agreed to an improved takeover offer from a consortium led by Brookfield Asset Management Inc. that it deems to be superior to a rival proposal from APA Group.
AusNet said the consortium's new all-cash offer values its equity at 10.2 billion Australian dollars (US$7.67 billion), or A$2.65 a share, and that major shareholder Singapore Power Ltd. has signaled it intends to vote in favor of the proposal.
The Brookfield-led consortium includes Australia's Sunsuper Superannuation Fund, and Canadian pension funds and asset managers Alberta Investment Management Corp., the Investment Management Corp. of Ontario, and Healthcare of Ontario Pension Plan.
Expected Major Events for Monday
00:30/JPN: Oct Japan Manufacturing PMI
05:00/JPN: Oct Auto sales
06:00/RUS: Oct Russian Manufacturing PMI
07:00/GER: Sep Retail Trade
09:30/UK: Oct CIPS / Markit Manufacturing PMI
13:30/CAN: Oct Canada Manufacturing PMI
13:45/US: Oct US Manufacturing PMI
14:00/US: Oct ISM Report On Business Manufacturing PMI
14:00/US: Sep Construction Spending - Construction Put in Place
23:50/JPN: Oct Monetary Base
All times in GMT. Powered by Kantar Media and Dow Jones.
Expected Earnings for Monday
Affiliated Managers Group Inc (AMG) is expected to report $2.69 for 3Q.
Agree Realty (ADC) is expected to report for 3Q.
Akoustis Technologies Inc (AKTS) is expected to report $-0.22 for 1Q.
Alexander's Inc (ALX) is expected to report for 3Q.
Avis Budget Group (CAR) is expected to report $6.43 for 3Q.
CNA Financial Corp (CNA) is expected to report $0.67 for 3Q.
CURO Group Holdings Corp (CURO) is expected to report $0.00 for 3Q.
Capital Southwest Corp (CSWC) is expected to report $0.33 for 2Q.
Cargojet (CGJTF) is expected to report $1.27 for 3Q.
Chegg Inc (CHGG) is expected to report $-0.04 for 3Q.
Copper Mountain (CMMC.T,CPPMF) is expected to report $0.09 for 3Q.
Credit Acceptance (CACC) is expected to report $11.74 for 3Q.
DZS Inc (DZSI) is expected to report for 3Q.
Diamondback Energy Inc (FANG) is expected to report $2.75 for 3Q.
Douglas Dynamics Inc (PLOW) is expected to report $0.30 for 3Q.
Emerald Holding Inc (EEX) is expected to report for 3Q.
Enable Midstream Partners LP (ENBL) is expected to report $0.22 for 3Q.
Essential Utilities Inc (WTRG) is expected to report for 3Q.
F&M Bank (FMBM) is expected to report for 3Q.
First Bancorp NC (FBNC) is expected to report $0.38 for 3Q.
Franklin Resources (BEN) is expected to report $0.80 for 4Q.
Golden Star Resources Ltd (GSC.T,GSS) is expected to report for 3Q.
Harmonic (HLIT) is expected to report $-0.03 for 3Q.
Intevac Inc (IVAC) is expected to report $-0.25 for 3Q.
Jeld-Wen Holding Inc (JELD) is expected to report $0.37 for 3Q.
Loews Corp (L) is expected to report $0.72 for 3Q.
Nutrien Ltd (NTR,NTR.T) is expected to report $1.50 for 3Q.
ON Semiconductor Corp (ON) is expected to report $0.59 for 3Q.
Oil States International (OIS) is expected to report $-0.05 for 3Q.
Old Point Financial Corp (OPOF) is expected to report for 3Q.
PG&E Corp (PCG) is expected to report $0.11 for 3Q.
Regal Rexnord Corp (RRX) is expected to report $2.12 for 3Q.
SCI Engineered Materials Inc (SCIA) is expected to report for 3Q.
Solaris Oilfield Infrastructure Inc (SOI) is expected to report $-0.01 for 3Q.
Sterling Bancorp Inc (SBT) is expected to report $0.07 for 3Q.
SunCoke Energy Inc (SXC) is expected to report $0.17 for 3Q.
The Mosaic Company (MOS) is expected to report $1.50 for 3Q.
Timken Co (TKR) is expected to report $1.23 for 3Q.
Varonis Systems Inc (VRNS) is expected to report $-0.18 for 3Q.
loanDepot Inc (LDI) is expected to report $0.36 for 3Q.
Powered by Kantar Media and Dow Jones.
ANALYST RATINGS ACTIONS
Eastman Chemical Cut to Neutral From Overweight by JP Morgan
International Paper Cut to Hold From Buy by Jefferies
Kemper Corp Cut to Neutral From Overweight by Piper Sandler
Newell Brands Raised to Overweight From Neutral by JP Morgan
This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
11-01-21 0614ET