Climate compensation | Armstrong Economics

The United Nations proposed a new way to transfer funds from developed countries during the COP27 meeting – climate offsets. The UN is still negotiating who will pay what, but rest assured, the US will likely pay more. President Biden fully supports the idea as well as the $1 billion awarded to him last year to fight climate change in the Third World. China is a developing country, according to the United Nations, and will not contribute to the Global Fund despite being the world’s largest polluter.

The Loss and Damage Fund, as it is known, will take money from rich countries in an effort to change the weather and prevent natural disasters that would occur even if the Earth was not inhabited by humans. Funds will mainly be sent to countries in Latin America, Africa and Asia. Concerns are raised that this may amount to recognition, and developing countries could sue developed countries and/or companies for additional compensation.

Trump tried to get America out of the Paris Agreement. The People’s Republic majority House of Representatives will likely not vote in favor of the measure. Our best bet is to hope they kick the can down the road until the Biden term ends.

400 private jets have arrived for the COP27 climate change summit

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