Every year, governments from all over the world spend $425 billion to make oil, gas, coal and other fossil fuels cheaper to buy. $425 million! That’s not exactly chump change and, sadly, it’s also five times more than they spend on subsiding renewable energy. Short sighted much? Kiwis say no.
From New Zealand Story
Hang on a minute. Isn’t there a worldwide imperative to put the brakes on climate change? It’s certainly something New Zealand is committed to and there’s no doubt fossil fuels are major contributors to the rise in global temperatures. So, subsiding the energy that’s producing harmful emissions really doesn’t make sense. Which is why New Zealand has taken a leadership role in calling for the reform of fossil fuel subsidies.
A MISSING PIECE OF THE PUZZLE
It’s been said that ending subsidies on fossil fuel is the missing piece of the climate change puzzle. Not only would the death of subsidies help keep the global temperature rise beneath two degrees but it would also substantially reduce air pollution. While there is general agreement that things need to change, progress has been slow. Buck up your ideas some of you global governments. You know who you are.
To get things moving New Zealand is proposing a new solution that harnesses global trade rules. Ninety eight percent of world trade is bound by the rules of the World Trade Organisation, so, if new rules discouraging inefficient fossil fuel subsidies were introduced, almost every country in the world would have to comply.
