The COP29 Deal: Carbon Markets & Trillions in Reparations
BAKU, Azerbaijan — After two weeks of negotiations at the UN’s 29th annual Conference of the Parties (COP29) climate summit, the UN and its member governments agreed to rules for a global carbon market led by the UN itself. The scheme will put a price on emissions of the gas of life, carbon dioxide (CO2), and allow it to be traded. UN bosses called it a “base to build on.”
The final deal, inked over the weekend of November 23-24, also saw Western governments pledge $1.3 trillion per year in climate wealth transfers by 2035. The money for Third World kleptocracies and climate profiteers will come from what remains of the middle class in the West. The UN claims these reparations are to compensate for “loss and damage” supposedly caused by CO2.
Of that sum, about $300 billion annually will be in the form of grants and low-interest loans for “climate reparations,” starting immediately. That represents a tripling of previous pledges. The rest of the funding will come from government-backed “investments” and potential new international taxes on fuels or aviation in the years ahead.
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