Cutting emissions drastically is neither easy nor cheap, so the developed world is looking for scapegoats. As you read this, a deal is possibly being signed at Copenhagen to save the world from climate change. But be very clear. The agreement which the world has waited for is not going to be either an effective deal or a fair deal to reduce emissions in the world. The reason is clear: The...

The food price inflation in India, measured by the wholesale price index of food items, touched a 10-year high for the week ended November 28, 2009 when it crossed 19% on point-to-point basis over the corresponding week a year ago. The cereal prices were up by about 13%, but pulses are up by 42%, and vegetables by 31%, although potato prices shot up by 102%. This is getting way beyond...

The outcome of the historic climate change negotiations in Copenhagen hinges on the issues of emissions reductions and financing, Secretary-General Ban Ki-moon said today as he urged world leaders to use the final days of the talks to strike an ambitious new agreement. The Nobel Peace Prize-winning Intergovernmental Panel on Climate Change (IPCC) has found that to stave off the worst effects of climate change, industrialized countries must slash greenhouse...

I have just returned after performing at the climate circus in Copenhagen. Like all sensible columnists, I will reserve my remarks on why the outcome was entirely predictable, till after the event! But as I attended this meeting of the Conference of Parties (COP) of the Climate Convention (UNFCCC) after a gap of some six years, a snapshot comparison of then and now may be more useful. The UNFCCC process started...

For about a week after the Dubai crisis broke, international financial markets chose to ignore it. Stock-markets climbed, commodity prices rose and the dollar continued to be beaten down. It is not too difficult to explain this initial indifference. For one, the magnitude of the Dubai crisis appeared piffling, at first glance, compared to the “subprime” crisis or the meltdown following “Lehman’s bust”. When global banks had run up losses...