A new Overseas Development Institute (ODI) and Oil Change International (OCI) report discovers that the G20 governments’ exploration subsidies marry bad economics with potentially disastrous consequences for climate change. In effect, governments are propping up the development of oil, gas and coal reserves that cannot be exploited if the world is to avoid dangerous climate change.
I consider myself a rational pessimist. Like anyone else I thrive on confirmation of my viewpoints. My kind has plenty to thrive on in the news. But amongst the plenitude of catastrophic news an occasional gem stands out. The world’s most powerful players’ actual policy regarding fossil fuels, as laid bare in this report, is one of those. This short video summarizes the conclusions:
For once I have no sound candy to soften harsh reality. Nothing I can come up with would come anywhere close to being effective.