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October 31, 2021 | Spending 0.7% Global GDP on Climate Change

Martin Armstrong

Martin Arthur Armstrong is current chairman and founder of Armstrong Economics. He is best known for his economic predictions based on the Economic Confidence Model, which he developed.

The current flooding in Glasgow, Scotland, aligns with cyclical weather patterns. Of course, climate change alarmists are causing shockwaves of panic throughout the media. As you can see from the images above, fears regarding the weather have prevailed throughout time. The heavy rain is occurring days prior to the 2021 United Nations Climate Change Conference (COP26) and the media is using it as an opportunity to point to why more funding is necessary. The meeting was canceled last year due to COVID, but their agenda remains the same. Every developed country is expected to pay $100 billion to combat cyclical weather patterns in developing countries.

On the conference website, they explain precisely how they plan to finance their agenda:

Ahead of COP26, we must work to unleash the trillions in private finance that are needed to power us towards net zero by the middle of the century. 

To do this, every financial decision needs to take climate into account: 

  1. This includes all private investment decisions, but also all spending decisions that countries and international financial institutions are making as they roll out stimulus packages to rebuild economies from the pandemic.
  2. Companies need to be transparent about the risks and opportunities that climate change, and the shift to a net zero economy pose to their business. 
  3. Central banks and regulators need to make sure that our financial systems can withstand the impacts of climate change and support the transition to net zero.
  4. Banks, insurers, investors and other financial firms need to commit to ensuring their investments and lending is aligned with net zero.

This is part of the new world order. They expect all central banks, financial institutions, investors, and basically all moneychangers to agree to their plan. Where will this money go? Will they throw it at the sun in hopes of providing some shade? Only so much can be spent on green infrastructure. “The world is currently not on track to limit global warming to 1.5 degrees. The targets announced in Paris would result in warming well above 3 degrees by 2100 compared to pre-industrial levels,” the COP website states. “If we continue as we are, temperatures will carry on rising, bringing even more catastrophic flooding, bush fires, extreme weather, and destruction of species.”

A non-profit group called the Climate Policy Initiative estimates that climate-related finance amounted to $632 billion per year between 2019 and 2020, accounting for 0.7% of the world’s GDP, but they are asking for significantly more money. Even wealthy nations cannot afford to spend this amount on a project that will fail from the outset. Yet, the theme of this year’s event will be shaming rich nations for not meeting their $100 billion obligations and paying their “fair share” as they tinker on the brink of recession. We can cut down on pollution and other things of that nature, but we cannot prevent the next flood or extreme weather event. It is asinine to believe that we can play God and change the weather cycle.

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October 31st, 2021

Posted In: Armstrong Economics

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