Hello President Biden, Poor Nations Say They Need Trillions From Rich Ones

About Those Climate Change Goals 

John Kerry was speechless when he learned Poor Nations Need Trillions From Rich Ones to meet climate change goals.

At a July global climate gathering in London, South African environment minister Barbara Creecy presented the world’s wealthiest countries with a bill: more than $750 billion annually to pay for poorer nations to shift away from fossil fuels and protect themselves from global warming.

The number was met with silence from U.S. Climate Envoy John Kerry, according to Zaheer Fakir, an adviser to Ms. Creecy. Other Western officials said they weren’t ready to discuss such a huge sum.

For decades, Western countries responsible for the bulk of greenhouse-gas emissions have pledged to pay to bring poorer nations along with them in what is expected to be a very expensive global energy transition. But they have yet to fully deliver on that promise. Now the price of the developing world’s cooperation is going up.

Without poorer countries on board, the world stands little chance of preventing catastrophic climate change, say many climate scientists. Emissions in the U.S. and Europe are falling as both regions push to adopt renewable energy and phase out coal-fired electricity. But emissions in the developing world are expected to rise sharply in the coming decades as billions rise out of poverty—unless those economies can shift onto a lower-carbon path.

Developing-world negotiators say the money isn’t financial aid. Rather, they say wealthy countries have a responsibility to pay under the U.N. climate treaties because most of the Earth’s warming since the industrial era is the result of emissions from the rich world. Moreover, poor nations now face the task of raising living standards without burning fossil fuels unchecked as the U.S. and other rich nations did for almost two centuries.

“If you’re going to ask a much poorer country to forgo that option, then there is a moral claim that they need support to go on a lower emissions development pathway,” said Joe Thwaites, a climate-finance expert at the World Resources Institute, an environmental think tank.

AOC’s Proposed Solution

In light of the above, please recall AOC’s and President Biden’s solution.

As part of Biden’s “Build Back Better” plan the US needs to be 80% clean energy by 2030. 

And to ensure that companies do not meet that goal via imports, the plan is to tax any imports that do not meet those 80% goals. 

Meanwhile, even the current meager commitment to developing nations is not being funded.

So, in addition to the burden on businesses to meet the requirement, think of the impact on developing nations and the fact there’s no way for them to meet the goals at all. 

So, what’s the real cost of “Build Back Better”?

It’s instant stagflation if the bill actually passes as the Progressives nutcases currently envision.

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Source: https://mishtalk.com/economics/hello-president-biden-poor-nations-say-they-need-trillions-from-rich-ones