Monday, October 26, 2009

Copenhagen summit

Success at the upcoming UN climate change summit in Copenhagen in December depends in large part on the positions taken by developing countries, particularly China and India. Thus far, those two countries have wisely refused to consider restricting their economic growth in order to meet carbon dioxide emission targets.

So the next step is to bribe them with assistance funds to "mitigate the effects of climate change and limit their CO2 emissions". The EU estimates a total of €100 billion a year by 2020 needs to be transferred to developing countries, with the EU contribution in the range of €2-15 billion.

However, a recent high-level EU meeting failed to reach agreement on how much individual EU member states would pay, making the Copenhagen meeting all the more problematic. (Thanks to EU Observer.)

I can't help wondering how much the United States is supposed to poney up for this futile effort. The idea of limiting economic growth for artificial emissions limits is ridiculous. Nor are large financial transfers of taxpayers' money likely to benefit developing countries - they usually just line the pockets of the elite. But no need to worry: if we do participate in this exercise, the sums involved, along with the costs to our economy, will likely be lost in our sea of red ink.

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