Roaming in the halls of the QNCC, it’s not hard to hear the frustration from poorer countries lamenting the lack of climate finance. The only thing louder is the excuses from the richer ones, saying the money is nowhere to be found.
Well, ECO has a solution! A new analysis from Oil Change International shows that rich countries are spending more than 5 times as much on subsidizing fossil fuel companies than their climate finance pledges.
Just a quick perusal of the figures provides some shocking details. Australia, for instance, has subsidized fossil fuels at a rate of 40 times more than their climate finance pledge. The United States? Their climate finance pledge is mere 20% of what they spend subsidizing the richest corporations in the world. That favorite Fossil country, Canada, spends nearly eight times as much subsidizing their beloved fossil fuel industry than they do supporting the most vulnerable.
So, when you hear that there’s no money to be found, now you, dear ECO reader, know exactly where to look! Time to stop subsidizing the industry that is fueling the climate crisis and put that money to use fueling a safe future! (And one place to start would be including fossil fuel subsidy phase out in the pre2020 mitigation work programme…)