More virtue signaling. Bloomberg organizes “Governors, mayors, businesses, commit to Paris climate pact goals” according to a posting on the Hill.com. ** The posting says that they are going to abide by the Paris Agreement. So, they are going to reduce the US CO2 emissions. Do you think the people that they serve will back them up even though it will cost many of them their jobs and increase the cost of living for all? A big maybe. Polling has shown that many people like the idea combating “global warming” but most of them do not like the expense of carrying out a big global warming program.
And the kicker will be that they will have to pony up the money that the Paris Agreement needs. Annually the Green Climate Fund requires $100 billion every year beginning in 2020. I am not sure what the share of the $100 billion this Bloomberg group will be required to put up each year, but I think the share the US government was expected to provide was about 25%. $25 billion each year for ever. And it might be more, because some re-evaluations by the Paris Agreement folks are talking estimates like $400 billion per year as the program evolves— that would mean that the Bloomberg group would have to perhaps provide $100 billion per year.
The Green Climate Fund has been active for a number of years as a means of putting together the program. The goal was to initially get $10 billion. The pledges had reached $10 billion. But pledges are just that—pledges. They really don’t have $10 billion in hard cash. The US had pledged $3 billion but at least $2 billion will not be sent to the Fund now. If these nations are having trouble supplying a $10 billion one time funding, what does that tell you about their willingness to fund a $100 billion per year fund?
My guess is the Bloomberg group will join the other big talkers and find that their treasuries really don’t have the money to support the $100 billion per year.