John Kerry Pushes Massive Tax Rises to Meet the $13.6 trillion Climate Finance Challenge
14 hours ago Eric Worrall 52 Comments
Essay by Eric Worrall
Squeezing the global economy dry to solve a fake problem.
The $13.6 trillion question: how do we pay for the green transition?
The public sector will have to provide about 30 per cent of climate finance globally, and the heat is building on governments to come up with ways of doing that.
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The bill will be immense. If average global temperature rises are to be limited in line with the 2015 Paris Agreement, climate finance globally will need to increase to about $US9 trillion ($13.6 trillion) a year globally by 2030, up from just under $US1.3 trillion in 2021-22, according to a report last year from the Climate Policy Initiative.
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Former US presidential candidate John Kerry, who stepped down from his role as the US special climate envoy in March, puts the challenge of meeting this bluntly: “We don’t have the money.”
The 80-year-old is now planning to turn his attention to climate finance to prepare for the phaseout of fossil fuels. “We have to put in place more rapidly the funding mechanisms that are going to actually fuel this transition at the pace it needs to be,” he says.
https://wattsupwiththat.com/2024/05/13/john-kerry-pushes-massive-tax-rises-to-meet-the-13-6-trillion-climate-finance-challenge/
