In this case, it’s not the businesses who are being resistant (but, you can bet most aren’t interested in dumping much of their earnings into a scheme to help the third word when there’s no return on investment): it’s the climate cult groups, who do not seem interested in using their own money
US plan to tap businesses for green finance meets resistance
When it comes to helping poor nations cope with climate change, the United States government left its wallet at home. So it hopes its friend, big business, can help pick up the tab.
Unable to persuade Congress or the American public to spend billions of dollars more a year in climate financial aid, the U.S. government is trying to make it easier for private corporations to send cash to the developing world in exchange for looking green at home.
The plan, announced Wednesday by U.S. climate envoy John Kerry at the COP27 climate summit in Egypt, essentially amounts to tapping private funds to finance developing nations’ transition to clean energy by selling “high quality” carbon credits to companies trying to make their carbon emissions “net zero.”
“Our intention is to put the carbon market to work, to deploy capital otherwise unemployable, to speed the transition from dirty to clean power,” and replace dirty coal-fired power plants with renewable energy sources, Kerry said at a launch event.
But the idea faced stiff resistance from environmental groups and climate experts, who said it would give polluters a license to keep polluting. It came a day after the United Nations warned about shady carbon credits that businesses count on to meet their net-zero targets.
Underscoring the opposition, an activist heckled Kerry as he launched the plan, accusing him of “promoting false solutions,” before security guards pushed him away. At this year’s COP summit, poorer nations have lambasted wealthier ones for not putting up enough money to finance their so-called green transition.
Of course, China is spending a lot of money to build coal power plants in 3rd world nations. Has anyone bothered asking the citizens of those countries what kind of power they want?
Kerry’s proposal is dubbed the Energy Transition Accelerator and is backed by two major philanthropies, The Rockefeller Foundation and the Bezos Earth Fund. They hope it could unlock $100 billion or more in financing for green projects by 2030. Kerry said he wants to have it up and running by next year’s COP meeting.
Details about how it will work are still sparse, but under the plan, verified greenhouse gas emission reductions would be generated that could then be sold as carbon credits. Kerry said there’s been “strong interest” to buy them from corporations including PepsiCo and Microsoft.
So, it’s a big scheme being run by the government. How much money will those two funds be spreading around of their own money? Oh, hey, how much money will be coming from the company Kerry married into, the Heinz Corporation? They had $6.51 billion in earnings so far in 2022 (net was $432 million. Perhaps the Warmists should understand the difference when yammering about oil company profits). This really is all about transfering Other People’s wealth for the Beliefs of Elites, most of whom took long fossil fueled trips to Egypt
Paying for Climate Damages Isn’t Charity
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The United States and European Union must get behind this movement now. Specific details on how much money, where it comes from, who gets it and what qualifies take time to work out. But what’s critical at the current climate conference is that wealthy countries agree to a process, with clear deadlines, to pay for the damage.
It’s not a matter of charity. Taking action is firmly in rich countries’ own interests. As climate change bears down, more factories and ports around the world — the ones that wealthy nations rely on for their phones, car parts, fast fashion and even food — will close, devastating global supply chains. Food prices will rise. More people will be displaced, leading to additional migration crises. Conflict will grow more likely as people fight over land and water. The repercussions will destabilize even the most robust economies. Preventing that outcome now, by financing recovery from climate damages, will ensure a more stable future for everyone.
See? According to the NY Times’ Ani Dasgupta (you can read the whole non-paywalled opinion piece here), it’s all about giving 3rd world nations strings free money because the 1st world owes them. Sure looks a redistribution scheme. How much is the NY Times giving?
“…deploy capital otherwise unemployable”? Really John? So, this capital we’re talking about, would just wither on the vine or something unless it were piped off to some “poor nation” where foreign cash traditionally disappears into the lifestyles of corrupt government officials. Except for the portion that gets laundered and returned to disappear into the lifestyles of our own corrupt government officials.
Sadly, this is far from the most ridiculous statement Lurch has uttered or the most ridiculous money laundering scheme going on right now.
We’re doomed.
Matthew, don’t forget 10% for “the Big Guy”. Or has pedo joe’s inflation bumped it up to 20%?
Kerry and the elites had to know the “You mean communist China AND India are exempt and we’re supposed to be making up the financial difference?” was going to be a problem for corporate donors eventually.