Copenhagen climate deal could cost Australia $7 billion a year

Now, it is a draft treaty, and the bits in brackets are negotiable at the talks, but this could end up costing us a great deal of our national wealth. From Andrew Bolt: Next month Kevin Rudd goes to Copenhagen to agree to a UN deal to cut emissions. Point 41 of the draft treaty obliges Australia to hand over an astonishing $7 billion a year to a new and unelected global authority: [Mandatory contributions from developed country Parties and other developed Parties included in Annex II should form the core revenue stream for meeting the cost of adaptation in conjunction with additional sources including share of proceeds from flexible mechanisms.] [This finance should come from the payment of the adaptation debt by developed country Parties and be based principally on public-sector funding, while other alternative sources could be considered.] [[Sources of new and additional financial support for adaptation] [Financial resources of the “Convention Adaptation Fund"] [may] [shall] include: (a) [Assessed contributions [of at least 0.7% of the annual GDP of developed country Parties] [from developed country Parties and other developed Parties included in Annex II to the Convention]... Australia’s GDP now is more than $1000 billion a year. .7 per cent of that is $7 billion a year. That’s the size of the handout that the UN officials and government negotiators working on the Copenhagen draft want Kevin Rudd to hand over each year to a new world body. How many billions is Rudd about to sign away of our wealth? UPDATE What the United Nations’ new global warming bureaucrats want from Australia amounts to twice what we already pay in all forms of foreign aid. Nor does that $7 billion a year represent our total bill under this treaty. Not counted are the costs for meeting the new emissions targets, and the fines to the UN’s new body for failing to meet any targets.

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