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UN climate conference—it’s all about money

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From the Fraser Institute

By Kenneth P. Green

This year’s COP wants to fast-track the world’s transition to “clean” energy, help vulnerable communities adapt to climate change, work on “mobilizing inclusivity” (whatever that means) and “delivering on climate finance,” which is shorthand for having wealthier developed countries such as Canada transfer massive amounts of wealth to developing countries.

Every year, the United Nations convenes a Conferences of Parties to set the world’s agenda to reduce greenhouse gas (GHG) emissions. It’s the biggest event of the year for the climate industry. This year’s conference (COP29), which ends on Sunday, drew an army of government officials, NGOs, celebrities and journalists (many flying on GHG-emitting jet aircraft) to Baku, Azerbaijan.

The COP follows a similar narrative every year. It opens with a set of ambitious goals for climate policies, followed by days of negotiating as countries jockey to carve out agreements that most favour their goals. In the last two days, they invariably reach a sticking point when it appears the countries might fail to reach agreement. But they burn some midnight oil, some charismatic actors intervene (in the past, this included people such as Al Gore), and with great drama, an agreement is struck in time for the most important event of the year, flying off to their protracted winter holidays.

This year’s COP wants to fast-track the world’s transition to “clean” energy, help vulnerable communities adapt to climate change, work on “mobilizing inclusivity” (whatever that means) and “delivering on climate finance,” which is shorthand for having wealthier developed countries such as Canada transfer massive amounts of wealth to developing countries.

Some of these agenda items are actually improvements over previous COPs. For example, they’re actually talking about “climate adaptation”—the unwanted stepchild of climate policies—more this year. But as usual, money remains a number one priority. As reported in the Associated Press, “negotiators are working on a new amount of cash for developing nations to transition to clean energy, adapt to climate change and deal with weather disasters. It’ll replace the current goal of $100 billion (USD) annually—a goal set in 2009.” Moreover, “experts” claim the world needs between $1 trillion and $1.3 trillion (yes, trillion) in “climate finance” annually. Not to be outdone, according to an article in the Euro News, other experts want $9 trillion per year by 2030. Clearly, the global edifice that is climate change activism is all about the money.

Reportedly, COP29 is in its final section of the meta-narrative, with much shouting over getting to a final agreement. One headline in Voice of America reads “Slow progress on climate finance fuels anger as COP29 winds down.” And Argus News says “climate finance talks to halt, parties fail to cut options.” We only await the flying in of this year’s crop of climate megafauna to seal the deal.

This year’s conference in Baku shows more clearly than ever before that the real goal of the global climate cognoscenti is a giant wealth transfer from developed to developing countries. Previous climate conferences, whatever their faults, focused more on setting emission reduction targets and timelines and less about how the UN can extract more money from developed countries. The final conflict of COP29 isn’t about advancing clean energy targets or helping vulnerable countries adapt to climate change technologically, it’s all about show me the money.

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Trump says tariffs on China will remain until trade imbalance is corrected

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MXM logo  MxM News

Quick Hit:

President Trump said Sunday he won’t make a tariff deal with China unless its $1 trillion trade surplus with the U.S. is balanced. Speaking aboard Air Force One, he called the deficit “not sustainable” and said tariffs are already driving a wave of investment back to America.

Key Details:

  • Trump told reporters the U.S. has “a $1 trillion trade deficit with China,” adding, “hundreds of billions of dollars a year we lose to China, and unless we solve that problem, I’m not going to make a deal.” He insisted any agreement must begin with fixing that imbalance.

  • The president said tariffs are generating “levels that we’ve never seen before” of private investment, claiming $7 trillion has already been committed in areas like auto manufacturing and chip production, with companies returning to places like North Carolina, Detroit, and Illinois.

  • On Truth Social Sunday night, Trump wrote: “The only way this problem can be cured is with TARIFFS… a beautiful thing to behold.” He accused President Biden of allowing trade surpluses to grow and pledged, “We are going to reverse it, and reverse it QUICKLY.”

Diving Deeper:

President Donald Trump reaffirmed his tough trade stance on Sunday, telling reporters that he won’t negotiate any new deal with China unless the massive trade deficit is addressed. “We have a $1 trillion trade deficit with China. Hundreds of billions of dollars a year we lose to China, and unless we solve that problem, I’m not going to make a deal,” Trump said while aboard Air Force One.

He emphasized that while some countries have deficits in the billions, China’s trade advantage over the U.S. exceeds a trillion dollars and remains the most severe. “We have a tremendous deficit problem with China… I want that solved,” he said. “A deficit is a loss. We’re going to have surpluses, or we’re, at worst, going to be breaking even.”

Trump touted the impact of tariffs already in place, pointing to an estimated $7 trillion in committed investments flowing into the U.S. economy. He highlighted growth in the automotive and semiconductor sectors in particular, and said companies are now bringing operations back to American soil—citing North Carolina, Detroit, and Illinois as examples.

