$7 Trillion Global Fund Accelerates Rather than Mitigates Warming, Contrary to Planetary Intentions


World, we need to talk. We’ve been shelling out trillions for fossil fuel love, but this bad romance is heating us up – in all the wrong ways. $7 trillion went to fossil fuels in 2022. We’re not just burning cash, we’re burning our future. The UN’s calling us out on our addiction, saying it’s time to swipe left on oil and gas, especially when the cost is our health and our homes. This isn’t just a messy breakup, it’s an intervention: we need to quit fossil fuels cold turkey and start loving ourselves – and our planet – enough to go green or go home.

The Truth About Climate Change and Our $7 Trillion Failure

Climate change is the fight we’re all in together, but it looks like humanity just took a massive misstep. With global spending on fossil fuels reaching $7 trillion, it seems we’ve accidentally sped up climate change, not slowed it down.

7 Trillion Reasons the World is Losing the Climate Battle

Yes, you read that right. We threw around $7 trillion into fossil fuels in 2022, according to a recent report by the International Monetary Fund (IMF). That’s more than double what we spent just half a decade ago.

These subsidies are usually under-the-table deals, tax breaks, or other incentives given to fossil fuel producers and consumers by governments worldwide. Unfortunately, they encourage more fossil fuel extraction, adding to global warming instead of combating it.

These subsidies lower prices for fossil fuels, skewing energy markets to favor high-carbon energy sources over cleaner, renewable alternatives. And the worst part? This figure keeps growing after each Climate Summit (we’re still waiting on the final numbers for 2023).

How Our Trillions are Fueling Global Warming

Global fossil fuel subsidies hit record highs in 2022, with the IMF estimating a whopping $7 trillion. This flies in the face of global efforts to shift away from fossil fuels and address global warming.

Subsidizing oil, gas, and coal production and consumption means we’re encouraging more use of these high-carbon energy sources at a time when we urgently need to cut greenhouse gas emissions. The IPCC even called for a 43% drop from 2019 levels by 2030.

Why are we still reliant on fossil fuels when we need to make drastic cuts? Continued subsidies work against our international goal of limiting global warming to 1.5°C under the Paris Agreement. Phasing out fossil fuels is a critical part of global climate action plans.

Subsidies only make fossil fuels cheaper and more appealing compared to renewable energy sources like solar and wind. This holds back the energy transition and locks in more emissions. And some regions, like the European Union, are even considering bringing back nuclear energy.

The Hidden Costs: Our Health and Environment

Despite the staggering $7 trillion in fossil fuel subsidies, these energy sources place huge, unaccounted costs on our health and environment. The IMF estimates that fossil fuel subsidies cost us over $4 trillion globally each year.

Burning coal, oil, and gas contributes majorly to air pollution and leads to millions of premature deaths annually. The released toxins can cause respiratory disease, heart disease, cancer, and other health issues. Not to mention, pandemics (need we say more?).

Apart from human impacts, fossil fuels damage ecosystems, reduce biodiversity, and worsen global warming. If we tally up the environmental degradation and health burdens, it’s clear that subsidizing fossil fuels comes at a high price.

Spending $7 trillion on wrecking our ecosystems and supporting more polluting power plants is alarming. But what’s even more worrisome is that we still haven’t found a solution. It’s no surprise that global warming continues to worsen and the predictions are increasingly grim.

Original Story at www.ecoticias.com