Biden Agrees to Pay Climate Reparations—And China, The World’s Top Carbon Emitter, Could Profit
, 2022-11-21 19:32:36
US ‘pushing for assurances’ that China, which the UN still considers a developing nation, won’t benefit from fund
Collin Anderson • November 21, 2022 2:30 pm
The Biden administration on Saturday agreed to pay climate reparations to developing nations, a move that China—the world’s top emitter of greenhouse gases and one of its largest economies—could profit from.
Administration officials emerged from the United Nations Climate Change Conference over the weekend with a global agreement to establish a “climate justice” fund that would see the United States and other wealthy nations pay developing countries for “loss and damage” caused by climate change. But the U.N. still classifies China—which boasts the second-highest gross domestic product in the world—as a developing country, meaning it could benefit from the fund. That classification has left the United States scrambling to assure “that China will eventually contribute to any fund created—and that China would not be eligible to receive money from it,” the New York Times reported Saturday. Beyond its economic status, China is by far the world’s number one carbon emitter: The communist nation’s greenhouse gas emissions in 2019 “exceeded those of the U.S. and other developed nations combined,” according to CNBC.
It’s unclear exactly how much the fund would cost, but a 2021 U.N. estimate placed the annual…
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