TPP will help the poor — but not as much as a global trade deal

The Pope derides those who have “blind faith” in technological advances as a solution to climate change. Instead, his encyclical declares that the world must stop consuming so much. That, he says, will help the poor people who stand to be affected most by global warming. That is troubling, because technical innovation is exactly what we need more of.

As the COP26 summit meets over the next couple of weeks in Glasgow, we can all expect to be bombarded with disaster scenarios, replete with stories about our species’ imminent demise. Over the last couple of days, we have had Boris Johnson warning that it is “one minute to midnight” and Prince Charles claiming that this is “literally our last chance saloon”. And of course, Greta Thunberg has already made a few appearances of her own, accusing politicians of “pretending to take our future seriously” and saying that COP26 will “lead us nowhere”.

Chancellor Phillip Hammond was slapped down by Downing Street last week for warning that reaching net zero carbon emissions could cost the UK £1 trillion and require cuts to funding for schools, hospitals and the police force. Climate change needs a response, but Mr Hammond is right to highlight the cost – and in fact, he is likely to be underestimating the real price-tag.