CCS is a dangerous distraction from real climate leadership. Norway is the #2 public subsidizer of carbon capture and storage, new analysis from Oil Change International (OCI) reveals. The United States is #1 and the EU is #3.
“Today’s announcement from the Netherlands, United Kingdom, Canada and many of their peers is a disappointment. At a time when we need rich country leaders to concretely expand their past ambition to secure a fair deal, these ministers are just regurgitating promises and initiatives that are now more than a decade old and have been so ineffective that fossil fuel handouts and profits continue to reach record levels.”
Ending fossil fuel subsidies presents a massive opportunity to shift billions to pay for energy efficiency, renewable energy, and climate finance, as well as to social protection measures that can mitigate any harmful impacts on households. If the Netherlands takes action now, it has an opportunity to bring other countries along at COP28, the upcoming UN climate conference in Dubai.
Today the outgoing Dutch Minister for Climate and Energy Policy, Rob Jetten, published an analysis of the Netherlands’ fossil fuel subsidies, estimating these at between €39.7 and €46.4 billion a year, more than 4% of the Netherlands’ GDP.
Never before has there been such a detailed, peer-reviewed mapping of fossil fuel subsidies in the Netherlands. The report identifies 31 fossil fuel subsidies that, combined, provide €37.5 billion per year in fossil fuel subsidies between 2020 and 2022.
Over 500 organizations, including a wide range of health, faith, environmental, and other groups across the United States released a letter today calling on Congressional leadership to eliminate the fossil fuel subsidies embedded in the U.S. tax code.
Over 500 groups released an open letter being sent to U.S. House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer, urging them to end fossil fuel subsidies.
“Big Oil’s continued existence is the single biggest threat to our climate, and it’s long past time to end giveaways of public money to fossil fuel companies once and for all,” said Rees.
Local and national organizations across the country are coming together for the virtual Rally to End Polluter Welfare because it’s time for Congress to fund our futures instead of fossil fuels.
“Today’s move by President Biden to freeze leasing for oil and gas production on federal lands and waters is a critical first step to ending this program once and for all.”
