Climate Change is a Market Failure https://typeshare.co/pauledawson/posts/climate-change-is-a-market-failure Jan 9, 2022
Climate change is a financial issue as well as an environmental issue. The subsidisation of fossil fuels distorts the energy market and slows down the rollout of cleaner, renewable energy.
Instead of subsidising fossil fuels, these funds could be spent on improving health services, improving education or just going back into your pocket.
Analysis by the International Monetary Fund (IMF) shows that governments subsidised fossil fuels by $5.9 trillion in 2020, this equivalent to 6.8% of global GDP. Furthermore, the IMF analysis shows that fossil fuel subsidies are expected to rise to 7.4% of GDP by 2025.
https://drawdown.org/solutions
ongoing review and analysis of climate solutions—the practices and technologies that can stem and begin to reduce the excess of greenhouse gases in our atmosphere. Our work shows the world can reach drawdown by mid-century, if we make the best use of all existing climate solutions.