Not only is the world not moving to green energy fast enough to avoid very severe future effects of climate change, its nations are still massively subsidizing the poisonous hydrocarbons that are dooming our great-grandchildren– to the tune of $58 billion a year. The US subsidies to Big Oil and Big Coal are $13 billion a year. At least, lets stop encouraging bad behavior.
AP (link above) points out that the Organization for Economic Cooperation and Development estimates that getting rid of the subsidies for fossil fuels would lower emission by some 10 percent by 2050! Plus, abolishing the subsidies would raise government revenue, helping reduce deficits. Here is a painless way to deal with 1/10th of the problem!
It is among the silliest things in public policy, but wealthy countries are actually giving some foreign aid to poor countries to help them deal with the effects of climate change largely caused by the rich countries. But they’re only offering around $11 bn a year for this purpose while they go on giving Big Oil, Big Gas and Big Coal $58 bn in subsidies! If the rich countries would reduce their emissions, the developing countries wouldn’t need as much aid to deal with the problems caused by climate change!
Democracy Now! reports that “Wealthy Nations’ Fossil Fuel Subsidies 5 Times Greater Than Climate Aid to Countries in Need”:
A new report by Oil Change International has found wealthy nations are spending five times more money on fossil fuel subsidies than climate aid. In 2011 rich nations spent $58 billion on subsidies and just $11 billion for climate adaptation and mitigation in developing countries. According to the study, the United States spent $13 billion on fossil fuel subsidies in 2011 and just $2.5 billion in climate aid. We’re joined by David Turnbull, Campaigns Director of Oil Change International. [Transcript to come. Check back soon.]