Yellen calls for $100 trillion (or more) to fix global warming

Janet Yellen recently complained to the U.N. Climate Change Conference in Glasgow that the world’s “carbon-intensive economies” need to go away – and to do that will take the spending of about $100 trillion, maybe $150 trillion, she wasn’t quite sure.

She said, too, that the “private sector” needs to rise to the occasion and fund much of that “estimated price tag.”

“Rising to this challenge will require the wholesale transformation of our carbon-intensive economies. It’s a global transition for which we have an estimated price tag: some have put the global figure between $100 and $150 trillion over the next three decades. At the same time, addressing climate change is the greatest economic opportunity of our time.”

Her agenda point was ridiculed on Sean Hannity’s website, where a headline noted, “THAT’S ALL?”

Most Americans likely could use a little point of reference to come to grips with the dollars she’s calling for.

Some estimates put the average annual salary for American workers at about $52,000. At that rate, it would take that worker some 1,348 years, if he or she could save every penny from every paycheck, to accumulate the money to purchase just one of what is reputed to be the most expensive car ever, a 1964 Ferrari Gran Turismo, which sold for $70 million.

Then to get to Yellen’s low-ball estimate of $100 trillion, that worker would have to accumulate enough to buy that Ferrari 1,428,571 times.

The Daily Caller pointed out the figure was more than the “entire world’s annual GDP.”

A Yahoo news report said the U.S. is pledging to support a Climate Investment Funds program that is intended to help the poorest nations building out “climate resilience.”

But the report also noted, “Financing for developing countries have increasingly become a contentious point of larger climate discussions, with a $100 billion pledge by the world’s advanced economies yet to be paid out more than five years after it was initially promised.”

Just a day earlier, Special Presidential Envoy John Kerry, who travels to such conferences on private jets, admitted $100 billion would not be enough given that the climate crisis is intensifying and time is running out to cap global warming at 1.5 degrees Celsius, a goal climate scientists have said would avert a catastrophe, the report explained.

“It’s trillions of dollars that are needed,” Kerry said. “And the only way we will get this done is if trillions of dollars are forthcoming.”

Yahoo reported, “President Biden has already announced a U.S. commitment to quadruple international climate finance by 2024, to more than $11 billion. The private sector is expected to pick up the bulk of the investments, because of the sheer scale and cost of the effort needed to sunset coal powered plants and invest in renewable energy, among other measures.”

The report said some American financial institutions have committed to shifting their investments to businesses that reduce carbon emissions, but banks in India, China, Japan and Australia have withheld their promises.

But they may know something. Many of the doomsday predictions made by global warming activists, including personalities like Al Gore, have failed to come anywhere close to reality over many years.

In fact, the American Enterprise Institute had documented “50 years of failed doomsday, eco-pocalyptic predictions.”

Its report, already several years old, explained, “Modern doomsayers have been predicting climate and environmental disaster since the 1960s. They continue to do so today. None of the apocalyptic predictions with due dates as of today have come true.”

Worse, those making the predictions often are “individuals holding respected positions in government and science.”

For example, in 2008, “climate genius Al Gore predicts ice-free Arctic by 2013.” And the next year, “climate genius Prince Charles says we have 96 months to save the world.”

In 1966, the prediction was that the world’s oil would be gone in 10 years, and in 2005, it was predicted that Manhattan would be under water by 2015.

In 1970, it was forecast that urban citizens would require gas masks by 1985, and in 2000, it was said that snowfalls are a thing of the past.

And in 1970 it was predicted that there would be U.S. water rationing by 1974 and food rationing by 1980.

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