…Banks Agree: No more Coal-fired Power Plants…
COP26 has reached an agreement that will condemn millions of people in poor, developing countries to live in poverty and die an early death.
These are mostly non-white people, and since race seems to be of primary importance to elite Europeans and Americans, that fact shouldn’t go unmentioned.
Quoting an article from the Wall Street Journal:
“Most of the world’s big banks, its major investors and insurers and its financial regulators have for the first time signed up to a coordinated pledge that will incorporate carbon emissions into their most fundamental decisions.”
“Financial regulators, including the U.S. Federal Reserve, the Bank of England, plus the global-accounting-standards organization, have agreed to add their own oversight to the system through reviews and disclosure standards.”
A new international body is being established to enforce the making of the right decarbonization investments.
Some of these institutions have already said they won’t invest in coal-fired power plants or coal mining.
From a report by Morgan Stanley:
“Around 220 institutional investors representing some $57 trillion in assets have already committed to align their portfolios with net-zero. In addition, 88 banks, representing a third of global banking assets, have promised to decarbonize their lending and investment portfolios, in line with the net zero ambition.”
This means millions will continue to live without electricity and to having to use wood and dung for cooking. Dung, just to be clear, is the waste products, i.e., manure, from animals.
Supposedly, developed countries will provide billions for investing in wind and solar farms in developing countries.
Will these banks also invest in hydrogen production in countries that already don’t have enough electricity to supply even minimum amounts of electricity to their citizens?
And how will developing countries get along with battery-powered vehicles when they don’t have enough electricity to light their homes for just a few hours every day?
Has anyone been to Samarang, Indonesia, or cities in India and Africa to see how people move around and how goods are transported?
Battery-powered motor bikes and three-wheeled jitneys don’t work very well without electricity.
The media will declare COP 26 a success, but will the three or four billion poor people of color living in developing nations agree?
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