He also claimed world leaders in Europe and Asia are eager to strike deals with the U.S., but he’s holding firm. “They’re dying to make a deal,” he said, “but as long as there are deficits, I’m not going to do that.”

Trump projected that tariffs would add another $1 trillion to federal revenues by next year and help re-establish the U.S. as the world’s top economic power. “Our country has gotten a lot stronger,” Trump said. “Eventually it’ll be a country like no other… the most dominant country, economically, in the world, which is what it should be.”

Later Sunday night, Trump doubled down in a Truth Social post, writing, “We have massive Financial Deficits with China, the European Union, and many others. The only way this problem can be cured is with TARIFFS, which are now bringing Tens of Billions of Dollars into the U.S.A.” He added that trade surpluses have grown under Joe Biden and vowed to reverse them “QUICKLY.”

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Jury verdict against oil industry worries critics, could drive up energy costs

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Offshore drilling rig Development Driller III at the Deepwater Horizon site May, 2010. 

From The Center Square

By 

“Did fossil fuels actually cause this impact?” Kochan said. “Then how much of these particular defendants’ fossil fuels caused this impact? These are the things that should be in a typical trial, because due process means you can’t be responsible for someone else’s actions. Then you have to decide, and can you trace the particular pollution that affected this community to the defendant’s actions?”

A $744 million jury verdict in Louisiana is at the center of a coordinated legal effort to force oil companies to pay billions of dollars to ameliorate the erosion of land in Louisiana, offset climate change and more.

Proponents say the payments are overdue, but critics say the lawsuits will hike energy costs for all Americans and are wrongly supplanting the state and federal regulatory framework already in place.

In the Louisiana case in question, Plaquemines Parish sued Chevron alleging that oil exploration off the coast decades ago led to the erosion of Louisiana’s coastline.

A jury ruled Friday that Chevron must pay $744 million in damages.

The Louisiana case is just one of dozens of environmental cases around the country that could have a dramatic – and costly – impact on American energy consumers.

While each environmental case has its own legal nuances and differing arguments, the lawsuits are usually backed by one of a handful of the same law firms that have partnered with local and state governments. In Louisiana, attorney John Carmouche has led the charge.

“If somebody causes harm, fix it,” Carmouche said to open his arguments.

Environmental arguments of this nature have struggled to succeed in federal courts, but they hope for better luck in state courts, as the Louisiana case was.

Those damages for exploration come as President Donald Trump is urging greater domestic oil production in the U.S. to help lower energy costs for Americans.

Daniel Erspamer, CEO of the Pelican Institute, told The Center Square that the Louisiana case could go to the U.S. Supreme Court, as Chevron is expected to appeal.

“So the issue at play here is a question about coastal erosion, about legal liability and about the proper role of the courts versus state government or federal government in enforcing regulation and statute,” Erspamer said.

Another question in the case is whether companies can be held accountable for actions they carried out before regulations were passed restricting them.

“There are now well more than 40 different lawsuits targeting over 200 different companies,” Erspamer said.

The funds would purportedly be used for coastal restoration and a kind of environmental credit system, though critics say safeguards are not in place to make sure the money would actually be used as stated.

While coastal erosion cases appear restricted to Louisiana, similar cases have popped up around the U.S. in the last 10 to 15 years.

Following a similar pattern, local and state governments have partnered with law firms to sue oil producers for large sums to help offset what they say are the effects of climate change, as The Center Square previously reported.

For instance, in Pennsylvania, Bucks County sued a handful of energy companies, calling for large abatement payments to offset the effects of climate change.

“There are all kinds of problems with traceability, causation and allocability,” George Mason University Professor Donald Kochan told The Center Square, pointing out the difficulty of proving specific companies are to blame when emissions occur all over the globe, with China emitting far more than the U.S.

“Did fossil fuels actually cause this impact?” Kochan said. “Then how much of these particular defendants’ fossil fuels caused this impact? These are the things that should be in a typical trial, because due process means you can’t be responsible for someone else’s actions. Then you have to decide, and can you trace the particular pollution that affected this community to the defendant’s actions?”

Those cases are in earlier stages and face more significant legal hurdles because of questions about whether plaintiffs can justify the cases on federal common law because it is difficult to prove than any one individual has been substantively and directly harmed by climate change.

On top of that, plaintiffs must also prove that emissions released by the particular oil companies are responsible for the damage done, which is complicated by the fact that emissions all over the world affect the environment, the majority of which originate outside the U.S.

“It’s not that far afield from the same kinds of lawsuits we’ve seen in California and New York and other places that more are on the emissions and global warming side rather than the sort of dredging and exploration side,” Erspamer said.

But environmental companies argue that oil companies must fork out huge settlements to pay for environmental repairs.

For now, the Louisiana ruling is a shot across the bow in the legal war against energy companies in the U.S.

Whether the appeal is successful or other lawsuits have the same impact remains to be seen.

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