Share the wealth

In recent years a new phrase has entered the vernacular. It is environmental equity. One of the main points of the Paris climate accord is helping poorer nations. One of the goals of globalization is sharing the wealth. Environmental equity means both protection from environmental hazards as well as access to environmental benefits for all, regardless of income, race, and other characteristics. Climate change is expected to dis proportionally affect low-income communities least responsible for climate change emissions. Skeptics say this all about income redistribution, taking money from the rich countries and transferring it to poor countries. China is considered a developing country and gets special treatment in world finance. For example the US contributes 10% of the International Monetary Fund (IMF) and China adds 2.3%. The US contributes 21% to the World Bank and China adds 4%. This in spite of the fact that the Chinese GDP at $14.7 trillion is 67% of the US GDP which is $21 trillion. At the opening for the 2022 General Debate, UN Secretary-General António Guterres implored world leaders to “lift your climate ambition. Listen to your people’s calls for change. Invest in solutions that lead to sustainable economic growth.” He also called on all developed economies to tax the windfall profits of fossil fuel companies and re-directed those funds to countries suffering loss and damage caused by the climate crisis and to people struggling with rising food and energy prices.