Mark Carney Urges Africa to Sacrifice Development to Support Climate Bubble

Africa, as everyone knows, suffers from a tremendous, and growing, lack of food, healthcare and infrastructure, and it accounts for only 4% of the total emissions of greenhouse gases worldwide. And yet, the Western financial elite and climate lobbies demand the continent give up the scarce fossil fuel energy production it does have, and forgo technology and
modern farming in order to bail out the transatlantic financial
system.

That was the subject of a virtual conference organized just two days before President Biden’s Leaders’ Summit on Climate (cf. SAS 17/21) by the Group of 30 financiers and South Africa’s ABSA banking network. The event, titled “The Road to COP26: Opportunities, Challenges and the African Transition to Net-Zero” heard from four financial representatives, led by by former Bank of England Governor Mark Carney, the current UN Special Envoy for Climate Action and Finance.

Carney also serves as special finance adviser to British Prime Minister Boris Johnson for the COP26 conference, scheduled to take place in Glasgow in November. His job now is to find the means to expand the growing speculative bubble known as “green finance” until that date. His target, as laid out in the Paris Climate Agreement, is to ensure that $100 billion per year are transferred from developed to developing countries in the form of “carbon credits” or “carbon offsets”.

The idea is that African countries should commit to not use their natural resources and to sacrifice development projects, in order to avoid creating CO₂ emissions. The amount of emissions thus “saved” can be sold to those companies and governments in developed countries that exceed their own carbon limits, creating a market of $100 billion per year. One example often cited is the Congo Basin rainforests, which are sitting on the equivalent of three years of sequestered carbon emissions, that could be sold to global companies that need to reach the Net-Zero level.

According to Mark Carney, “Ninety percent of the demand for those offsets will come from advanced economies, and 90% of the supply will come from developing economies, including in Africa.” And, logically, those countries which agree to cut their development the most, and the fastest, will get the cash.

The happy result, according to the bankers, would be be “net zero” emissions worldwide. But for African nations, it means condemning their populations to permanent poverty and under-development. Fortunately, a growing number of representatives of the poorer countries refuse to drink the Kool Aid. Contrary to what the Western financial elite preaches, the only choice for developing nations is not between being completely cut off from credit under the IMF-World Bank dominated system, and receiving a few funds in the form of carbon offsets. The alternative is presented in the Schiller Institute’s World Land-Bridge program, which dovetails in part with the in-depth economic development offered under China’s Belt and Road Initiative.