John Kerry pushes big tax hike to meet $13.6 trillion climate finance challenge – Are you up to it?
Essay by Eric Worrall
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 around 30% of climate finance globally, and the heat is on governments to figure out how to do that.
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The bill will be huge. If the increase in average global temperature is limited accordingly 2015 Paris AgreementAccording to a report last year by the Climate Policy Initiative, global climate finance will need to increase to about $9 trillion per year globally by 2030, up from less than $1.3 trillion. USD in the period 2021-2022.
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Former US presidential candidate John Kerry, who step down from his role as U.S. climate envoy in March, laid out the challenge of meeting the issue bluntly: “We don’t have the money.”
The 80-year-old now plans to turn his attention to climate finance in preparation for the phase-out of fossil fuels. “We must deploy funding mechanisms more quickly to really accelerate this transition at the speed that is needed,” he said.
To do that, governments around the world are considering options from wealth taxes to transportation taxes. The US is planning to fund the IRA by raising $300 billion this decade by requiring large corporations to pay a minimum 15% tax on their profits, as well as through an acquisition tax. stocks, among many other measures.
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The impact of the proposed tax squeeze on ordinary people will be unimaginable.
People in the United States and other Western nations have been reeling from the impact of government overspending on climate measures and other wasteful “investments” that have fueled inflation, along with the Simultaneous attacks on fuel and energy costs and availability. Adding to this burden will cause unprecedented difficulties outside of times of war or major natural disasters.
All for the sake of solving a problem that doesn’t exist.
This is how great powers fall, not by the hands of a conqueror, but rotten from within by rulers who lose touch with reality, burdening the nation with their illusions. them, until the social fabric is crushed under the weight of unbridled incompetence. The conqueror, if he appears, will only deal the final blow to a power on the brink of collapse. Let us hope it is not our turn to suffer the fate that has befallen so many people throughout history.
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