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DON’T expect a gabfest in Glasgow to save the planet when the scene of real action is 6,437km east.
The United Nations Climate Change Conference in the Scottish city is being billed as our last best chance to keep global warming to below 1.5 degrees Celsius above pre-Industrial Revolution levels.
But that’s already unrealistic.
With temperatures 1.1 degrees higher than in the second half of the 19th century and greenhouse gas emissions still rising, the ambitious goal adopted by 196 countries in Paris six years ago is a near-certain miss.
That will no doubt lead to a new round of finger-pointing between rich and poor nations about how each side is being unreasonable and unfair. For a clue to how this depressing stalemate will ever be resolved, cast your gaze to Gujarat on India’s northwestern coast, where there’s no sense of defeat, or even righteous indignation about being forced to go on a low-emission diet by those who were early to industrialise.
Instead, two of the world’s richest businessmen are furiously writing billion-dollar cheques in their race to shape our climate future.
Mukesh Ambani and Gautam Adani owe their fortunes to carbon, and yet it’s in hydrogen – the simplest known element – where a complex contest between them could open a pathway to decarbonised economic growth.
India’s official position is that net zero emissions by 2050 is an unjust demand. Yet, the optimism of the tycoons from Gujarat offers a way out of the impasse. Betting on one or both to succeed, Prime Minister Narendra Modi might promise to do more for the climate, though real work for his team will start only after returning from Glasgow.
That’s when Ambani, 64, and Adani, 59, will want supportive policies.
Ambani owes his top spot on Asia’s rich list to Gujarat’s Jamnagar, host to the world’s largest oil-refining complex.
It spews out spare cash to invest in retail and the internet. Pivoting away from fossil fuels, Ambani is setting up four new factories in the district, one each for solar panels, batteries, green hydrogen and fuel cells.
His flagship Reliance Industries Ltd has so far spent US$1.2bil (RM4.9bil) on acquisitions and partnerships, and already Bernstein analysts believe the new enterprise to be worth US$36bil (RM149.08bil), compared with US$30bil (RM124.2bil) for the decades-old refining business.
Before Ambani entered the green-energy race in June, Adani was winning it. For years, the Adani Group mined coal, produced coal-fired power at large plants like Mundra in Gujarat and berthed coal vessels at his vast network of ports.
When Adani made news on an environmental issue, it was usually for the wrong reason. But in the past three years, the second-richest Asian has swiftly assembled a 20 gigawatt solar, wind and hybrid electricity portfolio.
Adani Green Energy Ltd shares have risen 13-fold in the past 24 months, feeding the magnate’s ambition to be the world’s largest renewable energy producer by 2030. That won’t be easy now. Ambani is moving quickly to capture 100 gigawatts of solar manufacturing, or a third of India’s market, by the end of the decade.