Yeah, that only works if the relevant documents are submitted to the United States Senate and ratified, and the Carolina Panthers have a better chance of winning the Super Bowl this year then of getting two-thirds votes for it
For the first time ever, rich nations, including a top-polluting U.S., will pay for the climate-change damage inflicted upon poorer nations.
These smaller economies are often the source of the fossil fuels, minerals and other raw materials behind the developed world’s modern conveniences and technologicial advancement, including many practices responsible for the Earth-warming emisisons. And yet the developing world shoulders the worst of the droughts, deadly heat, ruined crops and eroding coastlines that take lives and eat into economic growth.
The deal, called “loss and damage” in summit shorthand, was struck as the U.N.’s Conference of Parties, or COP27, gaveled to a close near dawn Sunday in Egypt. Official talks ended Friday, but negotiations extended into the weekend.
Should have charged the 40,000+ in attendance a huge fee for loss and damage, what with all their fossil fuels usage
It was a big win for poorer nations which have long sought money — sometimes viewed as reparations — because they are often the victims of climate-worsened floods, famines and storms despite contributing little directly to the pollution that heats up the globe. It took last-minute, pre-summit negotiations to even get the topic on the official agenda.
Again, it’s 1st world money transferred to 3rd world nations with zero strings, so those 3rd world nations can continue building coal fired power plants, airports, and enriching the lives of the elites. How much will all those who flew in on private jets paying?
According to many conference participants, the U.S. was a late-stage roadblock to establishing this official payout language, though it signed off in the end. U.S. participation was also impacted once chief climate negotiator John Kerry tested positive for COVID-19, although he continued to work from his hotel.
What are China and India paying?
According to the agreement, the fund would initially draw on contributions from developed countries and other private and public sources such as international financial institutions, including the World Bank and the International Monetary Fund.
And where is the authorization from the duly elected Legislative Branch to give this money away?
While major emerging economies such as China wouldn’t automatically have to contribute, that option remains on the table. This is a key demand by the European Union and the U.S., who argue that China and other large polluters currently classified as “developing” countries have the financial clout and responsibility to pay their way.
Oh, there’s China. Pretty much not going to have to give anything, all while they build coal power plants, both in China and in African nations.
Read: U.S. Is On The Hook To Pay For Its “Carbon Pollution” Or Something »
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