Wasting a billion dollars a day. Every day

Subsidies are evil…more evil when deployed to support a fraud.

Cancel all subsidies, even those to other industries and deploy the cash on better things.

The world invested almost a billion dollars a day in limiting global warming last year, but the total figure – $359 billion – was slightly down on last year, and barely half the $700 billion per year that the World Economic Forum has said is needed to tackle climate change.

These are the findings spelled out in the latest Climate Policy Initiative (CPI) report. For the first time, it estimated global North-South cash flows at between $39 and $62 billion. 

But the total funding pot fell $5 billion from 2012, and remains just a tiny fraction of the $5 trillion that the International Energy Agency estimates is required by 2020 for clean energy projects alone, if rising temperatures are to be pegged at 2 degrees Celsius.

“Investment to combat and adapt to climate change is happening around the world, but it’s short of where it needs to be and efforts to grow it have not been successful enough,” said Thomas Heller, the executive director of Climate Policy Initiative, the group which compiled the report.

“Leveling the playing field can help unlock significant additional finance,” he added.

The report, Landscape 2013, says that amounts invested in clean energy were dwarfed by the $523 billion a year that the world shells out in fossil fuels subsidies, according to the OECD.

The EU’s energy commissioner, Günther Oettinger was last week accused of suppressing data which shows that the bloc’s €30 billion of subsidies to renewable energy sources is outweighed by a de facto €66 billion of handouts to the fossil fuels sector, and €35 billion to nuclear power.

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As much at home writing editorials as being the subject of them, Cam has won awards, including the Canon Media Award for his work on the Len Brown/Bevan Chuang story.  And when he’s not creating the news, he tends to be in it, with protagonists using the courts, media and social media to deliver financial as well as death threats.

They say that news is something that someone, somewhere, wants kept quiet.   Cam Slater doesn’t do quiet, and as a result he is a polarising, controversial but highly effective journalist that takes no prisoners.

He is fearless in his pursuit of a story.

Love him or loathe him.  But you can’t ignore him.