'Fossil fuel subsidies are a roadblock to a more sustainable future,' said the head of the International Energy Agency.
Wednesday, that approach"largely benefits wealthier households, as they use the most energy, rather than targeting those on low incomes."that the richest 10% of the global population consumes around 20 times as much energy as the poorest 10%.as they exploit Russia's invasion of Ukraine to push massive costs onto consumers.
"Russia's war of aggression against Ukraine has caused sharp increases in energy prices and undermined energy security. Significant increases in fossil fuel subsidies encourage wasteful consumption though, while not necessarily reaching low-income households," OECD Secretary-General Mathias Cormann said in a statement.
The fresh subsidy data was released days ahead of a U.S. National Oceanic and Atmospheric Administration showing that"global sea levels and ocean heat content reached record highs in 2021," an indicator that the climate crisis is accelerating as governments prop up the oil and gas industry. "The data presented in this report are clear—we continue to see more compelling scientific evidence that climate change has global impacts and shows no sign of slowing," NOAA Administrator Rick Spinrad said in a statement Wednesday.
"With many communities hit with 1,000-year floods, exceptional drought, and historic heat this year," Spinrad added,"it shows that the climate crisis is not a future threat but something we must address today as we work to build a climate-ready nation—and world—that is resilient to climate-driven extremes."
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