Research published Tuesday estimates that rich countries could mobilize over $5 trillion a year for climate action worldwide by cutting off subsidies to the oil and gas industry.
OCI's research, which includes a fact sheet outlining various proposals to raise funds for climate action, stresses that "there is no shortage of public money available for rich countries to pay their fair share on fair terms for climate action at home and abroad."
The urgency and extent of growing economic inequality, unfair sovereign debt crises, climate disasters, and fossil fuel profits have created significant momentum towards many of these measures in international and domestic policy spheres.
Among the proposals laid out in OCI's brief are an equitable end to public finance, direct subsidies, and state-owned company investments in fossil fuels, which could raise $846 billion a year globally.
[
Collection
]
[
|
...
]