Beijing Biden Agrees To Pay $1 BILLION in Climate ‘Reparations’ to Foreign Nations


By: - Climate DepotNovember 22, 2022 8:48 AM

https://gellerreport.com/2022/11/beijing-biden-agrees-to-pay-1-billion-in-climate-hoax-reparations-to-foreign-nations.html/?lctg=20419184

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The Biden regime is bankrupting this country in the service of hoaxes and adversaries. The Democrats are a grave threat to freedom loving peoples.

 

 

Biden Signs Up for Climate Reparations

The latest shakedown is a new fund to pay poor countries for supposed damage caused by Western use of fossil fuels.
By Wall Street Journal, The Editorial Board, Nov. 20, 2022 4:21 pm ET

The use of climate policy to soak Americans keeps getting worse, and the United Nation’s climate conference in Egypt ended this weekend with agreement on a new fund to pay reparations to poor countries. Welcome to the latest climate shakedown.

Poor countries have long sought to force wealthy countries to pay for the “loss and damage” they suffer from natural disasters that are supposedly climate-related. This is separate from the $100 billion a year that rich countries have promised to help poor countries reduce emissions and adapt to climate change.

The 2015 Paris accord suggested rich countries compensate poor countries for climate damage—the rationale being that industrialization has increased temperatures and led to natural disasters. Poor countries finally forced discussion of a formal mechanism to pay climate reparations onto this year’s U.N. conference agenda.

John Kerry, the U.S. climate envoy, dismissed the idea earlier this month: “It’s a well-known fact that the United States and many other countries will not establish . . . some sort of legal structure that is tied to compensation or liability. That’s just not happening.” But on Thursday Europe abandoned the U.S. by proposing a deal, and Mr. Kerry rolled over.

Wealthy countries will now set up a fund to cover climate damage for the least developed countries—i.e., not China or middle-income nations. This will be financed from “a broad donor base” and “mosaic of solutions,” such as international development banks and taxes on aviation, shipping and fossil fuels.

Europe hopes this will induce poor countries to reduce emissions to meet the Paris target of limiting global warming to 1.5 degrees Celsius compared to pre-industrial levels. The world has already warmed by 1.1 degrees, and a U.N. report last month estimated temperatures would rise 1.8 degrees even if Western countries meet their “net-zero” goals.

But China emits two-thirds more CO2 than Europe and the U.S. combined. Coal accounts for 60% of China’s power generation, and more new coal plants are set for approval through 2025 than the entire existing U.S. fleet. China says it needs more coal power for energy security and, unlike Europe and the U.S., it won’t commit climate suicide.