Heads of state and various organizations gathered in Europe the past two weeks for climate change summits. Let’s discuss the demands.
Bonn Climate Conference
The Bonn Climate summit ended on June 15. On Thursday, June 22 and 23, another conference started in Paris, discussed below.
Call for New Global Financial System
France24 reports Paris summit aims to overhaul global financial system for ‘climate solidarity’ with South
Around 50 heads of state, along with representatives from international institutions and civil society, will attend a summit hosted by French President Emmanuel Macron on Thursday and Friday in Paris. Their objective is to develop a new global financial system so the most vulnerable countries will be better equipped to combat both poverty and climate change.
The world’s wealthiest nations are demonstrating a “surge of solidarity” with those most vulnerable to climate change, said Cécile Duflot, president of the NGO Oxfam. Some 50 heads of state and government, representatives from international financial institutions, members of the private sector, climate experts and members of civil society will be attending the summit in Paris hosted by French President Emmanuel Macron on June 22 and 23. The objective of this ambitious conference is to “build a new contract between [the global] North and South”, according to the Élysée Palace.
Solidarity
13 political leaders – including Macron, US President Joe Biden, German Chancellor Olaf Scholz, British Prime Minister Rishi Sunak and Brazilian President Luiz Inacio Lula da Silva – wrote that they are “urgently working to fight poverty and inequalities” in a contribution to French daily newspaper Le Monde.
A Just and Inclusive Transition
Le Monde reports Biden, Macron, von der Leyen, Lula, and more: ‘We must prioritize a just and inclusive transition’
On the occasion of the Paris Summit for a new global financial pact, which opens on Thursday, 13 world leaders, including Rishi Sunak, Mia Mottley, Macky Sall and Olaf Scholz, affirm their commitment ‘to improving the well-being of people everywhere on the planet.’
We are urgently working to fight poverty and inequalities. An estimated 120 million people have been pushed into extreme poverty in the last three years and we are still far from achieving our United Nations Sustainable Development Goals by 2030. We should thus place people at the center of our strategy to increase human welfare everywhere on the globe.
We want a system that better addresses development needs and vulnerabilities, now heightened by climate risks, which could further weaken countries’ ability to eliminate poverty and achieve inclusive economic growth. Climate change will generate larger and more frequent disasters, and disproportionately affect the poorest, most vulnerable populations around the world. These challenges cross borders and pose existential risks to societies and economies.
Eurointelligence goes off the deep end with a claim “the case to financially support developing countries to develop green economies is easy to make.”
Whether you call it more solidarity with the South or the self-interest of the North, the case to financially support developing countries to develop green economies is easy to make.
Decarbonisation, biodiversity, and the fight against poverty are inextricably linked. A gathering with 50 heads of states alongside representatives from international institutions, private sector, and civil society will discuss how to adapt the IMF and the World Bank to today’s world. They will also discuss new financial resources, and how to deal with the plight of over-indebted countries. Last November, COP23 agreed to compensate for the effects of climate change on developing countries. But the money is not flowing just yet.
The Cost of Solidarity
- An expert group under the auspice of the UN estimates that investments have to reach the order of $1 trillion per year until 2030 to respond to the climate and biodiversity crisis.
- Oxfam estimated that $3.9 trillion per year will be needed over the same time period to fight poverty, inequality and climate change.
- The World bank estimated that it takes $4 trillion per year to build the infrastructure for this.
The cost of this “easy to make” vision is $1 trillion per year for the biodiversity crisis, plus $3.9 trillion per year to fight poverty and inequality, plus $4 trillion per year for the infrastructure. That’s a mere $8.9 trillion per per year until 2030, a 7-year cost of $62.3 trillion.
I assure you it will not stop there. How are we doing?
Money Not Flowing Yet, Fortunately
Eurointelligence notes that G7 countries considered reallocating $100 billion in special drawing rights to developing countries, but the measure is still blocked in the euro area.
“Developed countries also pledged 0.7% of their wealth in support, though the funds were only partially released. There will be discussions about new sources of financing, like new taxes. Ahead of the summit, the only consensus that could emerge is a tax on maritime transport that could yield $60-$80bn per year, according to the World Bank.”
Excuse me for pointing out Team Biden may have made this pledge but it is not constitutional. Precisely when did Congress pledge 0.7 percent of US wealth for this colossal boondoggle?
Eurointelligence moans “Rich countries are used to giving money mostly as loans, and only 26% of the committed climate funding are currently grants. This logic needs to change.”
Yes, the logic needs to change. Let’s start by throwing $62.3 trillion worth of climate demands straight into the ash bin of looney ideas.
Energy Policy Madness
In the US, Biden’s Energy Policy Mandates Cause Severe Shortage of Electrical Steel and Transformers
In California, California Utilities Seek to Charge People Based On Income, Not Energy Usage
Also in California, Oakland Teachers Strike in 5th Day Over Climate Justice, Homeless Housing, Reparations
Finally please consider Ford Gets a $9.2 Billion Cheap Government Loan With Inflationary Strings Attached
In response, a friend just pinged me with this comment: “This is colossally, stupid public policy. The government should not get involved in determining what is the best approach to electric vehicles. It should set standards and let the free enterprise system work it out.”
Unfortunately, it appears Biden pledged 0.7 percent of US wealth for global inequities.
