It is really time for us all to stop taking any of the information broadcast out of the annual United Nations climate conferences called Conference Of The Parties seriously. The 27th such conference which convened in Egypt this month concluded with the following statement.
“The Conference of the Parties…Highlights that about USD 4 trillion per year needs to be invested in renewable energy up until 2030 to be able to reach net zero emissions by 2050.” That which would eliminate all life on earth that depends on carbon dioxide which is all life on earth.
It does not include reparations for loss and damage. That potentially much greater financial flow (as it is called in UN speak) is extra.
The precise nature of this called for transformation of the financial system is not specified but easy money seems a special theme.
Some of it is even backward looking, in the form of what is called “debt relief”. Between the lines there is now an interesting situation. The developed countries supposedly promised a climate focused financial flow of $100 billion a year beginning in 2020. According to the OECD we actually made about $80 billion a year, most of it in easy loans.
So now the green developing countries are laden with climate debt. No surprise they would now like to see this huge debt forgiven, of refinanced, or something else where they do not have to pay now, along the lines of “relief”.
The UN speak reference to debt goes like this:
“The Conference of the Parties…Notes with concern the growing gap between the needs of developing country Parties, in particular those due to the increasing impacts of climate change and their increased indebtedness, and the support provided and mobilized for their efforts to implement their nationally determined contributions, highlighting that such needs are currently estimated at USD 5.8–5.9 trillion for the pre-2030 period.”
That said here is their concept of a financial transformation as far as the big development banks are concerned:
“The Conference of the Parties…Calls on the shareholders of multilateral development banks and international financial institutions to reform multilateral development bank practices and priorities, align and scale up funding, ensure simplified access and mobilize climate finance from various sources and encourages multilateral development banks to define a new vision and commensurate operational model, channels and instruments that are fit for the purpose of adequately addressing the global climate emergency, including deploying a full suite of instruments, from grants to guarantees and non-debt instruments, taking into account debt burdens, and to address risk appetite, with a view to substantially increasing climate finance.”
The last four words really say it all: “… substantially increasing climate finance.”
What they are calling for is a bubble. Huge amounts of money thrown to the developing countries, which are never repaid. Call it the climate finance bubble.
These folks clearly have no concept of finance or investment, both of which expect a return, on top of repayment. They just want unbelievable amounts of free money, all in the name of a computer generated emergency.
Happily none of this is going to happen. In the meantime words are cheap (even if the food at COP27 was not).
Climate reparations dead in the water as US Republicans say ‘No way’
The U.S. and other developed countries have failed to meet a prior pledge to provide $100 billion per year.
Conservatives, meanwhile, suggested it amounted to an international slush fund for richer nations to fork over tens of billions of dollars each year to developing countries.
“Simply put, the United States can’t pay. We could give a few billion dollars now and then, but we’re $31 trillion in debt and face trillion dollar-per-year deficits for the foreseeable future,
The U.S. gave an average of $2.2 billion annually between 2015 and 2018, and a Democratic-controlled Congress earlier this year included $1 billion in foreign climate aid.
UN declaration calls for as much as $10 trillion a year to meet climate targets
“The endless search for climate trillions will go on for decades to come,” Net Zero Watch Director Benny Peiser said.
The United Nations COP27 climate plan calls on nations to spend eight to ten trillion dollars annually to invest in green energy and rapidly reduce greenhouse gas emissions.
“Of course, all these numbers are just pulled out of thin air,” Energy and Environmental Legal Institute senior legal fellow Steve Milloy told the Daily Caller News Foundation. Sheer Crazy talk. Why do we pay attention. Actually only the press does and they force others to/
The plan also calls on developed countries to provide over $5.8 trillion before 2030 to help developing countries adapt to climate change and fund renewable energy projects in poorer nations. Nearly 200 nations reached an agreement to establish a financial framework at the COP27 meeting, whereby wealthy nations like the U.S. would pay developing nations in order to compensate them for historical “loss and damage,” allegedly caused by richer nations’ emissions, according to a draft document.
“The endless search for climate trillions will go on for decades to come,” Net Zero Watch Director Benny Peiser told the DCNF. “It’s an apocalyptic cult that is going in circles: they have been meeting for 30 years and have utterly failed to achieve the main objective – slowing, never mind, halting CO2 emissions.”