17 Year Old Climate Activist Chastises World Leaders For Not Taking Enough Action On Climate Change Despite Spending $370 billion
17 year old climate activist Greta Thunberg once again chastised world leaders at World Economic Forum at Davos, by saying not enough action has been taken to stop the harm, particularly on climate change as the planet races toward an 8 year deadline on our planet’s global carbon budget.
Governments around the world continue to support fossil fuels through subsidies of $370 billion a year, compared with the $100 billion a year needed to transition to a low carbon economy. Of the 8 Oil Majors, less than 5% of capital budgets were spent on renewable energy projects to reflect the new economic and climate realities, compared with 90% of capital expenditures on existing oil and gas wells.
In the face of growing social, political and financial pressure, it is increasingly clear that many of these carbon-intensive incumbents could become the Blockbusters or Kodaks of the 2020s, by failing to proactively react to the underlying trends.
Regardless, the winners of the new economy may lie elsewhere.