It’s almost like this has nothing to do with science, and everything to do with Modern Socialist ideals, like redistributing Other People’s money
Ahead of COP26, focus turns to climate finance
Climate experts have stressed that the upcoming UN climate conference, COP26, is the “last, best chance” for the world to come through with a plan to limit global warming to 1.5 degrees Celsius (2.7 Fahrenheit) and help countries move to net-zero.
Don’t they say that every year? Besides, I thought the Paris COP was historic, the one that would Save The World? No?
Managing the green transition and heading off the worst effects of climate change won’t be an easy task either in terms of policy, or coming up with the necessary funds to make sure these promises have a chance of success.
“Finance is essential to accelerating the transition to net-zero and achieving the full ambition of the Paris Agreement,” said Mark Carney, the COP26 finance adviser for UK Prime Minister Boris Johnson, in the lead-up to the pivotal summit. The COP26 website lays it out in stark terms: “To achieve our climate goals, every company, every financial firm, every bank, insurer and investor will need to change.”
Developing nations trying to transform their carbon-based economies and find ways to adapt will be looking for the world’s richest nations, which are responsible for most of the global carbon dioxide emissions, to make good on an overdue promise of $100 billion (roughly €86.2 billion) a year to help them fund climate finance. And that’s just the tip of the rapidly melting iceberg.
Negotiations at COP26 will be focusing on raising even more money after 2025 because $100 billion isn’t nearly enough, according to Pablo Vieira, global director of the NDC Partnership, which helps countries achieve their national climate commitments.
That’s weird, because most 1st World nations failed to abide by the pledges of their leaders to pony up their share of the $100 billion, and now they want more? Where’s the money coming from? The U.S. (and China and Russia now) already provides enough taxpayer funds to these 3rd World Shitholes Developing Nations, but, the point of climate funds is to give these nations money without strings, because the 1st World apparently owes them for being shitholes, er, Developing nations.
How much?
But as of 2019, the last year for which data is available, wealthy nations had yet to even meet their original goal, contributing just under $80 billion according to the Organization for Economic Cooperation and Development (OECD). Estimates from the UN, World Bank and the OECD have shown it will take $6.9 trillion every year until 2030 to meet the world’s climate and development objectives. And that was published in 2018, before the COVID-19 pandemic.
Paris was supposed to give $100 billion per year, so far, it’s been a total of $80 billion, less than a fifth. Now they want to spend even more money? How about letting Warmists send checks to the fund, if they care so much? And what do Developing Nations think?
Last week, a coalition of 24 developing nations that work together on international negotiations issued a statement criticizing rich countries for proselytizing a universal goal of net-zero by 2050. “This new ‘goal’ which is being advanced runs counter to the Paris Agreement and is anti-equity and against climate justice,†the statement from the ministers of the Like-Minded Developing Countries (LMDC) Ministerial said.
The LMDC argued that its member countries should not be forced onto the same timeline to cut emissions as the industrialized world when they have done little to contribute to historic emissions and may want to use fossil fuels in their own economic development, as wealthier nations have.
Surprise! They want the cash, they don’t want to have to actually do anything.