Economic globalisation is the process by which the world's economy becomes more closely connected. This can lead to the greater transnational flow of goods, services and capital. Economic globalisation is doing more harm than good as it can leave the already rich even richer, while also leaving the poor behind. The poor do not reap the benefits of economic globalisation as much as the already rich do, and globalisation can be considered as an unbalanced system.

While it is true that these institutions have in many ways contributed to the long term development and modernisation of many states around the world, as well as providing short term loans to struggling economies, there are many controversies surrounding both the IMF and the World Bank.

ince the end of the Cold War in 1991, the US has been seen as the unipolar hegemon, but this has been called into question recently due to the US’ apparent hubristic approach that has given room for competitors, the rise of China and the rise of other global powers.

In conclusion, it is evident that while the summit is the most significant step seen so far in solving climate change, the efforts are insufficient. This is largely due to capitalism being a priority over the environment and states are more concerned with short term success rather than focusing on long-term problems that may arise. While developments in green technology have proved effective, until this is accepted by a global majority, sufficient progress cannot be made.