When Climate Leaders Protect Dirty Investments
In 2016, global spending on oil and gas projects was more than double the total spent on renewables. That imbalance can be addressed only by restructuring the mechanisms, particularly existing trade treaties, that govern how energy investments are made and managed.
GENEVA – Solutions to the climate crisis are often associated with big conferences, and the next two weeks will no doubt bring many “answers.” Some 20,000 delegates have now descended on Bonn, Germany, for the latest round of United Nations climate change talks.
The talks in Bonn should focus on the implementation of the Paris climate agreement. And the path forward is clear. The only way to keep the rise in global temperatures within the limit set in Paris – “well below 2°C” higher than pre-industrial levels – is to shift capital away from fossil fuels and toward zero-carbon projects. To do that, we must change how global energy investments are governed.
At the moment, the very governments leading the fight against climate change continue to support and protect investment in fossil-fuel exploration, extraction, and transportation. Rather than investing in efficient housing, zero-carbon mobility, renewable energy, and better land-use systems, these governments say one thing but still do another.