BEST BITS – Cop27 Summit Agrees To Set Up Fund To Help Poorer Countries Battered By Climate Disasters

TRANSCRIPT:

BIG BIG News story this week, was that the world, well, developed nations, including Australia have all signed up with blank checks for a “reparations fund” sorry no, that’s not what it is called, because that triggers people, it’s now a “loss and damage” fund to be paid out to poorer countries most affected by, but least responsible for, climate change.

This has been something that has been pushed on developed nations for 3 decades ( 30 years ) and finally at COP27 meeting in Egypt, it was agreed too, first suggested by Vanuatu in 1991.

What is it? Well, in a nutshell, under the proposal, developing nations could expect about $US2 trillion PER YEAR from countries like the UK and the US, and Australia, as well as international financial institutions, as a form of climate change reparations. Where developing nations would be granted the money when they suffer climate disasters like fires, floods, droughts, or famines, in theory not a bad idea.

Why do I, and many many other people following the bouncy ball of what’s going on here, well, the problem is, is that the worlds leaders including Australia’s currently elect government have all blindly signed onto this thing without knowing all the details.

It is not yet clear which countries will pay, how they will pay, or how much. It is also not clear which countries will receive the money and when.

There is debate around countries such as China and Saudi Arabia, the world’s largest greenhouse gas polluter and world’s largest exporter of oil respectively, which are classed as ‘developing’ nations – even though China has hosted two olympics and has a space station.

For the record and for those just tuning in, I am not a climate sceptic or denier, climate change is a thing, should we do something about it, yes. Do I believe it’s all being catastrophed to weaponise and initiate a global transfer of money for people to get rich off… also yes!

Should we be careful with how we transition and not rush into it the way we have been, again yes.

But back to COP27, and this new loss and damage” fund, here is where we stand as Australians with this:

• The Albanese government supports the loss and damage fund
• Australia’s climate change minister Chris Bowen was around the negotiating table and Australia has agreed to the fund.
• We don’t know how much money Australia will pay to the fund annually, but experts are predicting it will be in the billions of dollars each year, 54 Billion each year to be exact, based on the a previous contribution Australia was asked to make 2.7% to a 100 billion dollar climate fund. 2.7% of 2 trillion is , 54 Billion.
• And we will be contributing because the Labor government is hoping to host COP31 in 2026.

Here is where this is a kick to the teeth for the Australian people.

It was only a few months ago after the Federal election, we were being told by Federal Treasure, Jim Chalmers when he handed down the budget that it would be a ‘bread and butter’ budget, and not a flashy affair… because there is no money to spend, we’re over a trillion dollars in debt, and as Labor said when they came to power, we have nothing to show for that huge debt.

(AUDIO)

Yet, some how, with all that spending restraint, we’re able to sign a blank check to the UN when they ask… and lets not forget, this “Loss and Damages” fund that we’ve signed a blank check for goes to support those in developing nations who suffer climate disasters like fires, floods, droughts, or famines… which, again, I support, in theory..

But, what about the Australian people who are suffering from floods? We’ve only just had A MASSIVE flood in Australia, wiping through Eugowra where hundreds were evacuated last week after a flash flood swept through.

Where insurance companies are reported to be abandoning the residents for an array of reasons to get out of paying out claims.

And when asked where were you by residents during the floods, like the former Prime Minister, Scott Morrison was time and time again during natural disasters, Prime Minister, Anthony Albanese had this to say (AUDIO)

Don’t you just hate it when something you say comes back to bite you in the ass! Although in Albos defence he was over seas for ”WORK” and The issue with former PM Scomo was that he was on holiday, but this is yet anther example of Albo having to back track on something he said, and you can hear it in his voice in that clip, until the man answers the question for him, by saying; “I heard you were over seas”

But, to the issue with all this in the spirit to signing up to giving out blanks check for reparations of climate change – Of which in his own words climate change is to blame of the floods, which he said in a media conference back in July (AUDIO)

I hope Australians get a blank check too, to be fair, and, from what we understand there will be funds made available to local residents, but lets watch this space to see how blank or restrictive the check we give to our own people is – there is just going to be a lot of blank checks being written.

But back to COP27.

If you look at CO2 emissions in the UK since 1750, we’re talking the great industrial Revolution here that has attributed to the beginning of the effects of climate change on the planet as the big polluting era as nig industrial cities began pumping vast quantities of pollution into the atmosphere. Well, China has emitted as much CO2 since, 2013 as the UK since 1750.

And 63% of all current carbon emissions come from developing nations.

This might be why The European Union and the US have demanded China (remember they are classified as a developing nation, who would benefit from the 2 trillion annual fund) contribute to the fund, rather than benefit from it, but China say that they are not ready to agree to it… and of course the wouldn’t.. they’re not idiots! They are the biggest polluter in world, and will continue to do so for years and years to come whilst we all go for net zero… Another fun fact, the CO2 Australia produces in 1 year, China pollutes in 15 days…. let that sink in next time there is a climate protest attacking Australia for our global pollution contribution.

Now, being an opinion based show, back to the ‘loss and damage fund’ I have to tell you I am torn on this one, yes I agree something needs to be done on a global stage to help developing nations with the effects of climate change, but it needs more detail and it should also NOT come at the expense of helping our own just so the government looks good in front of other world leaders. The Australian people deserve more detail. along with safeguards, and checks and balances to ensure that the money is being spent wisely and not rorted to line corrupt pockets.

Where we stand as it is, this decision by COP27, is a bad idea. But, as always, with more information my opinion is subject to change.

The European Union and the US have demanded China contribute to the fund, rather than benefit from it, but China is not ready to agree to it.

BROADCAST DATE: 24th November 2022

SHOW: #005