U.N. chief Urgent meeting to address global warming on Wednesday may see the world’s biggest economies face a new round of trade sanctions as a result of a U.K. report that warned the world is facing an unprecedented surge in the use of industrial chemicals.
The U.M. government has said that China is increasingly exploiting the vast and increasingly polluted natural gas reserves of the U.A.E. to extract as much as 20% of global oil demand from the region.
India, which accounts for around 60% of world oil imports, has repeatedly said it has no plans to use any of the chemicals used in industrial products in its industry.
India and China also have the world top two natural gas production fields, known as the North Sea and the South China Sea, which could be the target of a trade dispute if their countries try to extract more from the oilfields, which are considered strategic.
On Monday, India and China agreed to a deal to cut carbon emissions and curb emissions from the two countries’ power plants, a step that would help curb global warming.
India said it would spend an additional $20 billion on a new energy-efficiency program to cut the number of power stations that emit greenhouse gases, the most of any country in the world.
China has a far greater appetite for cheap fossil fuels and has made significant efforts to reduce its reliance on coal, which is burning at an unsustainable rate and is already being replaced by natural gas and nuclear power.
India’s economy is also suffering from a slowdown in investment in infrastructure and an oversupply of consumer goods, and it has been struggling to make good on its promises to invest in its infrastructure and manufacturing.
The U.F.O.C.I. is recommending that India increase its spending on infrastructure and invest in technology to create jobs, create good-paying jobs and help the country avoid becoming a high-carbon economy.