Net Zero: Shattering Economies, Shattering Dreams
Joe Biden fell asleep (not even his most embarrassing moment!) at the Glasgow climate conference. And for good reason. It’s over. Net Zero by 2050 is dying a slow, painful death.
President Xi Jinping said so. So did India’s Prime Minister Narendra Modi. So did Africa. Good riddance.
Oh, they are still trying, but people are not buying.
Mr. Modi just demonstrated the absurdity of the climate crazies by demanding a trillion dollars as his price for achieving “Net Zero” carbon dioxide emissions – by 2070, not the official goal of 2050. India in the real world has other problems far more pressing – reducing energy poverty, building transportation infrastructure, and eliminating crippling diseases.
But who cares about humanity when the Earth itself is dying? [It isn’t.]
African nations, too, are telling the smug Europeans (and their colonial cousins) to put up or shut up – to the tune of $1.3 trillion ANNUALLY for climate finance.
You might think these are large sums, but you would be wrong. According to a Vivid Economics study entitled “Net Zero Financing Roadmaps,” it will take a combined $125 trillion of investment over the next decade alone to enable the world to achieve Net Zero by 2050.
Mark Carney, former Bank of England governor, says that the Glasgow Financial Alliance for Net Zero (GFANZ), which he chairs, already has over 450 members (banks, asset managers, investment consultants, stock exchanges, and ratings agencies) from 45 countries that together control assets totaling $130 trillion.
The member list includes BlackRock, the world’s largest asset manager, which operates globally with 70 offices in 30 countries and clients in 100 countries. BlackRock’s website states that “climate risk will fundamentally reshape finance and drive a significant reallocation of capital.” Lew Rockwell says that BlackRock and fellow asset manager Vanguard “run the world.”
Banks, too, are championing Net Zero by 2050. Bank of America (BOA) brags that it achieved 100 percent renewable electricity in 2019* and blurts out that “the next 30 years could determine whether humans are able to set a course for long-term environmental sustainability and a more prosperous world.” [*Not really. Many BOA offices rely on fossil fuel burning power plants.]
BOA boasts that, under its Environmental Business Initiative, it has deployed over $200 billion to low-carbon, sustainable business activities s
Article from LewRockwell