<
https://freedium.cfd/https://medium.com/the-future-is-electric/stopping-trillions-in-subsidies-to-the-fossil-fuel-industry-is-key-to-climate-action-2e8ec5385879>
"According to the International Monetary Fund, in 2022 direct subsidies for the
fossil fuel industry rose to US$1.3 trillion. In previous years, the industry
averaged profits of $1.5 trillion, but last year their global profits were $4
trillion, per the International Energy Agency. Also last year, global
greenhouse gas emissions, mostly from burning fossil fuels, went up by almost a
percent, also per the IEA.
Why, in a year when the industry was making record profits were governments
giving them even more money? After all, the governments are expected to work on
behalf of their citizens, and the IMF pegs the industry's indirect subsidies
due to the strong negative impacts of pollution and climate change at $5.7
trillion, 6% of the world's gross domestic product.
In 2009 the G20 committed to ending subsidies for fossil fuels. Since then
global subsidies have increased, along with emissions. This governmental
largesse for the fossil fuel industry is a primary source of its profits, and a
primary cause of continued greenhouse gas emissions.
These countries subsidizing fossil fuels are all signatory to the Paris Accord.
They've all committed to addressing climate change and working toward the 1.5°
Celsius warming aspirational target, and the firmer 2° Celsius of heating
number. And yet, here we are."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
