"It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong." Richard P. Feynman

Thursday, August 5, 2010

Climate Compensation for Saudis?

In this postmodern Warming world it seems that everyone has their hand out for some of the rivers of money supporting the Warming ideology so it is no surprise to see the Saudis joining suit.

Saudi Arabia, which has the world's largest oil reserves and earned nearly $300bn in fossil fuel exports last year, will seek financial compensation for any loss it incurs if and when production declines after a new climate change agreement is reached.

The move, which was confirmed by UN officials at the UN climate talks in Bonn this week, matches demands made by the world's poorest countries for money to adapt to climate change.
Saudi Arabia and some other Opec oil-producing countries claim that they will have to adapt their economies to a world which uses less oil and say they could lose as much as $19bn a year if countries are forced to cut fossil fuel use. Their argument is that they have only oil and sand as resources and it would be unfair to penalise them. Saudi Arabia first raised the idea of compensation for lost oil revenues at climate talks in Bangkok last year, in the run-up to the Copenhagen climate summit.
The principle of compensation for countries economically or socially affected by climate change has been established in the UN talks, but there is deep unease that the country which first denied man-made climate change and has long fought a new climate agreement should benefit from money intended to help poor countries.
The argument that they have only oil to support them probably has as much logic as other Climate Change compensation claims and if we ignore it we are showing up the compensation plan to be simply a way of transferring wealth from wealthy to poorer nations - a super foreign aid plan using the Global warming hoax as an excuse.

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