Opinion

Was COP26 cheap talk?

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Published: November 23rd, 2021,
Last updated: May 28th, 2025

By Xavier Vives
Xavier Vives is Professor of Economics and Finance at IESE Business School.

„Blah, blah, blah.“ That was how the young climate activist Greta Thunberg characterized this year’s climate summit in Glasgow (COP26) – even before it began. She was right, in a way. Talk is cheap whenever international agreements lack effective mechanisms to verify and enforce commitments. Gatherings like COP26 tend to lack credibility, even when they are presented as a „last chance“ to prevent the end of the world as we know it. Nonetheless, such meetings help to raise awareness about the problem and potential solutions, and that is better than the denialism of past years.

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Finance Climate & Environment Financial policy Climate Policy