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Developing nations are undeveloped. And as bad as it was before the COVID War started, as we have detailed over the past 17 months, it has gotten much worse. Poor nations have sunk deeper in debt, their populations are sinking further into poverty and millions are taking to the streets to protest the lack of basic living standards, crime, government corruption and violence.
Unable to address basic living standard deficiencies, they lack the will and resources to join the Climate Change movement that has returned to center Main Stream Stage after a year-and-a-half of fighting the COVID War.
Got no Money
The France-based International Energy Agency announced that developing countries need to increase their clean energy investments from less than $150 billion that they can now spend… and are spending to $1 trillion per year for the world to reach net-zero emissions by 2050, a report said.
“The cost of capital and perceived risk is higher to invest in these countries, but emissions from Dhaka or Jakarta are just as important as London,” Faith Birol, the executive director of the IEA, told The Financial Times.
“It is just that energy poverty is an urgent challenge which some western policymakers do not always seem to acknowledge when addressing net-zero goals,” Helima Croft of RBC Capital Markets told the paper.
Yale Environment 360 defines obtaining net-zero emissions means “any carbon dioxide or other greenhouse gas emissions are balanced by absorbing an equivalent amount of CO2 from the atmosphere — sometimes called negative emissions.”
The recent IEA report said that without stronger action, these emissions from countries in Africa, Asia, and Latin America will actually increase by 5 billion tons over the next two decades.
“There is no shortage of money worldwide, but it is not finding its way to the countries, sectors and projects where it is most needed,” Birol told The FT.
TREND FORECAST: The latest figures of the money being spent on climate change have been compiled in partnership with the World Economic Forum and the World Bank. While some found the number of countries moving toward “clean energy” encouraging, as we have forecast, considering the cheaper costs of building and burning coal powered energy plants, the goals being set are unrealistic because most of the developing countries are reliant on much cheaper fossil fuels for growth.
It should also be recognized that before the COVID War was launched, climate change was headline news. But when the war ratcheted up, climate change was barely being reported. We note this because when the next – yet to be announced – global event erupts, climate change will again be put on the back burner.