This is a CRISIS. I am heartbroken for our children, their children and their children. If the oil and gas companies unleash the fossil fuels in the ground (which they clearly intend to do), then its Planet Game Over: At current growth rates, that budget is likely to be exhausted in something like 30 years. Yet energy companies have already booked coal and petroleum reserves equal to several times that amount, and they are spending some $600 billion a year to find more. Utilities and oil companies are still building coal-fired power plants and refineries, and governments are spending another $600 billion directly subsidizing the consumption of fossil fuels. By contrast, the report found, less than $400 billion a year is being spent around the world to reduce emissions or otherwise cope with climate change. That sum is smaller than the revenue of a single American oil company, ExxonMobil.
Posted on: Sun, 02 Nov 2014 10:44:58 +0000
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