Signs the Climate Conference is Falling Short
The Cop27 climate summit happening now in Egypt has been somewhat overshadowed by US election news, but it is no less important. I was struck by the statistic that global subsidies for fossil fuel production totaled $400 billion in 2019, and according to this Guardian report, these subsidies shot up to $700 billion in 2021 as governments tried help their economies rebound from the pandemic. Meanwhile, wealthier nations have failed to honor an agreement from Cop15 in 2009 (!) to provide a fraction of this — $100 billion — in aid to poorer nations ravaged by climate crises.
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