Squeezing the global economy dry to solve a fake problem.
The $13.6 trillion question: how do we pay for the green transition? The public sector will have to provide about 30 per cent of climate finance globally, and the heat is building on governments to come up with ways of doing that.
If average global temperature rises are to be limited in line with the 2015 Paris Agreement, climate finance globally will need to increase to about $US9 trillion a year globally by 2030, up from just under $US1.3 trillion in 2021-22, according to a report last year from the Climate Policy Initiative.
Former US presidential candidate John Kerry, who stepped down from his role as the US special climate envoy in March, puts the challenge of meeting this bluntly: "We don't have the money." The 80-year-old is now planning to turn his attention to climate finance to prepare for the phaseout of fossil fuels.
To do that, governments around the world are weighing up options from wealth taxes to levies on shipping.
People in the USA and other Western nations are already reeling under the impact of excessive government spending on climate measures and other wasteful "Investments" driving up inflation, coupled with the simultaneous attack on fuel and energy availability and cost.
Adding to this burden would inflict hardship previously unknown outside of wartime or great calamities.
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