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17 November 2021

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Sunak's climate finance agenda typifies capitalism's COP26 failure

Demonstrating for action against climate change, photo Paul Mattsson

Demonstrating for action against climate change, photo Paul Mattsson   (Click to enlarge)

Having reportedly banned young climate change activists from attending his talk at COP26, Chancellor Rishi Sunak - the UK's richest MP - went on to capture the headlines with his speech on a 'Finance Alliance for Net Zero'.

This 'alliance' is meant to ensure that by 2050, 450 corporations, representing $130 trillion of assets, will be 'aligned' with net-zero emissions.

Incidentally that's 40% of total global assets, indicating the enormous economic power these giant companies wield. Indeed, four years ago, it was pointed out that just 100 companies have been responsible for 71% of CO2 emissions since 1988.

But only a third of the assets earmarked by the alliance will be devoted to low-carbon investments in the next decade. And while this $43 trillion is a huge sum, it's estimated that $100 trillion of investment is needed in the next three decades to meet the net-zero goal.

Also, to underscore the contradiction in this initiative, there are no restrictions on these corporations investing in new fossil-fuel projects.

And we've been here before. Back in 2009, US president Barack Obama announced that the major capitalist countries had pledged to provide $100 billion a year to low-income countries in the form of climate change investment. In 2019, the G20 actually provided $80 billion. Of this, only $20 billion was earmarked for assisting people to adjust to the impact of climate change. And only 7% of this money went to the 46 poorest countries.

And to rub salt into the wounds, most of that money was in the form of loans which have to be repaid with interest. In other words, the countries most affected by climate change are obliged to accumulate more debt to finance the disasters that the advanced capitalist countries have caused!

Meanwhile, since 2015, the G20 countries (comprising the world's largest economies) have spent $3.3 trillion on subsidising their fossil-fuel industries.

As Chancellor, Sunak has been accused of blocking green measures and reportedly opposed his own government's 'net-zero' agenda.

In his March budget Sunak announced a 'super deduction' tax relief measure. This was seen as another tax break for fossil-fuel companies.

Overall, he allocated £145 million for environmental measures - a mere 0.01% of GDP (total economic output) - while committing a massive £40 billion to policies that will increase greenhouse gas emissions.

In contrast to the Tory government's green agenda bullshit, a future socialist government would recognise that 'you can't plan what you don't control, and you can't control what you don't own'.

Therefore it would nationalise the commanding heights of the economy - the fossil-fuels/energy sector, along with the banks, other major financial institutions, large-scale agribusiness, transport, etc.

Under public ownership - and drawing upon the huge accumulated resources created by the labour of the working class but presently owned by the capitalist class - a sustainable plan of production would be democratically drawn up and agreed. We could then rapidly, with no job losses or pay cuts, justly transition to a green, net-zero carbon economy.

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In The Socialist 17 November 2021:


Cuts drag NHS to brink

NHS workers must take action now to save our NHS

Outsourced Barts health workers in strike ballot for a pay rise

Health and care staff shortages worsened by Tory vaccine sacking threat

Fund the fight for socialism


London MPs' second home swindle while workers and students struggle

Tory sleaze scandal continues, an ex-workers' MP responds

University bosses' pay piles up while workers are forced to strike


Youth fight for well-paid green jobs and socialist change

Sunak's climate finance agenda typifies capitalism's COP26 failure


China: Bureaucracy grapples with new crises


Ten years on - where has Podemos's radicalism gone?

Belarus refugees - caught between a rock and a hard place

Workplace news

S Wales Stagecoach bus drivers win 10.50 an hour

DVLA ballot turnout falls short of threshold

Striking Scunthorpe steel scaffs up the ante

Leeds cab drivers protest against taxi rank move

Fresh strikes on East Midlands Railway

An appeal to trade union members to stand as anti-cuts candidates

Clarks workers fight 'fire-and-rehire' pay cut

London couriers take action

St Mungo's report fails to address bullying and victimisation of workers


Resisting evictions in east London

Leeds solidarity protest says stop Sudan coup

Why I joined the Socialist Party

Why am I coming to Socialism 2021?

Birmingham People's Budget

Readers' opinion

Readers' opinion


Home   |   The Socialist 17 November 2021   |   Join the Socialist Party

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Related links:

Climate change:

triangleUnprecedented floods in British Columbia

triangleYouth fight for well-paid green jobs and socialist change

triangleHackney & Islington Socialist Party: Socialist change to reverse climate change

triangleThousands march in Glasgow and elsewhere to save the planet

triangleCapitalism's COP26 failure: socialist planning vital


triangleNational finance meeting

triangle'Casino capitalism' - driving another potential financial Armageddon

triangleDoing all we can to fund the anti-cuts stand at the ballot box


triangleBritain's waterways choked with a 'chemical cocktail'

triangleNews in brief

triangleWhy are things the way they are?


triangleEducation: Workload and inflation goes up, incomes fall

triangle10,000 tube workers vote to strike - don't make workers pay for TfL funding crisis


triangleMurder of Ashling Murphy sends shocks waves across Ireland and beyond

Article dated 17 November 2021

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Sheffield Just Eat strikers step up action and hold mass rally, photo by Alistair Tice

Sheffield Just Eat strikers step up action and hold mass rally: Over 100 trade unionists and students in Sheffield rallied in support of the Just Eat delivery drivers on their 31st day of targeted strike action against company pay cuts. Photo by Alistair Tice

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