It is the global climate-change conference that no one cares about. The latest United Nations (UN) ‘conference of the parties’, otherwise known as COP29, is currently being hosted in oil-rich, authoritarian Azerbaijan. Not many political heavy-hitters have decided to attend but assorted elites, grifters and media have attended hoping it will bring them more financial manna from heaven.
The late-19th-century US political wire-puller Mark Hanna once quipped: ‘There are two things that are important in politics. The first is money and I can’t remember what the second one is.’ Billions, potentially trillions, have been sunk into green projects enriching the already wealthy and their nonprofits, in what outgoing US treasury secretary Janet Yellen has proclaimed the greatest business opportunity of the 21st century.
Hopefully, Yellen didn’t put all her financial eggs in the green basket. The election of Donald Trump as US president only adds to the current woes of the climate industry. The wind-energy sector is increasingly beleaguered and huge numbers of climate start-ups are failing. Despite receiving billions in subsidies, green companies are recording big losses, declaring bankruptcy or avoiding new projects – even in China. Yellen’s opportunity of the century is becoming its most obvious bust, with little apparent impact on the climate.
To be fair, it wasn’t ever really meant to do anything for the climate.
Plus: “The only major country set to benefit from the ‘energy transition’ is China, which continues to spew more greenhouse gases than all advanced countries combined. It is using efficient, cheaper fossil fuels to dominate the solar-panel industry, building its battery capacity to roughly four times the size of America’s while exercising effective control of rare-earth minerals and the technology for processing them.”