The Unfair Narrative on Global Warming and Development: Why it must be challenged
Date Written: 18/07/2016
Year Published: 2016
Resource Type: Article
Cx Number: CX19833
Industries that majorly contribute to climate change are being subsidized, while more marginalized industries receive vey little to mitigate the impact of climate change.
global subsidies to the fossil fuel industry, both indirect and direct, amounted to $5.3 trillion dollars in 2015. Or to frame it another way, 6.5% of global GDP. Roughly $10m per minute. That's right you read it correctly- 10 million dollars per minute.
Amongst those consequences: Arctic sea ice and land-based glaciers are melting; sea-levels are rising threatening coastal regions where most of world's population lives; and ocean acidification is now critically disrupting aquatic ecosystems. Additionally, global warming increases both extremes of the earth's water cycle, which will mean two things: one, more heatwaves and droughts because of a warmer atmosphere, and two, a warmer atmosphere holds more water vapour, so more extreme rainfall.