What does Notre Dame de Paris have in common with the Green Climate Fund? Sadly nothing. The golden ratio, so beautifully on display in the cathedral’s architecture, is nowhere to be found when fossil fuel subsidies are compared to Green Climate Fund pledges.
Ratios have been on ECO’s mind ever since a stroll to Notre Dame. So ECO despaired when it discovered a ratio that was totally out of whack. Analysis released yesterday shows that the ratio of fossil fuel subsidies to Green Climate Fund pledges from 8 key countries is 40 to 1!
You read that right. Australia, Canada, France, Germany, Italy, Japan, the United Kingdom and the United States provide a total of roughly US$80 billion per year to support fossil fuel production, but have only pledged a combined total of $2 billion per year to the Green Climate Fund.
That ratio unsettling. It also pushes the climate talks in exactly the opposite direction of progress. While finance negotiators wander the halls looking for more finance to offer up, billions of dollars are being sucked away to support dirty fossil fuels.
It’s time to #StopFundingFossils and start funding the solutions!