Friday, August 06, 2010

Climate loans racket

The Asian Development Bank (ADB) is the premier lending institution for many governments in Asia. And just like any bank, the more (and bigger) loans it makes, the more revenues and resources it accummulates.

Recently, it announced to commit $2 billion per year climate loans to Asian countries. I'm watching that multi-billion dollars climate loans to "fight man-made climate change and save the planet".

It's an idiotic proposition actually. When there is prolonged drought and El Nino, it's because of "man-made warming and climate change." When there is super-heavy rains and prolonged rains (like typhoons Ondoy and Pepeng last year) and La Nina, it's because of "man-made warming and climate change." So to fight climate change, governments should keep borrowing billions of $ from them. And we taxpayers should pay more in carbon taxes that the government will siphon off to subsidize expensive solar and wind farms, that we do not deserve more lights in our house and villages if such electricity does not come from their rent-seeking power plants.

(picture from CCC website)

Meanwhile, there was an intriguing news report last June, "RP needs $100 billion for climate change adaptation." It was about the proposal of top RP climate rent-seeker, aka climate commissioner, Heherson Alvarez, who wanted $10 B/year, yes, $10 billion/year, of climate loans to the Philippines for 10 years, or $100 B! And he mentioned the ADB as among the major sources of such multi-billion dollars climate loans racket. See the new report here,

I saw from the ADB website, cumulative loans to RP as of end-2009, $1.91 billion was for agriculture and natural resources, and $3.08 billion was for energy projects, or almost $5 billion total

La Nina is officially in the pacific ocean, the cold ocean water is moving fast from east to west (south america to east asia), see the graph and story here,

An Ondoy-type of rains may be with us again this year or the next few years, terrible global cooling will be with us, but the UN IPCC, FCCC, Al Gore, ADB, WB and other climate alarmists will insist that we need to borrow billions of $ to prepare for "unequivocal warming and rising oceans" and "save the planet."

And we will wonder why our public debt will keep rising and rising?

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