Stop Subsidizing Climate Change
LONDON – Next week, governments will gather in Warsaw, Poland, for a crucial round of climate negotiations, with both expectation and ambition running at an all-time low. But it does not have to be like this: The Warsaw meeting provides an opportunity to galvanize action on one of the most potent forces driving climate change – the billions of dollars spent by governments on fossil-fuel subsidies.
The Warsaw talks are a staging post on the route to the 2015 United Nations climate summit in Paris, at which governments will seek to forge an agreement that prevents dangerous climate change, defined as global warming of more than two degrees Celsius. Failure would expose future generations to catastrophic climate risks, while trapping millions of people in poverty as a result of more frequent, intense, and protracted droughts, floods, and storms.
Basic carbon arithmetic illustrates the scale of the problem. According to the most recent assessment of the Intergovernmental Panel on Climate Change (IPCC), we are on a trajectory toward exhausting the twenty-first century’s entire carbon budget by 2030.
We hope you're enjoying Project Syndicate.
To continue reading, subscribe now.
Get unlimited access to PS premium content, including in-depth commentaries, book reviews, exclusive interviews, On Point, the Big Picture, the PS Archive, and our annual year-ahead magazine.
Already have an account or want to create one? Log in