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Never before has a global recession been led by a European recession, which is underpinned by a major war. Never before have the superpowers had a credibility crisis like the one we are witnessing now on various policy fronts.

Europe is backtracking from its stance on climate change as envisioned in the Paris Accord. It has moved from “coal is dirty” to firing up its coal-fired power stations to preserve its gas reserves for the coming winter. Meanwhile, Europe and the US have funding commitments to help emerging markets such as SA decommission their coal-fired plants more quickly,  without proven alternatives to provide base load. ..

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