“SHOW ME THE MONEY”, …..o.k.

As the world staggers at the ability of 194 nations of the world to agree that the planet is, after all, worth saving, and then agree to do something about it, the $100 BILLION per year to finance a Green Climate Fund immediately springs to mind.                 SHOW ME THE MONEY …… Here it is …….

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After 2020 the world will unite to stop global temperature reaching 2 degrees above pre-industrial levels. The world will reduce its global carbon emissions by 50% (average) to prevent 2 degrees warming. Many countries will have to reduce their emissions ‘drastically’ by over 90% to meet their individual “share” of the reductions.

We are now faced with the “Green Economy” which was discussed here at ; https://awayfromitall.me/2011/09/28/the-green-economy-can-the-current-growth-system-be-the-basis/

The compliance with this “grand plan” depends on replacing the world STATIONARY energy infrastructure, ELECTRICAL  ENERGY GENERATION MUST BECOME EMISSION FREE BY 2050. Australia has a plan prepared by Beyond Zero Emissions for a 10 year transfer of Australia’s energy sector which they estimate will cost $375 BILLION over 10 years. http://beyondzeroemissions.org/

A report issued by the U.N. (W.E.S.S. 2011), “costs” this ‘global transition’ at between $15-20 TRILLION to “rewire” the world with renewable energy. So where is the money coming from?

SUSAN GEORGE, HEAD OF THE “TRANSNATIONAL INSTITUTE” (TNI) here further details the necessity for a Tobin Tax, but ALSO STRESSES THE NEED TO SHUT DOWN TAX HAVENS which deprive global governments of over $100 BILLION p.a.

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Only a few weeks ago, the I.E.A. released its World Energy Outlook stating that cost to maintain and extend the existing and proposed fossil fuel demand would, by 2035, be $38 TRILLION.

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!0 Mw ocean based wind turbine. Prototype by ARUP.

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THIS RENEWABLE STRUCTURAL TRANSFORMATION HAS MUST BE FINISHED, FROM 2020 – 2050. AT THE SAME TIME, FOR MUCH OF THIS PERIOD, THE EXISTING ENERGY INFRASTRUCTURE WILL NEED TO RUN “ALONGSIDE” THIS TRANSFORMATION TO “BUILD IT.”

Hannah Stoddardt from OXFAM states below in a discussion with Chris Huhne, U.K. environment minister the possibility of a bunker fuel tax that would ‘compensate’ for the 6% of global emissions resulting from the SHIPPING INDUSTRY, at present NOT part of the KYOTO PROTOCOL. 10’s if not 100’s of BILLIONS of dollars are owed the planet from the 90,000 FREIGHTERS that deliver goods completely unregulated using the worst fuel possible – bunker fuel,  60,000 DEATHS REPORTED ON SHIPPING ROUTES FROM SULHUR DIOXIDE HELPED DESEASES.

Now to come back down to Earth, the posts on this blog have been full of the still unstable state of the world debt issue. It is a matter of sovereign AND financial institution AND household debt which combined gives a terrible vision of the state of humanity.

GREAT COSTS ARE SET FOR THE NEAR FUTURE, AND THE DURBAN PLATFORM PROVIDES ANOTHER SERIOUS GLOBAL COST THAT MUST BE MET.

HOW DO WE DO THIS ? Ross Gelbspan, Pulitzer  Prize winning author. http://www.heatisonline.org/contentserver/objecthandlers/index.cfm?id=3138&method=full

1/  The creation of a Clean Energy Transition  Fund using the revenues from a tax on international currency transactions or other comparable revenue sources to finance the development and transfer of climate-friendly (renewable, high-efficiency and low-carbon) technologies to developing nations.

We propose the establishment of a Clean Energy Transition  Fund to finance the development, capitalization and diffusion of renewable and low-emission technologies. The fund would enable developing countries to develop economically along a low carbon path. It would provide opportunities for significant economic growth for innovative producers of low-carbon and renewable energy technologies. It would promote the commercialization of renewable and highly-efficient energy technologies by creating a global infrastructure for these technologies and related businesses and institutions.

To achieve the desired impact, this fund needs to be substantial. A tax of 0.25% (one-quarter of one percent) on international currency transactions estimated at $1.5 trillion per day, for one example, would yield $150 – $200 billion annually. In addition to funding the transfer of renewable, efficient and low-carbon technologies to developing nations, the fund should be used for employment and technical training to deploy and implement these climate-friendly technologies.

We cite the tax on international currency transactions — first conceived by Dr. James Tobin — because we believe it is equitable, non-discriminatory and broad-based. We expect that it could provide sufficient revenues for the energy transition in developing countries without a large effect on the activities supporting the base itself. But other funding sources with substantial revenue-raising potential exist. They include taxes on carbon-based fuels, diversion of those portions of defense budgets dedicated to protecting the security of oil commerce, and other revenue-raising mechanisms.

All energy facilities transferred through the WEMF must meet the criterion of enhanced sustainability by advancing the overall energy efficiency of recipient nations.

 

In response to COP17 announcements on the Green Climate Fund and the Financial Transaction Tax: Alex Kent, spokesperson for the Robin Hood Tax campaign:

 “We’ve seen widespread support for Financial Transaction Taxes at COP17 this week, including from Ban Ki Moon, Kofi Annan and Trevor Manuel, and Merkel and Sarkozy have reiterated their support in Europe.

“Now that the Green Climate Fund is being put in place, let’s get on with implementing an FTT to fill it.”

THERE IS WIDESPREAD SUPPORT for a Robin Hood Tax EXCEPT in London and New York. The City of London is still able to produce some extraordinary strategies such as Great Britain isolating itself from the rest of Europe to avoid control of the London Financial Sector.  “17 years of foreign policy down the drain” quoted Paddy Ashdowne one of the drivers of U.K. inclusion in Europe.

It seems certain that Europe will introduce a financial transactions tax, it desperately needs a new source of revenue. The surprising thing about this is that ALL countries who are desperately in debt do not see this as an option. Barak Obama and David Cameron are completely at the whim of the financial industry, even though their countries are on the verge of bankruptcy.

David Cameron has promised to ‘safeguard’ City interests during the European Heads of State meetings. His comments were followed by news in the Financial Times today that the hedge fund sector is now the largest donor to the Conservative Party, contributing £2.2m since the 2010 general election.

 David Hillman, spokesperson for the Robin Hood Tax Campaign, said:

 “Cameron and Osborne should be going to Europe with all guns blazing to protect the interests of the UK public, not to lobby on behalf of the City.”

 “An unrestrained financial sector is no basis for a secure economic future. The last financial crisis cost us at least £1.8 trillion according to the Bank of England – the entire size of our GDP. It’s time the banks paid their fair share.”

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