BONOKOSKI: For zero emissions, start by choking China’s lust for coal

The 11th dirtiest country in the world is the top polluter of carbon dioxide gas

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Mark Carney, acknowledged as a world-class economist and banker, was governor of the federal Bank of Canada before flying off to the United Kingdom for a term as overseer of the Bank of England.

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He’s now attempting to add magician to his resume, coming out of the COP26 summit in Glasgow vowing to raise an incredible $139 trillion for the fight against global climate change.

Meanwhile, as Carney heads out cap in hand, the communist regime of China is pumping out coal-fired electricity plants as if they’re a yuan a dozen.

China, of course, is the 11th dirtiest country in the world, and the top polluter of carbon dioxide gas, and is currently trying its best to worsen its pollution reputation by ramping up its own coal production.

What our faux prime minister, Justin Trudeau, never mentions when he hikes the carbon tax on Canadians, is that Canada annually exports 3.96 million tonnes of coal to China — up by 21% in 2021.

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Overall, China imported a total of 72.63 million tonnes of coking coal — the world’s dirtiest fuel — in 2020 to help feed the insatiable maw of its power-plant furnaces.

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A main aim of the COP26 convention is to secure enough national promises to cut greenhouse gas emissions — mostly from burning those dreaded fossil fuels — to avert the worst climate disasters by keeping the rise in the global temperature to 1.5 degrees Celsius.

But how exactly to meet those pledges, particularly in the developing world, is still being worked out. Above all, it will need a lot of dosh.

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The Glasgow Financial Alliance for Net Zero — an umbrella group organized by Carney that includes all the major Western banks — announced that firms responsible for managing $130 trillion in capital, equivalent to 40% of the world’s financial assets, had signed up to assume a “fair share” of decarbonization.

As U.N. climate envoy, Carney said the alliance he created needed creative ways to channel private money into investment that advanced the U.N.-backed drive for “net zero” greenhouse emissions by 2050.

“The money is here — but that money needs net zero-aligned projects and (then) there’s a way to turn this into a very, very powerful virtuous circle — and that’s the challenge,” he told the summit.

In 2019, total world wealth grew by $9.1 trillion to $360.6 trillion, which amounts to a 2.6% increase over the previous year.

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According to a recent report by the American investment Council, the private equity industry in the United States directly employed more than 11.7 million workers in 2020 and generated $1.4 trillion of gross domestic product, or approximately 6.5% of total GDP.

Behind the U.S. is China, the only other country with a double-digit share of global wealth, equal to 17.7% of world wealth or $63.8 trillion.

As China continues building its middle class and stoking its collection of coal furnaces, one estimate sees Chinese “private” wealth increasing by an astonishing 119.5% over the next 10 years.

The combined wealth of the U.S. and China, in fact, is more than the next 13 countries — and almost equal to half the global wealth.

Canada is in ninth place, tucked between Italy and Spain.

Carney said, however, the chances of mobilizing $139 trillion are likely to decline if individual countries fail in Glasgow’s COP26 to collectively expand their emission reduction goals.

As stated at the outset, Mark Carney, whose success as a money manager is world-renowned, will have to be a magician to pull this off.

But the odds are long.

markbonokoski@gmail.com

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