from CFACT
Craig Luck
The amount of money needed for the United Nations climate conference in Azerbaijan is staggering.
The United Nations estimates that the current global climate expenditure is US$3 trillion per year, and hopes to invest US$3.5 trillion per year in energy transition by 2050.
A trillion here, a trillion there, and pretty soon you're talking about real money.
They are pushing for so-called “new collective quantified targets” at the 29th Conference of the Parties in Baku. This mainly means a climate redistribution of wealth from developed to developing countries.
Delegates are well aware that such huge spending is completely inconsistent with President-elect Trump's “America First” agenda, but they want to wait for him to step down as before.
In a surprisingly positive development, in demanding redistribution, developing countries have become aware of one of the major absurdities of the UN climate system. Countries such as China and India were given a pass to reduce emissions and pay for them. While China is the world's largest emitter of greenhouse gases and the second largest economy, India's economy has climbed all the way to fifth place.
This is due to what the United Nations calls “common but differentiated responsibilities”, which have been built into the climate regime since the 1997 Kyoto Protocol. Meanwhile, China holds $8.16 trillion in U.S. Treasuries.
No matter where climate policy goes next, China should share the pain and share their responsibility for advocating for us.
Shortly before President Trump began his first term, President Obama committed $1 billion to the United Nations Green Climate Fund. That includes $500 million transferred three days before Inauguration Day.
Will the Biden administration try to move beyond this?
It took four years for President Trump to withdraw from the Paris Climate Agreement last time. Under the terms of the agreement, this time he could get away with it once and for all.
Let’s hope President Trump can restore climate and energy reality to America and the world before more damage is done complete.
Thank you to all of CFACT’s friends and readers for their generous donations that make CFACT’s Azerbaijan mission possible. CFACT is your eyes, ears and voice on the UN climate process. We are getting closer to our goal, but there is still a short way to go. Please give your most generous gift now. We couldn't do it without you.
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