Filthy finance
ECO is confident that delegates will remember President Obama’s famous address to the world just last month: “The climate is changing faster than our efforts to address it. The alarm bells keep ringing. Our citizens keep marching. We cannot pretend we do not hear them.” Despite this appeal to follow the people, industry choose to follow the money. So far, the money–both public and private–has continued to flow overwhelmingly to fossil fuels, entrenching dirty power, locking-in emissions, and inflating the incipient carbon bubble.
Lubricated by a US$1.9 trillion concoction of subsidies, tax breaks, government incentives and the externalisation of the true costs of dirty energy, the fossil fuel industry spent $674 billion in 2012 on exploration and development. With the current rate, fossil fuel companies are slated to spend over $6 trillion in the next decade on further industry developments. ECO can only encourage governments to stand up to the fossil fuel industry’s efforts to protect their profits. Industry spends half a million dollars a day lobbying in Washington and Brussels to prevent, delay or weaken climate regulation. In the US alone, investment in lobbying activities ($160 million a year) is equivalent to what’s needed for Nepal to adapt to climate change–an amount that remains unfunded.
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In order for you to identify the CAN observer in the room, ECO has this handy photo for you, although, it probably wouldn’t have been hard to spot amongst all of the empty seats anyway…