Cloudbusting
Posted on 10/22/2013 12:39:41 PM PDT by Cincinatus' Wife
The world invested almost a billion dollars a day in limiting global warming last year, but the total figure – $359 billion – was slightly down on last year, and barely half the $700 billion per year that the World Economic Forum has said is needed to tackle climate change.
These are the findings spelled out in the latest Climate Policy Initiative (CPI) report. For the first time, it estimated global North-South cash flows at between $39 and $62 billion.
But the total funding pot fell $5 billion from 2012, and remains just a tiny fraction of the $5 trillion that the International Energy Agency estimates is required by 2020 for clean energy projects alone, if rising temperatures are to be pegged at 2 degrees Celsius.
“Investment to combat and adapt to climate change is happening around the world, but it’s short of where it needs to be and efforts to grow it have not been successful enough,” said Thomas Heller, the executive director of Climate Policy Initiative, the group which compiled the report.
“Leveling the playing field can help unlock significant additional finance,” he added.
The report, Landscape 2013, says that amounts invested in clean energy were dwarfed by the $523 billion a year that the world shells out in fossil fuels subsidies, according to the OECD.
The EU’s energy commissioner, Günther Oettinger was last week accused of suppressing data which shows that the bloc’s €30 billion of subsidies to renewable energy sources is outweighed by a de facto €66 billion of handouts to the fossil fuels sector, and €35 billion to nuclear power.
Some 38% of this year’s climate investment – $135 billion – came from the public sector, according to the CPI study. It was used to leverage the other 62% of funds from project developers ($102 billion), manufacturers and corporations ($66 billion) and households ($33 billion).
“Three-quarters of the climate revenues originated in the same country it was spent in, while the other quarter flowed from the global North to South, and was dominated by public sector funds.”
“Of private flows, the vast proportion was invested in developed countries where policies are often underpinned by similar legal and regulatory frameworks,” the report says, adding that perceptions of risk in the developing world need to be challenged by policy-makers.
All the funds for adapting to climate change – some 65% of the total – came from the rich world’s public exchequer, and were mostly invested as international climate finance.
Full story "The world invested almost a billion dollars a day in limiting global warming last year, but the total figure - $359 billion - was slightly down on last year, and barely half the $700 billion per year that the World Economic Forum has said is needed to tackle climate change."...................
Unbelievable.
Effectiveness is based on dollars spent?
P. T. Barnum: “There’s a sucker born every minute”
“Leveling the playing field is a good thing” according to Obama’s Science and Technology Adviser John P. Holdren. He told science graduate students that America can’t expect to be number one all the time. And he said it actually is better when we’re not because other countries will develop by filling the void - sort of zero sum game thinking - like his boss - where you have to pull people down (no excellence) so others can rise up; where you take from the “greedy” so the “poor” can have a shot at the American dream; where you redistribute to make things “fair” and equally miserable.
Is this model anything like the model pegging the unemployment rate to 6.5% ?
zero sum game = zero sum gain
I figure global warming was solved when we elected a president who lowered the oceans. Want proof? See the ice build up on the north. Who gets credit? Obama did what he said he would do. Problem solved.
This is money tossed in the trash.
For 700 billion, we can build enough desalinization plants along the coast of Aftica to green the continent. That alone could feed the world, as well as scrub enough CO2 to end Global Warming for good.
In addition, millions of people who drink filthy water and have no food would become recipients of the greatest infrastructure project of all time. No one would ever go hungry again. Disease on the continent would vanish.
Ohhh the huge manatee.
Okay, so the stream pressure of pissing money away is dropping by .0045 PSI.
Flatlined would have been a better description. :)
It's another "race to the bottom", one of many within this administration.
The world hasn't cooled at all in the last 15 years, so this spending is obviously working.
Warmed. I meant to say the world hasn’t warmed.
The world is full of snake oil salesmen.
hey, at least it’s a boon for the economy, until they realize they will be losing their investment. We can always blame them for the mini-ice age we are headed into.
IT WORKED! Global warming ended over 16 years ago.
The biggest supporters of the Global Warming Hoax are the biggest supporters of Free Trade....
World Economic Forum and Al Gore are just two examples....
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