Hi all! Here are some thoughts I've had and information I've obtained during my time at COP22 in Marrakech. In order to reach the Paris Agreement’s target of “well below 2°C above pre-industrial levels," 80% of fossil fuels in the ground must be left untouched. This is difficult because fossil fuels are still competitively priced (and often cheaper) than renewable energy options. This is largely due to the huge government subsidies handed out to fossil fuel corporations. The subsidy amount is an estimate as the subsidies are not transparent, however the number is around $500 billion annually- not counting negative externalities. Note: this number is 4X annual renewable energy subsidies.
In order to achieve international greenhouse gas emission targets, we must keep fossil fuels in the ground and abolish fossil fuel subsidies. This will allow the renewable energy market to grow faster- the speed of renewable market growth is important as time is not on our side, as climate change is here now. To be clear, the renewable energy market is growing and costs have significantly dropped, however growth is stunted due to fossil fuel subsidies, policies, and lobbying. For example, the Koch Industries who have huge stakes in oil and gas, donate millions to deter climate change policy from passing.
The consequences of fossil fuel subsidies and extraction are two of the many great reasons why Washington University in St. Louis, and other large institutions, should divest from fossil fuels and why the Dakota Access Pipeline should not be completed.
Written by Nicola Salzman, a senior at Washington University in St. Louis, pursuing a Bachelor of Arts in Environmental Policy