The Paris Agreement: Built to last
As the dust begins to settle following the euphoric sense of achievement and relief of UNFCCC delegates during the closing plenary of COP 21 earlier this month, the time has come for a reality check.
"Laura Merrill, a senior researcher who worked on the report, told me global emissions likely would drop at least 10% if all fossil fuels subsides were cut. "I think it is the elephant in the boardroom, really," she said. "It's about $500 billion (in subsidies) downstream to consumers and about $100 billion (in subsidies) upstream to producers. That's a huge amount of financing" that could be used for renewable energy."