Fortunately, the money isn’t flowing. But it would have if Democrats held the House, Senate, and White House.
“Climate Change” is the greatest hoax in history. How they get away with this blows me away. They think there is no one in control of material nature. They think there is no intelligent person who has created and is maintaining it. They think man is supreme. This is insanity.
Man is not the creator, maintainer, or destroyer. Man is not the owner of anything. Man comes here for a blink of an eye in eternal time and under some madness thinks he can control everything!
The rascals and rogues behind this scam are the greatest enemies of mankind. It is wonderful work to expose them.
I am curious why my original comment was moderated as Not Publish?
A lot of people complain about climate change but they continue to buy bottled water in plastic containers. We could make some progress if we stopped buying bottled water and went to glass containers that can be recycled (milk, juice, drinks, soaps, etc.) We also have A LOT of people that don’t recycle.
From Mish: “Oxfam estimated that $3.9 trillion per year will be needed over the same time period to fight poverty, inequality and climate change.”
I estimate that if “all goes according to plan” a considerable portion of that $3.9 trillion will come from an increase in poverty in the developed world, and thus the lower developed world GDP decreases global inequality. Emphasis here that to “go according to plan” the top decile of developed world income will have to decrease more than any other decile.
I like your new format, but I’m disappointed that I can no longer share the articles to Facebook. Is there a reason for that? Some of them need wider exposure.
Thanks Linda – I will request that from WordPress
Mish, you just don’t get it.
How can any trifling sum of money be too much when engaged in a contest against evil !
You mean the evil of Net Zero?
Ha ha. Poverty has been part of human society for millennia.
Suddenly mankind has developed a conscience and decided to eradicate poverty.
All thanks to our benevolent woke elites, self-appointed by their disproportionate share of global revenue flows !!
**If this had been a real climate emergency, the President’s wife would not have flown from D.C. to Minneapolis on June 24 in order to have lunch at a private residence, then jetting off to Tennessee for dinner**
One may wonder if the cash grabbing of campaign season will ever be “carbon neutral”.
Argentina should be put in charge of these programs.
But now that Bernie Madoff is gone I can’t imagine finding a capable CFO.
“I think they’ve made the biggest financial mess that any government’s ever made in this country for a very long time, and Socialist governments traditionally do make a financial mess. They always run out of other people’s money. It’s quite a characteristic of them. They then start to nationalise everything, and people just do not like more and more nationalisation, and they’re now trying to control everything by other means. They’re progressively reducing the choice available to ordinary people.”
It’s not about climate change. It’s about reorganizing the world bank so the infrastructure is in place for the new digital currency with its social credit system is able to be the sole currency for the world. How easily the slave mind is deceived.
Considering Gretta Thunberg was 100% sure we’d be just a dead planet rotating around the sun by two days ago unless we stopped all carbon emissions, climate change/global warming/global cooling is the greatest lie/hoax ever brought against mankind. Someone needs to round all those so called leaders up and replace them with at least a squirrel or cat. Either could make better decisions and wouldn’t be on the take at our expense. I’ve had it with lunacy. I’m looking for an island to take over and declare war with the US and France. Leaders are just stupid enough to supply me with a few fancy jets, an embassy and jet fuel to keep me happy and quiet.
The cat would be on the take.
The cat would make better decisions.
Abosolute nonsense. It IS a scam. Climate changes all the time. WE do almost nothing to harm the climate IMO. You believe Soros, Gates and the globalistas. NOT ME.
I believe climate change is happening – however we cannot even pay our own bills, never mind the bills of others.
Unless we get China, Saudi, and other real rich countries with plenty of cash and poor carbon footprints to lead this initiative then we should not mortgage our future generations wealth further for others to grift.
This seems a bit mixed up. We have a world split into separate countries. We have climate change. America is seen as the wealthiest country on the planet. Do nothing and everyone will die. That is a surefire thing for most Americans.
Sir Mish, Your continued EXCELLENT perceptive work here is much appreciated.
Notice that the UN is always upfront on these grifting cash collection schemes to get money to CHANGE THE WEATHER. They were the big sponsor of the sweet well educated informed teenager, Greta, and used her very well to crank up the volume on the movement.
The UN is well past its use by date and is desperate for another source of cash to keep its irrelevant bureaucratic existence afloat.
“Climate Change for $200, Alex.”
“What is the Purpose of the Bonn Climate Conference.”
“What is Greed?”
“Yes, climate change greed, and you’re still in control of the board.”
Probably need to do something, although we can argue over what should be done.
link to rba.gov.au
Taken from link to rba.gov.au
Cheers,
Nigel
Thanks for posting those links….what is missing here is the cost of doing nothing. Large insurance companies are no longer insuring in California and Florida citing ‘climate risk’ as a key contributor. Here is the *free market* telling people that they can’t insure their property because the odds are bad weather is going to destroy their home and yet people still twiddle their thumbs like nothing is happening.
Ironically, when the ‘free market’ stops insuring the only choice is government backed insurance – so where is the outrage here? The government now has to subsidize people living in coastal areas and fire prone zones? That is a cost too so where is the math in this article about that?
If tornadoes start getting bad enough, insurers will stop insuring those areas too and farmers can forget about crop insurance too.
I think I can say you have not seen anything yet. America will destroy itself.
Idiots. It is a scam, climate changes are normal.
Hurricane Grift!
Seek shelter.
But will get worse!
word!