Per Henry M. Paulson, yeah, the one you’re thinking about, it’s all about private invesment. Or, is that “private”?
(NY Times) SAVING our planet from the worst effects of climate change won’t be cheap. A new report from the United Nations says that the world will need to mobilize $90 trillion in public and private capital over the next 15 years.
As a point of comparison, global gross domestic product in 2015 was $73 trillion. But there is no question that the world needs to ramp up its transition to a low-carbon, environmentally sustainable and resilient economy, and to do so rapidly. The question is, how do we pay for it, given the limited availability of government funding, particularly in developing countries?
The answer: private financing. The good news is that there is a global abundance of private capital.
And how will it be unlocked? Come on, you know the answer
To unlock these riches, governments must create conditions that encourage private investment in clean technologies and sustainable development. With smart, well-designed and coordinated policies, financing models and instruments like bonds and incentive programs, countries have the potential to solve some of the planet’s most pressing environmental challenges while still maintaining economic growth.
Let’s be honest: with proper government policies, economies can grow. These are policies that get government out of the way, reducing regulations. Le economic freedom ring! How often does that happen? Of course, he doesn’t really mean it
For this to happen, countries will need to adopt policies that reduce the price of low-carbon investments to make them more attractive for private investors. These policies include environmental regulations to stimulate clean, sustainable development; incentives and subsidies for clean energy investments; and the pricing of carbon emissions, which can be done in a variety of ways, including emissions trading and taxes. We also need to eliminate subsidies that encourage the use and extraction of carbon-based energy like coal and oil. Such policies will take strong political will, especially as economic growth is slowing.
Yeah, he’s all for the domineering hand of Government. Paulson loves what the tyrannical government of China is doing.
Financing the world’s transition to a low-carbon economy will be costly, but we can’t afford not to do it and, it is important to note, it is feasible.We have the ideas, the models and the capital to make it happen. What’s needed now is leadership from global policy makers to prioritize the development of a global green finance system.
Funny how every policy prescription from Warmists revolves around increasing the power of government.
Why hasnt the Believers fixed the problem.
The problem with this set of individuals is the FIGHT is the fun….the solution is the mundane better left for others.
Just like Charlotte last night men and women showing up with masks tells you these were paid agitators who travel from riot to riot to stir up the crowds.
They are not interested in solutions……and Trump even willing to talk about solutions is met with the loudest screams on the planet of RACIST, BIGOT, HOMOPHOBE…..
And once the right is beat back into silence then the left will DO NOTHING for 4 more years…..all the while preaching how America is racist and that blacks have to future…..
BUT if you vote for me just one more time ILL SOLVE THE PROBLEM.
The left has no solutions……Only anger….they are angry at everything and refuse to work to solve anything that does not require a new cabinet level department and a million new federal employees all belonging to a union.
Asking the private sector for 90 trillion dollars is comical….halving that is comical…but at least its a proposal. Even though its a non sequitur.
At least the article mentioned total world GDP, to give the reader a point of comparison.
Doing the (oversimplified) math, the $90 trillion figure, divided by the 15 year time frame, comes up to $6 trillion per year, or 8.2% of total world expenditures. At work, when someone says something stupid, the standard line is “The drug test lady will be here tomorrow.” Sounds like she needs to talk to Mr Paulson.
Our esteemed host wrote:
In the meantime, the Fed announced just yesterday that it was lowering its estimate for 2016 economic growth from the 2% they projected in June — which was, itself, a lowered estimate — to 1.8%.
In June of 2015, the Fed projected total GDP growth for 2016 as between 2.4 and 2.7%, and the lowest estimate by any of the twelve members of the FOMC was 2.3%; one of those highly edumacated economists forecast a 3% real growth rate.
The FOMC is, purportedly, the wise group which will control our economy, but they can’t seem to get it right.