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US Leads World in Subsidies for Ineffective Tech Fixes for Climate Crisis

5 0
29.08.2024

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.

Harjeet Singh, global engagement director for the Fossil Fuel Non-Proliferation Treaty Initiative, told The Guardian that the subsidies amount to a “colossal waste of money.”

“It is nothing short of a travesty that funds meant to combat climate change are instead bolstering the very industries driving it,” said Singh.

While proponents claim carbon capture and storage reduces planet-heating carbon........

© Truthout


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