by Rod Williams, Nov. 15, 2021- The Glasgow version of the Conference of Parties (COP) came to an end on Sunday, and it is hard to call it anything other than a failure. As the Wall Street Journal said, "Glasgow produced little of consequence. How could it have done otherwise? The conferees who warn that the Apocalypse is nigh absent draconian energy policies are disconnected from political and economic reality."
If you don't want to take my word or the Wall Street Journal's word for it, Children's Crusade leader Greta Thunberg said it. “It is not a secret that COP26 is a failure. It should be obvious that we cannot solve the crisis with the same methods that got us into it in the first place,” Thunberg said. “The COP has turned into a PR event, where leaders are giving beautiful speeches and announcing fancy commitments and targets, while behind the curtains governments of the Global North countries are still refusing to take any drastic climate action.” (link)
Not that I expect this child to have any insight as to how to fix it, but she is right in calling it a failure. Not that Glasgow was a total absolute failure. Progress was made on a carbon-trading agreement which may lead someday to a standardized trading carbon credit system. The way carbon credits work is that if a government can’t meet the emissions plans it submitted to the U.N. it could buy credits to make up the difference. This could produce good results. If you recall when acid rain was an issue, it was successfully reduced by a system that relied on "cap and trade," which created a market for acid rain emission reduction credits.
The problem with carbon credits is that there is no standardization and little regulation of the market. Often, carbon credits are nothing but a scam and greenwashing. Any effort that moves toward a legitimate carbon credit market is a positive development. However, there is a long way to go before anything like a real trustworthy market for carbon credits is created. A global carbon market won’t happen overnight. There is a long way to go and time is running out. Unfortunately, this minor move toward someday having a standardized global carbon credit trading system is about the only positive thing to come out of Glasgow.
The development that got the most attention was that instead of waiting five years for countries to submit their next round of carbon reduction pledges, the Glasgow Climate Pact calls for countries to gather again next year with revised pledges.
The goal of the Paris Accords is to keep the rise in earth's temperature from exceeding 1.5°C rise above preindustrial levels. We are not on target to make that happen. So delegates agreed to go back and redo their homework and come up with better pledges for reductions. To avoid the 1.5°C rises, the world needs to eliminate a lot of carbon emissions and reach net carbon neutrality by 2030. That is not that far away and we are moving further from the target, not closer.
I am not hopeful. There is nothing to indicate next year will be any better than this year. In fact, with an expected cold European winter, European countries are looking at increasing the use of coal. With inflation rising in the US and many other nations, now is not an opportune time to adopt policies that will increase utility prices. There is no reason to be optimistic that Paris will achieve anything. The Paris Accords is not a treaty. One, country can not require another country to act. It doesn’t require nations to do anything but merely urges or requests them to do so. Also, it creates no system of incentives or disincentives for achieving a target. To say the least, it is difficult to get 197 countries to agree on anything and then follow up. Some of the 197 countries may not even exist next year. Many that do will have different dictators.
Paris is a romantic idealistic dream of the world getting together holding hands singing kumbaya, and solving a common problem. The world doesn't work that way. The Paris Accords are a joke. We need to ditch the Paris Accords.
The seven wealthy democracies of the world need to focus on a solution. The solution needs to recognize that there needs to be a price for carbon and embrace carbon border adjustments. The G-7 has enough economic clout that the rest of the world will fall in line.
For more on Glasgow COP-26, see the below links:
COP26 Climate Deal Shows Fragility of New Emissions-Cutting Pledge - WSJ
Glasgow’s Climate of Unreality - WSJ
Was COP26 in Glasgow a success? | The Economist
by Rod Williams, Nov. 19, 2021 - In case you missed it and in case you think Republicans are the party of tax breaks for the wealthy, you need to be aware that the pending build back better plan contains massive tax breaks for the very wealthy. The party that demands that the wealthy pay their fair share, is about to give a big tax break to millionaires. Not all millionaires, but coastal millionaires, primarily.
Now, I am not opposed, in principle, to tax breaks for the wealthy. After all, the wealthy do not hide their money under a mattress. Money not confiscated by the government is money that goes to work in the economy creating more jobs, a greater GNP, and more wealth. The wealthy can only spend so much of their wealth, so any wealth in excess of consumption by the wealthy is an investment in the economy. Saving = Investment, and the wealthy "save" more. Taxation, pulls money out of productive use, for the most part. Not that we do not need some level of taxation, but taxing the wealthy makes less money available for economic expansion and less money available for the not-so-wealthy to borrow.
The pending Biden tax break for the wealthy is particularly offensive because it targets which wealthy get the break. It is a subsidy to the wealthy of California, New York, and other Democrat-run states. It is a tax break for the wealthy coastal elites.
As the Washington Post explains it, "The second-biggest program in the Democrats’ spending plan gives billions to the rich."
The House is expected to vote this week on President Biden’s Build Back Better legislation. The social spending bill includes investments in clean energy and affordable child care — but it also includes a $285 billion tax cut that would almost exclusively benefit high-income households over the next five years.
The measure would allow households to increase their deduction from state and local taxes from $10,000 to $80,000 through 2026, and then impose a new deduction cap through 2031. It’s the second-most expensive item in the legislation over the next five years, more costly than establishing a paid family and medical leave program, and nearly twice as expensive as funding home-medical services for the elderly and disabled, according to an analysis by the Committee for a Responsible Federal Budget.
Next time you hear some economic illiterate repeat the claim that the Republican Party is the party of the wealthy and the Democrat Party is the party of the "working man," or the "common man," you might want to ask them to explain this massive tax break to the wealthiest.
Expect a performance from an amazing country artist, a speech from Madison, a speech from Robby's wife, a speech from Robby, mingling, meeting new freedom fighting friends and for those who buy VIP tickets, a private Q&A with Madison and Robby + a discussion about the future of Congress!
Robby's seat is what many are calling "The Majority Maker". Basically if we win this seat, Republicans are highly likely to have the majority in Congress. The NRCC just named it as an official target for their list of seats to flip in order to create a majority in 2022! That's huge news but Democrats plan to spend MILLIONS trying to keep this seat because they know it'll likely tip the balance of power in America. We need your help! You can help us fundraise by getting your ticket now at the link below.
VIP portion of event begins at 5:30PM, Full event begins at 6:15PM! More info in the link below.
Buy tickets now at: https://www.eventbrite.com/e/robby-starbuck-fundraiser-with-us-congressman-madison-cawthorn-tickets-206106639507
If you have any questions email KT@Starbuck2022.com
This is an event you don't want to miss!
Metro Council to decide the future of emissions tests in Davidson County
Starts Friday, November 19 Fri 19: 5:30 PM - 9:00PM
Sat 20: 8:30 AM - 4:30 PM
Location Courtyard by Marriott 2001 Meridian Blvd 2001 Nashville/Franklin, TN 37067
Cost $35.00
Rod's Comment: Leadership Institute provides some excellent training.
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