Is that all? UN wants 4, 6 or $10 trillion a year and a “transformation of the world’s financial system”

Solar panel money pile
By Jo Nova

The would be King-Emperors of the world don’t just want to transform energy and change the weather, they also want to rebuild the entire financial system, no doubt to put the UN at the centre of the rivers of money.

Make no mistake, the lauded “loss and damages” fantasy plan was but a shiny bauble to distract you. The bigger ambit is to get the West to pay for the whole world to become a solar and windmill paradise and — “obviously” that means they have to rebuild the entire world’s financial system. (They actually say that).

Consider the numbers: The combined loss and damages claim for 55 countries over twenty years amounts to just $525 billion or a paltry $26 billion a year. But building all the useless renewable farms will supposedly require at least USD 4-6 trillion a year in investments.

Sensible investors will notice that it is 200 times as expensive to try to control the weather with windmills as it is to pay for all the current (theoretical) damage. Sadly, nobody is talking about sensible investments.

The UN announcement comes dressed up in a headline about the paltry Christmas fantasy payments to the third world. But a few paragraphs in are the “other details” about payments that are larger than most national GDP’s and the naked desire for the UN to be the conduit for the cash.

[blah, blah, blah]

The cover decision, known as the Sharm el-Sheikh Implementation Plan, highlights that a global transformation to a low-carbon economy is expected to require investments of at least USD 4-6 trillion a year. Delivering such funding will require a swift and comprehensive transformation of the financial system and its structures and processes, engaging governments, central banks, commercial banks, institutional investors and other financial actors.

So much better to siphon from the centre, eh? Let me be your banker…

Think about how obscenely large this claim is in the strangely aptly named Sharm el-Sheikh Implementation Plan. On page 6 we casually find that there are layers of trillions, and despite the enormity of the values, no one bothered to explain if these are different additive trillions or overlapping trillions. And since the first reference has 54 mentions of the word “trillion” it isn’t easy to figure it out either. What does it matter, it’s only money?

They might be hoping for ten trillion per annum, with a 6 trillion one off bonus in the next eight years:

Highlights that about USD 4 trillion per year needs to be invested in renewable energy up until 2030 to be able to reach net zero emissions by 2050,18 and that, furthermore, a global transformation to a low-carbon economy is expected to require investment of at least USD 4–6 trillion per year;19

Notes with concern the growing gap between the needs of developing country Parties, in particular those due to the increasing impacts of climate change and their increased indebtedness, and the support provided and mobilized for their efforts to implement their nationally determined contributions, highlighting that such needs are currently estimated at USD 5.8–5.9 trillion20for the pre-2030 period;

I defy anyone to explain the difference between a “renewable energy cost” and a furthermore category of… “low carbon global transformation cost”.

Will that be $4,000 from every family or $40,000?

Only a week ago the UN was asking “rich nations” for well beyond a trillion dollars a year to help the Global South. But even at that bargain price, effectively the UN is demanding $1000 US per annum from every man, woman, pensioner and baby in the West.* How many families of four will be happy to chip in $4,000 US (or $6,000 Australian) every year to build solar farms in Mogadishu is a question no one wants to ask.

The bottom line is that the token offering of “loss and damages” to the world’s poor is nothing compared to the dark ambition of being the world’s Treasury and Energy Police.

The UN is the enemy.  The West conquered communism then gave its’ friends money and an office in Geneva.

REFERENCES

18 See https://iea.blob.core.windows.net/assets/830fe099-5530-48f2-a7c1-11f35d510983/WorldEnergyOutlook2022.pdf.
19 As footnote 5 above. [See United Nations Environment Programme. 2022. Emissions Gap Report 2022: The Closing Window – Climate crisis calls for rapid transformation of societies. Nairobi: United Nations Environment Programme. Available at https://www.unep.org/resources/emissions-gap-report-2022.]
20 See https://unfccc.int/topics/climate-finance/workstreams/needs-report.

*If the top 39 countries* on the Human Development Index pay up, the cost is split among 1.1 billion people.  Why stop at 39 countries? The 40th nation was Saudi Arabia, and I’m guessing they won’t pay a cent.

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November 22, 2022 at 01:06PM

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