2 responses to “Where’s the money?”

  1. Laurie

    Great article. Yet, what do you think of the potential to divert the substantial resources used to subsidise fossil fuels (and that often fail to benefit the lower-income households) to climate financing? As fossil fuel subsidies (in the form of consumer and producer subsidies – obviously not those that are directed to R&D or at making generation equipment more efficient) generally serve to aggravate emissions, their reform would already be desirable from a climate change perspective. As they also make up an enormous amount of government spending, their reform would free up a huge amount of money that could then be spend on climate change mitigation and adaptation. Although those with vested interest in the fossil fuel industry would definitely lobby against reform efforts, there seems to be an increasing awareness regarding the ineffectiveness and harmful effects of fossil fuel subsidies (see reform efforts in Morocco, Iran etc). What do you think?

  2. Assaad Razzouk

    I couldn’t agree more. As I have written elsewhere (October 2013, here: http://www.independent.co.uk/voices/comment/climate-action-a-consensus-of-the-sensible-can-beat-polluters-pr-8874556.html), “governments should lighten the load on citizens’ wallets by phasing out fossil fuel subsidies. Tax payers worldwide pay for climate change twice, once by subsidising dirty fuels to the tune of $1.9 trillion per year (the conservative estimate from the IMF), then again by footing the bill for extreme weather events, floods and droughts fuelled by a changing climate. Releasing some $2 trillion per year of funding is likely to go most of the way, if not all the way, in paying for solutions to climate change and for adaptation strategies.”