What oil companies say: "We can use carbon capture and storage technology to help save the climate! All we need is billions of dollars more in government subsidies every year."
But in fact the whole thing is a scam, because "almost 80% of all the CO₂ captured by existing CCS installations has been reinjected into oil fields – to pump more oil." 🤦‍♂️
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Fix the climate or appease the fossil fuel industry – we can’t do both
Funding for carbon capture and storage is likely to prolong the fossil fuel era.The Conversation
This entry was edited (1 month ago)
Nicole Parsons
in reply to Bread and Circuses • • •The fossil fuel industry is subsidized so heavily. $754 billion.
eesi.org/papers/view/fact-shee…
1. Bargain basement use of public lands
2. Government subsidies for drilling & pipelines
3. Environmental cleanup costs
4. Picayune fines for pollution
5. Permissive regulatory oversight & tax evasion
6. Taxes shifted from corporations to customers through gas taxes
7. Low taxation
8. Money laundering & public corruption left uninvestigated
9. Wage theft
10. Carbon capture scams
Fact Sheet | Proposals to Reduce Fossil Fuel Subsidies (January 2024) | White Papers | EESI
www.eesi.org