Sunday, June 25, 2023

"Governments at Paris summit to finalise climate finance roadmap"

As we have been saying for a very long time, the question that must be answered to make decisions that get close to rational adjacent is: "How many degrees will this action, or that action reduce the earth's temperature?" Not "How much CO2 is being reduced or avoided?"

From The Guardian, June 23:

Almost 40 leaders to present plans for overhaul of public financial institutions including World Bank

Questions over a tax on global shipping and other big sources of greenhouse gas emissions, and how countries should go about setting up a loss and damage fund continue to be the subject of fierce discussion, as governments meet in Paris to prepare an overhaul of global development and climate finance.

Nearly 40 heads of state and government and a similar number of ministers and high-level representatives will finalise a roadmap for the reform of the world’s public finance institutions, including the World Bank, and of overseas aid and climate finance.

Governments at the two-day finance summit in Paris will now be ordered to present concrete proposals on a loss and damage fund, to be directed at the rescue and reconstruction of countries stricken by climate disaster, before the UN Cop28 climate summit this November. This must include proposals for how to fill that fund, including potential new taxes on fossil fuels.

A draft of the roadmap seen by the Guardian, dated 20 June and discussed on Thursday at the first day of the Paris summit for a new global financing pact, sets out six pages of proposals for delivery at carefully choreographed points up to September 2024. It includes items for delivery at future meetings of the G20 summit, the World Bank and International Monetary Fund annual meetings in October, Cop28 and other international meetings, up to the Summit for the Future to be held next September.

Some of these aims have already been partly achieved at the current Paris summit, hosted by the French president, Emmanuel Macron. For instance, the World Bank has agreed to start suspending debt payments for countries hit by climate disaster. However, so far these “climate resilient debt clauses” will only apply to new loan agreements, rather than being applied to existing loans.

Taxes are likely to prove a difficult point. The EU wants more countries to use emissions trading to raise funds for climate action, but some developing countries are less keen on the prospect, which they regard as complex and more suitable for use in advanced economies....


And now, with additional commentary, from their Ship Ahoy album, ladies and gentlemen, Canton Ohio's own, The O'Jays!

Oh, and President Macron too:
"Paris summit: Macron urges joint action on climate, poverty"—Deutsche Welle