UN Green Climate [Hoax] Fund ‘headed for failure’ – Bloomberg
The Green Climate Fund (GCF), designed to channel $100 billion a year in climate-related investment to the developing world by 2020, is destined for failure, according to Bloomberg New Energy Finance (BNEF).2009: Behind Hillary Clinton's $100 Billion Pledge to Poor Nations : TreeHugger
In a white paper published today, BNEF chief executive Michael Liebreich argued that the Transitional Committee set up within the UN Framework Convention on Climate Change (UNFCCC) to design the GCF is pursuing public funding which will not be forthcoming.
“The current UNFCCC negotiations over the creation of the Green Climate Fund are heading down a dead end,” he said. “The Transitional Committee charged with the design of the fund is dominated by figures from government with no private sector experience.
“They are looking to create yet another multilateral institution for managing pools of public money but, even if they succeed in creating a fund, there is no earthly way developed world governments will resource it to the tune of $100 billion per annum.”
He described the Transitional Committee as “an unfolding triumph for the developing world”, which has long favoured public financing for climate change mitigation and adaptation over private finance.
But he said that this is “a purely pyrrhic victory. There will never be a $100 billion, government-to-government funds transfer, nor anything approaching it.” He is also dismissive of proposals to tax aviation or financial transactions to provide the finance.
Big news out of Copenhagen today, as Alex reported earlier, was Secretary of State Hillary Clinton announcing that the US is willing to pledge $100 billion in aid for developing nations to fight climate change. Sure, it's a big ol' number. But what does it mean? Is the US just going to drop a bundle of cash over Bangladesh and Africa? Obviously not. Here's what the massive-looking pledge really entails.
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