On Tuesday, I chaired a session at Policy Exchange addressed by Tony Abbott, the eloquent former prime minister of Australia, now an adviser to the British Board of Trade. Although he acknowledged severe recent difficulties, he declared himself optimistic that free-trading democracies, such as his country and ours, can combine to strengthen rules-based, transparent trade (i.e. the sort of trade China dislikes) across the world. I truly hope he is right. One problem, though, which we barely touched on, is climate change. In the West, this is considered the great global challenge of our time. In developing countries, however, it is often seen as the West’s way of denying them the advantages which made us rich. This week, India did not show up for the 51-country meeting in London to prepare for COP26 in Glasgow, a deliberate snub. India is the world’s third-largest emitter of carbon dioxide, but also the second-largest in population.

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