Below is opinion piece in the Philippine Daily Inquirer.
It tackles on the continued financing of fossil fuel base power generation technologies.
The financing for fossil fuel base power generation should now be limited and funding must find it's way into renewable energy sources such as Solar and Wind (our opinion).
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BERLIN—If the world is to avoid climate catastrophe, it will have to forego burning almost 90 percent of proven coal reserves, plus one-third of oil and half of natural-gas reserves. But instead of implementing policies aimed at realizing that objective, governments continue not only to subsidize the fossil-fuel industry, but also to use scarce public resources to find new reserves. That has to change—and fast.
In an effort to help spur that change, the Heinrich Böll Foundation and Friends of the Earth International have aggregated key data about the coal industry in the just-released Coal Atlas. The figures are striking.
According to the International Monetary Fund, post-tax subsidies for coal (including environmental damage) reached 3.9 percent of global GDP this year. G20 governments are estimated to spend $88 billion per year on exploration subsidies for new fossil fuels. And a recent report by the Natural Resources Defense Council, Oil Change International, and the World Wide Fund for Nature revealed that from 2007 to 2014, governments channeled more than $73 billion—or over $9 billion per year—of public money toward coal projects. Leading the way were Japan ($20 billion), China (around $15 billion), South Korea ($7 billion), and Germany ($6.8 billion).
Reference:
Fuhr, L. (November 26). Fossil fuel follies. Philippine Daily Inquirer. Retrieved from http://opinion.inquirer.net/90641/fossil-fuel-follies
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