Monday, 25 September 2023

Immoveable Money?

The former UK PM, Gordon Brown, notes that money to counter the costs of climate change on poorer countries, could easily be funded by a levy on the substantial profits made on oil and gas (https://www.theguardian.com/commentisfree/2023/sep/25/we-need-trillions-of-dollars-to-fight-the-climate-crisis-this-is-my-plan-to-raise-it). Brown suggests the necessary cash for mitigation could be extracted from nations that have become rich on hydrocarbons, such as the Emirates, Norway and Saudi Arabia. It's a nice idea but it seems very unlikely. Many petroleum-rich countries are unlikely to show such altruism. Why give any money to parts of the world with fires ands floods, when you can always use it to buy another UK Premier league football club or build a new city in the desert?

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