Armstrong Economics Blog/Climate Re-Posted Nov 23, 2022 by Martin Armstrong
The United Nations proposed a new method to funnel money out of developed nations during the COP27 meeting – climate reparations. The United Nations is still negotiating who will pay what, but rest assured, the US will likely pay the most. President Biden fully supports the idea in addition to the $1 billion he was granted last year to fight third-world climate change. China is considered a developing nation, according to the UN, and will not contribute to the global fund despite being the largest polluter in the world.
The ”loss and damage fund,” as it is known, would take money from rich nations in an attempt to change the weather and prevent natural disasters that would take place even if humans did not inhabit Earth. The funds would primarily be sent to countries in Latin America, Africa, and Asia. Fears are sparking that this would act as a confession, and developing nations could sue developed nations and/or businesses for additional compensation.
Trump attempted to get America out of the Paris Accord. The GOP-majority House will likely not vote in favor of this measure. Our best bet is to hope they kick the can down the road until Biden’s term has ended.