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From Common Dreams
Summary
The U.S. leads in public spending on ineffective climate solutions like carbon capture, which often benefits the fossil fuel industry instead of addressing climate change. A recent report from Oil Change International highlights significant financial waste in these subsidies, calling for a shift towards renewable energy and genuine climate action.
Highlights -🌍
- Spending Failures: U.S. invests heavily in unproven climate solutions. 💰
- Carbon Capture Issues: Technologies have consistently failed to reduce emissions. 🚫
- Billion-Dollar Subsidies: Over $12 billion wasted on carbon capture in 40 years. 📊
- Fossil Fuel Profits: Subsidies often bolster the fossil fuel industry instead of combating climate change. 🛢️
- Ineffective Solutions: Carbon capture primarily enhances oil production, not emission reduction. 🔍
- Public Outcry: Calls for real climate action, not fossil fuel bailouts. 📢
Among the world’s wealthiest countries, the U.S. leads the way in spending public money on so-called climate “solutions” that have been proven to “consistently fail, overspend, or underperform,” according to an analysis released Thursday by the research and advocacy group Oil Change International.
The group’s report, titled Funding Failure, focuses on international spending on carbon capture and fossil-based hydrogen subsidies, which continues despite ample data showing that the technological fixes have “failed to make a dent in carbon emissions” after 50 years of research and development.
The report details how five countries account for 95% of all carbon capture spending, with the U.S. investing the most taxpayer money in the technology, at $12 billion in subsidies over the last 40 years.
Norway comes in second with $6 billion going to carbon capture and storage, while Canada has spent $3.8 billion, the European Union has spent $3.6 billion, and the Netherlands has poured $2.6 billion into the technology, with which carbon dioxide emissions are compressed and utilized or stored underground.
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Read the full post at Common Dreams.
