MADRID, Nov 13 (IPS) – Incoming US President Donald Trump emphasized during his election campaign that the United States has more oil reserves than any other country, even surpassing those of Saudi Arabia. In this context, he openly encouraged large corporations to tap into these reserves with the words ‘drill, baby, drill’.
The US president-elect also threatened to raise record tariffs on electric vehicles imported from China by between 100% and 200%, and hinted he would also impose higher taxes on European vehicles.
Since the United States remains the world’s second-largest contributor to climate damage after China, it is unlikely that this year’s climate summit in Baku, Azerbaijan (11-22 November) will achieve the goals achieved at previous 28-party conferences. Do you expect it to happen? The UN Framework Convention on Climate Change failed?
In other words, can COP29 produce effective, verifiable and legally binding decisions to mobilize financial resources (between $187 and $359 billion per year) to overcome the current huge adaptation finance gap?
Or will this yet another expensive gathering end with the usual ‘politically correct’ declarations that will be announced as “landmark”, “historic” albeit non-binding measures to stop the growing “climate holocaust” as the US demands? UN Secretary-General Antonio Guterres.
So far, the world’s major political and financial leaders have decided to skip the summit, as has been the case in the United States, the European Commission, Germany and others.
huge financial gap
The life-saving sums needed to treat people and nature ($187 billion to $359 billion per year) are a tiny fraction of what the world’s military forces spend each year on weapons that function to kill people and nature.
The Stockholm International Peace Research Institute (SIPRI), an independent international institute dedicated to the study of conflict, armaments, arms control and disarmament, reports:
- The estimated global military spending in 2023 has increased for the 9th consecutive year, exceeding $2.4 trillion.
- Despite the resulting increase in demand for weapons and ongoing efforts to meet that demand, arms companies are having difficulty increasing production.
- The 6.8% increase in total military spending in 2023 was the largest increase since 2009 and pushed estimated global spending to the highest level ever recorded by SIPRI.
- As a result, global military spending as a share of global gross domestic product (GDP) increased to 2.3%.
- The government allocated an average of 6.9% of its budget, or $306 per capita, to the military.
- For the first time since 2009, estimated military spending increased in all five regions.
‘America First’
“The United States remains the largest military spender in the world.”
The United States’ spending, at $916 billion, is more than the spending of nine of the top 10 countries combined and 3.1 times that of China, the second largest spender. think tanks around the world
During the same year (2023), up to 39 out of 43 European countries increased their military spending. The 16% jump in total spending in Europe was driven by a 51% increase in spending in Ukraine and a 24% increase in spending in Russia.
SIPRI added in its 2024 yearbook that the Israel-Hamas war was the main reason for a 24% increase in Israel’s military spending.
big polluters
Rich, industrialized powers such as the United States, Europe, and Japan are the largest polluters, as is the case with China and India, but they are also the countries with the greatest capacity to close the financial adaptation gap they have created.
Explore the global movement of people fighting injustice for a more equal world. We work with thousands of partners and allies across 79 countries and territories. Oxfam International reveals in its report “Carbon Inequality Kills”.
- The superyachts and jets of Europe’s elite emit more carbon pollution in a week than the world’s poorest 1% emit in a lifetime.
- One wealthy European takes an average of 140 flights a year, spends 267 hours in the air and emits as much carbon as the average European does in 112 years.
- Over the same period, a very wealthy European on a yacht would, on average, emit as much carbon as an average European would in 585 years.
On the climate adaptation financing gap, the report emphasizes making rich polluters pay.
“The need for climate finance is enormous and growing, especially in countries in the Global South that are enduring some of the worst climate impacts.
“Imposing a wealth tax of up to 5% on Europe’s millionaires and billionaires could raise €286.5 billion a year, helping communities build better lives for themselves, build resilience and protect lives and livelihoods in times of crisis. We support you to do so.”
Victim pay?
Another global movement is reported by Amnesty International, with more than 10 million people in more than 150 countries and territories campaigning to end human rights violations.
“With climate change disasters in Africa already displacing millions of people, the rich countries most responsible for global warming will meet at the COP29 climate conference in Baku, Azerbaijan, to provide full compensation for the catastrophic loss of homes and damage to livelihoods around the world.” must agree to pay.”
Africa’s contribution to climate holocaust amounts to a negligible 2%.
And the suicidal war against nature and humans continues
A day ahead of COP29, the World Meteorological Organization (WMO) warned that 2024 will be the warmest year on record after a prolonged period of unusually high average monthly temperatures.
Meanwhile, since the beginning of this century, the world has witnessed more than 2,500 disasters and more than 40 major conflicts.
misleading claims
By the way, the elected statement of the US president that the United States has the largest oil reserves in the world, including Saudi Arabia, is by no means accurate.
According to WorldAtlas’ list of the top 10 oil reserves by country, Venezuela topped the list with 303 billion barrels, followed by Saudi Arabia with 267 billion barrels. The United States ranked 9th with oil reserves of 55 billion barrels.
Simply put, for the countries with the world’s largest militaries, war is worth far more costs than the lives saved. And the oil business, which is killing Mother Nature and everything that lives on it, is also one of the top priorities.
‘Drill, baby, drill’
© Interpress Service (2024) — All Rights ReservedOriginal source: Interpress Service
