Paris UN climate conference 2015: Rich nation fossil fuel subsidies exceed climate aid 40 to 1

Wealthy nations spend 40 times as much money subsidising fossil fuel production as they contribute to the Green Climate Fund to help poor countries adapt to global warming.

Eight industrialised nations – Australia, Canada, France, Germany, Italy, Japan, the United Kingdom and the United States – spend a combined $80 billion a year on public support for fossil fuel production, but have pledged only about $2 billion a year to the Green Climate Fund, “Oil Change International” said.

Eliminating fossil fuel subsidies could be a massive double win: It would
. stop a huge waste of public money that’s driving the climate crisis, while
. freeing up money that can help poor countries adapt to the impacts of climate change and make the shift to renewable energy.”

Sydney Morning Herald: 3 Dec 2015

Key Words: Climate Change, fossil fuels
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