Dont Choose Extinction

The world spends an astounding US423 billion annually to subsidize fossil fuels for consumers oil, electricity that is generated by the burning of other fossil fuels, gas, and coal. This is four times the amount being called for to help poor countries tackle the climate crisis, one of the sticking points ahead of the COP26 global climate conference next week, according to new UN Development Programme (UNDP) research. The amount spent directly on these subsidies could pay for COVID19 vaccinations for every person in the world, or pay for three times the annual amount needed to eradicate global extreme poverty. When indirect costs, including costs to the environment, are factored into these subsidies, the figure rises to almost US6 trillion, according to data published recently by the International Monetary Fund (IMF). Instead, UNDPs analysis highlights that these funds, paid for by taxpayers, end up deepening inequality and impeding action on climate change. The main contribu