Coal, oil and gas get more than $370bn (£305bn) a year in support, compared with $100bn for renewables, the International Institute for Sustainable Development (IISD) report found. Just 10-30% of the fossil fuel subsidies would pay for a global transition to clean energy, the IISD said.
We cannot afford many more years like this. Every year of high emissions adds to the stock of carbon in the air, bringing us closer to the 450ppm of carbon dioxide that scientists warn could tip us into catastrophe. The IPCC’s stark warnings last year showed how dangerous a rise of 1.5C would be, and on current terms we are headed for an even bigger rise.
Later that decade, in 1988, an internal report by Shell projected similar effects but also found that CO2 could double even earlier, by 2030. Privately, these companies did not dispute the links between their products, global warming, and ecological calamity. On the contrary, their research confirmed the connections.
Shell’s assessment foresaw a one-meter sea-level rise, and noted that warming could also fuel disintegration of the West Antarctic Ice Sheet, resulting in a worldwide rise in sea level of “five to six meters.” That would be enough to inundate entire low-lying countries.
Shell’s analysts also warned of the “disappearance of specific ecosystems or habitat destruction,” predicted an increase in “runoff, destructive floods, and inundation of low-lying farmland,” and said that “new sources of freshwater would be required” to compensate for changes in precipitation. Global changes in air temperature would also “drastically change the way people live and work.” All told, Shell concluded, “the changes may be the greatest in recorded history.”
For its part, Exxon warned of “potentially catastrophic events that must be considered.” Like Shell’s experts, Exxon’s scientists predicted devastating sea-level rise, and warned that the American Midwest and other parts of the world could become desert-like. Looking on the bright side, the company expressed its confidence that “this problem is not as significant to mankind as a nuclear holocaust or world famine.”