Huge subsidies are allotted by most governments in the world to the use of fossil fuels to provide people with their much demanded energy. However, studies show that if only those in power would consider giving 10% of their usual subsidy to fossil fuels to renewable energy, they could help cut down carbon emissions that drive the world to the climate crisis that they are in.
The report of the International Institute for Sustainable Development (IISD) report shows that gas, oil and coal get at least $370 billion a year in support compared to the $100 billion each year for renewable energy resources. The report also suggests that if 10 to 30% of the total subsidy for fossil fuel is slashed to give to renewable resources, the world can make a full global transition to cleaner energy that will save the world.
The G20 nations pledging to phase out the use of fossil fuels in 2009 has brought hope that the Earth can be saved. However, the progress has been very limited so far and the subsidy that they provide to the industries that use fossil fuels continue to push the world deeper into the climate emergency that they are in.
"What we are doing is using taxpayer's money to boost hurricanes, make typhoons stronger and to spread drought," says Antonio Guterres, Secretary General of the United Nations (UN). "In short, we are putting the world's money on the very things that destroys the earth."
The new reports shows an analysis of how the redirection of the funds from fossil fuels could tip the balance and make everything turn out well for green energy sources, making it the cheapest source of electricity available. When this happens, it could give birth to a rapid global energy rollout.
"Almost everywhere, renewable resources are so close to being competitive with the fossil fuel resource and if gets the budget that it requires, it will tip the balance. From just being another energy alternative, it could easily become the most viable source of electricity replacing the large amount of energy generation from fossil fuels," said Richard Bridle of the IISD. :It goes from being in the margins to the absolute no brainer of an option."
The transition from the pollutant that is the fossil fuel to clean energy needs to happen soon before carbon emissions grow so fast in the atmosphere that everyone else suffers even more. Annual investment in renewables will secure the future of the population all over the world. If only going green were that easy.
