Fossil fuel subsides totalling $500 billion globally must be scrapped to prevent catastrophic climate change, the Prince of Wales’s Corporate Leaders Group told the COP21 conference today.
“It doesn't make sense that, at the same time, governments artificially deflate the cost of coal, oil and gas, the primary cause of GHG emissions. Fossil fuel subsidies must be ended to stop this contradiction and enhance a real transition to low carbon energy.”
The announcement was made shortly after Charles addressed the COP21 conference. He said: “In damaging our climate we become the architects of our own destruction. While the planet can survive the scorching of the Earth and the rising of the waters, the human race cannot. The absurd thing is we know exactly what needs to be done.”
President Obama is on board, and has moved here to end the subsidies to U.S. oil companies. Unfortunately the Senate insists on continuing this corporate welfare— and thus working against the worldwide effort to transition to low carbon energy.