In reaction to today’s announcement about the historic establishment of the United Nation’s loss and damage fund, David Tong, Global Industry Campaign Manager, Oil Change International, said:
“Unprecedented, countries finalized the creation of a fund to compensate countries for loss and damage caused by the climate crisis on the first day of the UN Climate Change Conference.
“So far, governments’ contributions to the loss and damage fund are dwarfed by their approximately USD 200 billion in planned subsidies for carbon capture and storage (CCS). Subsidies for CCS are subsidies for fossil fuels, because most captured carbon is used to produce more oil and gas. Instead of paying their fair share to clean up their mess, rich polluting countries are offering a lifeline to the fossil fuel industry in the form of billions in handouts for CCS, fueling more loss and damage.
“For this COP to be a success, the negotiators must focus on securing an agreement to massively scale up renewable energy, end all new fossil fuel expansion, and commit to a fast, fair, full, and funded phase out of all fossil fuels”
Key Findings from OCI’s CCS Briefing Today: