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After forcing workers back to the office, Goldman Sachs and JPMorgan Chase are now letting their staff work remotely—but only for the World Cup

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Markets tumble worldwide as Fed resets expectations: $400 billion wiped off SpaceX stock

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climate change

Germany’s Merkel Urges Strict, Binding Goals to Tackle Climate Change

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Aaron Task
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Aaron Task
Aaron Task
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November 28, 2015, 9:59 AM ET
German Chancellor Angela Merkel Meets U.K. Prime Minister David Cameron
Angela Merkel, Germany's chancellor, awaits the arrival of David Cameron, U.K. prime minister, ahead of a news conference at the Chancellery in Berlin, Germany, on Friday, May 29, 2015. Merkel offered to help Cameron secure the changes he wants to Britain's relationship with the European Union, including the possibility of changing EU treaties if necessary. Photographer: Krisztian Bocsi/Bloomberg via Getty ImagesPhotograph by Getty Images
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Germany’s chancellor gave a qualified welcome on Saturday to China’s pledge to tackle rising temperatures ahead of a global climate conference but she called for more ambitious goals to cut greenhouse emissions.

In her weekly internet podcast on Saturday, Angela Merkel also underscored the long-term importance of coal-fired power
for Germany, a country that remains one of the globe’s biggest economies and exporters.

“It is remarkable that China … has given a timeframe for reduction of 2030,” said Merkel. “But the proposed targets for reduction will not allow us to reach the (United Nations) 2 degree goal. That means we need a follow up process and that, in my view, must be binding.”

Merkel’s comments come as world leaders prepare to meet for a summit that seeks to steer the global economy away from
reliance on fossil fuels.

Several scientific studies project that pledges made so far will – at best – hold the world to temperature rises of anywhere from 2.7 degrees to 3 or even 3.5 above pre-industrial times by 2100. That is well above an agreed 2-degree UN limit.

China has promised its carbon dioxide emissions will peak by 2030 but has not said how high they will rise before then.

In her podcast, Merkel underscored the continued importance of coal power for Germany. “We never promised to leave coal
behind us in 2020. It stays an important pillar for a longer time,” she said. She said that the industrialized countries could develop energy technology that could be used by developing countries.

Opening the summit near Paris on Nov. 30, heads of government from big carbon burning countries such as U.S. President Barack Obama and China’s Xi Jinping will seek common cause with leaders from the smallest emitters in Africa.

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