Saturday, December 28, 2024

The Cost of Fossil Fuel Reliance: Governments provided $1.5 trillion US from public coffers in 2023

International Institute for Sustainable Development

The science is clear: there is no room for new fossil fuel projects under a 1.5°C global warming limit. Existing oil and gas fields, if fully exploited, would burn through the entire carbon budget for a 50% chance of limiting warming to 1.5°C.

No government can claim to be a climate leader while backing fossil fuel expansion through public subsidies and investments. Instead, they should make the industry pay its fair share of taxes and channel investment into accelerating the rollout of clean energy. Story here.

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