A new report by Oil Change International has found wealthy nations are spending five times more money on fossil fuel subsidies than on 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. On Monday U.S. climate envoy Todd Stern was asked about the fuel subsidies.
David Turnbull talking:
Developing countries are in need of at least $100 billion per year in 2020. And what we’re seeing is that fossil fuel subsidies from the rich countries that could help support that need for adaptation and mitigation efforts, the developed countries are supporting fossil fuel subsidies at five times the rate of the climate finance.
The Export-Import Bank today—this last week, we have a report out that shows that they’re supporting fossil fuel industry at a rate of $11 billion a year, and that’s far more than what they need to. In the context of President Obama talking about the need to end fossil fuel subsidies, it’s just simply inconsistent.
the U.S. is—this is how they help to finance projects of energy and different fossil fuel infrastructure projects around the world in developing countries. They help to give new financing. They help to give different ways of supporting fossil fuel infrastructure. And instead of supporting renewable energies, they’re supporting fossil fuels.
the actual specific amount that the United States should be helping with providing for climate finance, you know, it needs to pay its fair share of the $100 billion
The $100 billion of the climate finance that’s needed by developing countries in this process.
in the United States, you know, the fossil fuel industry is spending millions upon millions of dollars trying to influence the Congress to support these fossil fuel subsidies. Just right now, there’s a $2 million ad campaign being placed by the American Petroleum Institute that’s trying to support and ensure that those subsidies stay in place in the context of the budget negotiations, when in fact we know that this is a great source of additional revenue and potential, you know, solution, or one part of the solution, to the budget crisis.
– source democracynow.org