Weather

Is COP27 a Disaster Prepayment – ​​Should It Be?


NOT A LOT OF PEOPLE KNOW THAT

By Paul Homewood

As usual, the BBC considers the latest COP a “historic deal”!

https://www.bbc.co.uk/news/live/science-environment-63656412

Despite the hype, little has been achieved, as the BBC has to admit:

Although a fund has been agreed in principle, there is no agreement on how much money will be put in or who will pay. It is important that there is no agreement that countries like China, India and Russia will pay a dime. The foundation agreement is meaningless without the answers to these questions.

And there is no agreement to reduce emissions outside of COP26 commitments. In particular, developing countries are not obligated to reduce emissions as a condition of receiving this payment.

As WWF put it, the loss and damage fund will be the disaster advance payment!

Western nations have been providing billions of dollars in aid for weather disasters around the world, and I don’t see anything new in this new fund, other than perhaps it will be under some central control.

My guess is that any money that goes into the fund will largely come from the existing aid budget. The Mail hit the mark with this article:

https://www.dailymail.co.uk/news/article-11449123/Ministers-brace-backlash-COP27-summit-agrees-loss-damage-fund.html

In fact, there’s no chance the UK can afford to throw billions of dollars into the pot, and neither can the EU. Perhaps the best comment came from Steve Barclay this morning:

You may have noted that the cut to the foreign aid budget to 0.5% of GDP, introduced by Boris last year, has now been extended by Jeremy Hunt to 2027. Barclay’s comments seem to suggest that any additional funds for weather loss will come from the budget itself. There’s no way Hunt would go back on that decision and raise it for this new fund.

And all of this ignores the elephant in the room – the United States. With the GOP now in control of the House, and thus purse control, they have the potential to prevent any increase in US aid, especially if it ends up in some pot due to the Confederacy. United Nations control.

Biden couldn’t even get the Democratic-controlled Congress to approve a few billion more dollars to meet previous US commitments.

We also need to remember that John Kerry has been quite outspoken about China’s need to do its part.

Finally, we need to consider the disagreements at COP27.

There have been calls for the West to dramatically increase climate funding by $100 billion per year, with the silly $1.3 trillion figure mentioned. As far as I can see, this is not mentioned in the Agreement at all.

Also, there seems to be no mention of “compensation”, only loss and damage. This is important, because accepting a claim for damages sets a dangerous legal precedent that could expose rich countries to liability for unlimited claims. .

We’ll see what next year’s meetings bring. But my guess is that we will see more hoaxes and cans thrown in the street. It is possible that a small fund will be established, with some vague promises to increase the fund by 2030. And the issue of China and others contributing their share will be something to be considered in a few years. next.

I will give the last comment to the brilliantly sensitive Jacob Rees-Mogg:

Unfortunately we don’t have a few more Moggies in Congress.

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