Posted on 11/26/2022 7:02:34 AM PST by Oldeconomybuyer
On Sunday, loud cheers from Sharm el-Sheikh greeted the announcement of a new initiative – the global loss and damage fund – to right historical wrongs by compensating climate-hit developing countries. This breakthrough brought back memories of another, the £100bn a year agreed at the 2009 Copenhagen climate summit to help poor countries mitigate the effects of the climate crisis.
That money has never fully materialised. If our 13 years’ experience of the £100bn fund that never was is anything to go by, eulogies of praise will soon turn into allegations of betrayal.
But there is a way forward if we are to meet our goals. About $2tn (£1.75tn) will be needed each year by 2030 to help developing countries cut their greenhouse gas emissions. This could be paid for, if necessary, by raising global taxes like the airline levies pioneered by France and the UK. As the pathbreaking Bridgetown declaration, inspired by the prime minister of Barbados, Mia Mottley, recommends, $100bn of special drawing rights (the international money issued by the IMF) should immediately be redistributed from rich to poor countries, with half going to finance green projects.
A world addressing an existential challenge should not have to rely on charity. An action plan for Cop28 that requires donors to contribute to climate finance based on their capacity to pay – and, in the case of loss and damage, based on historic liability for greenhouse gas emissions – should be the starting point for the next round of climate finance. Adequately funding our global goals for the first time would be something to really cheer about. We have the means and the knowhow. What we now need is the political will.
(Excerpt) Read more at theguardian.com ...
Probably the same way they paid for NATO — nobody but us.
Thankfully America isn’t a rich nation anymore so we really dodged a bullet on this one
The global lie is nearly the “New Truth” now
U.S. has 30 trillion debt and another 100 trillion+ in “unfunded future liabilities.”
The major CO2 polluters now are China and India.
China’s contribution to this fund? Zero.
England still pays China 50 million in foreign support.
Kleptocracy is global.
Depends on how much money China, as a “developing nation” and the world’s largest polluter, soaks up.
Same imbalance as UN support.
Stopped reading at the title. There is no climate crisis.
“Opinion: Rich nations have promised to pay for the climate crisis – but will they?”
Biden has promised the US will pay for the climate crisis
There, fixed it
Biden will cough up some billions. But this scheme dreamed up by Brown is pure pie-in-the-sky. International taxes to raise a trillion dollars for the likes of Mia Mottley? I don’t think so.
We don’t owe the freeloaders a penny. We’ve been paying foreign aid to these piggies for decades. Most of them have already invaded America illegally and are feeding off America like parasites. Americans need to sue the ass off the government if they spend one penny on this garbage. We’ve already got most of the populations of these crap holes living here anyway.
Biden will cough up some billions. But this scheme dreamed up by Brown is mere pie-in-the-sky, as history will attest. The idea of an international tax to raise a trillion dollars to give to the likes of Mia Mottley? I don’t think so.
See Mr Brown, nobody actually cares about you and your “goals.” Might as well take a break until cop28.
How can any country having a national debt of 31,335,905,350,000,000++++ be considered a “rich” country????
What “global climate crisis?”
Is that like global warming or climate change?
They keep changing the name... it’s hard to keep up.
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