Does Anyone Know How Developing Countries Are Spending That Sweet, Sweet Climate Cash?

Starting with the “historic” Paris Climate Agreement (historic apparently means “almost none following their pledges), countries were agreeing to send lots of their taxpayer money to developing nations with zero strings attached, because 1st World nations owe 3rd world nations for being great or something. How’s that working out?

No one knows how $80 billion in climate financing was spent in 2019

Over the past decade, rich nations and private enterprises have raised at least $500 billion to help developing countries cope with climate change. This financing plan, hatched in 2009, was supposed to build to an annual mobilization of $100 billion by 2020, and was designed to offset the unfairness of climate change—of poor countries suffering because rich countries had already emitted their way to wealth.

Developed countries, as we’re finding out now, have missed that $100 billion target. Just as importantly, though, it turns out that no one—no individual, no government, no multilateral agency—knows precisely how all this climate funding is being spent, or even if it’s being spent at all. Even the best such database, maintained by OECD, is a broad-brush one and has many gaps—not least in the details of private financing. The very term “climate financing,” in fact, has often proved to be slippery and malleable, defined by parties according to their own need or convenience.

At the COP26 climate summit in Glasgow, scheduled to end on Nov. 12, ever-bigger climate financing numbers are being proposed: $130 trillion from a private sector consortium, an annual $1 trillion demanded by India, an annual $1.3 trillion demanded by African nations. But without a way to track how this money is used, these larger numbers “feel like greenwashing,” said Liane Schalatek, associate director of the Heinrich-Böll-Stiftung, a policy think tank headquartered in Berlin. “It isn’t just, ‘Tell me the number,’ it should also be, ‘Show me how the number is computed,’ otherwise it’s a fig leaf.”

Hilariously, this is being Blamed on the 1st World nations as “greenwashing” (more on that here)

Greenwashing is the process of conveying a false impression or providing misleading information about how a company’s products are more environmentally sound. Greenwashing is considered an unsubstantiated claim to deceive consumers into believing that a company’s products are environmentally friendly.

Might this be the fault of the U.N., which fails to track where all that money is going and what it’s being used for? We know that 3rd world shitholes are simply going to keep aid money for the leaders, rather than actually doing what was intended for the money. And spend it on other things, like buying coal power plants from China.

Insofar as some funds are more important than others, these climate financing funds are among the most important quantities of money in the world; human civilization itself hinges on whether these funds are raised in full and spent well. The absence of a detailed, publicly available account of this financing, said Schalatek, risks all sorts of omissions: donors mislabelling their funding, or money being misspent, or an under-estimation of the true volume of money required. Which, in turn, risks leaving the world far less prepared for climate change than it needs to be.

Hinges. What a joke.

The data available on these funds, Schalatek said, resembles an onion. At the core are projects for which the most details are available: those financed through multilateral agencies. Schalatek’s team tracks a portion of these, “covering the most important multilateral climate funds,” she said, “although we don’t know what fraction it is of the overall multilateral funding.” In the Heinrich-Böll-Stiftung database, for instance, grants can be found:

They know a little bit, but, not much, and, really, the projects aren’t really much of anything. Let’s just keep giving more and more money to other nations for a scam.

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3 Responses to “Does Anyone Know How Developing Countries Are Spending That Sweet, Sweet Climate Cash?”

  1. Dana says:

    So, India has demanded “an annual $1 trillion,” huh? India’s nominal GDP was $2.59 trillion, so they are ‘demanding’ an annual 38.6% on-the-top cash infusion to their GDP.

    This is what happens when liberal nations admit ‘climate guilt’: everyone else lines up at the cash trough to get their share of the ‘fines’. President Trump was right: our position should always be America First, and if India wants an extra $1 trillion, then they need to produce and earn it themselves!

    India has four times our population; they have plenty of workers who can produce stuff.

  2. Hairy says:

    Teach!! Electricity prices are SKYROCKETING!!!
    as fossil fuel prices explode

  3. STW says:

    I’d suggest, admittedly without any evidence, that much of it is being prudently saved in various numbered bank accounts around the world. I also suspect a sizable fraction is being invested in real estate in countries not impacted by climate, typically those with 21st century infrastructure and technology. I’d even be willing to venture that a portion is being shared with officials at the UN and other agencies who oversee the various programs as part of a vision and education initiative to help them see which side their bread is buttered on. Of course, this is just a guess.

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