What the fossil fuel industry doesn't want you to know | Al Gore
Aug 7, 2023
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Nobel Laureate Al Gore discusses the urgent need to address the climate crisis. He exposes the deceptive practices of the fossil fuel industry, their influence on policy-making, and lack of commitment to reducing emissions. The feasibility and concerns of carbon capture and storage technology are explored. The growth of gigafactories and staying hopeful for a sustainable future are also highlighted.
The fossil fuel industry has been the main obstacle to climate solutions, using lobbyists and economic networks to slow down progress and deceiving the public to protect their profits.
The global allocation of capital and subsidies for fossil fuels, along with the financial system, pose another major obstacle, requiring reforms in international financial institutions to remove barriers and enable developing countries to access private capital for clean energy projects.
Deep dives
Obstacle 1: Opposition from the Fossil Fuel Industry
The main obstacle to cutting down emissions is the unrelenting opposition from the fossil fuel industry. They use lobbyists, fixers, and their economic networks to slow down progress. The companies have knowingly lied about the climate crisis, deceiving the public to protect their profits. They have captured the policy-making process and even control the COP (Conference of the Parties) process. Despite their claims of investing in renewables and carbon capture, their commitments are minimal, and they actively fight against solutions proposed by others.
Obstacle 2: Financial System and Fossil Fuel Subsidies
The global allocation of capital and subsidies for fossil fuels pose another major obstacle. Governments around the world subsidize fossil fuels with over a trillion dollars in taxpayer money annually. Major banks have invested trillions of dollars in fossil fuel companies since the Paris Agreement, despite signing net-zero pledges. This financial system makes it difficult for developing countries to access private capital due to high interest rates and various risks. Reforms are needed in the World Bank and multilateral development banks to remove these barriers.
Overcoming Obstacles and Accelerating Progress
Once these obstacles are addressed, there is tremendous potential to accelerate progress. Existing deployment models and technologies can reduce emissions by 50% in the next seven years. Investments in better grids, solar and wind energy, regenerative agriculture, electric vehicles, energy storage, and green hydrogen will play crucial roles. Renewable energy already accounts for the majority of new electricity generation globally, and the growth of solar, wind, and electric vehicles is impressive. The key is to maintain the commitment to achieving true net zero emissions, as this will lead to a halt in temperature increase and eventual carbon removal from the atmosphere.
In a blistering talk, Nobel Laureate Al Gore looks at the two main obstacles to climate solutions and gives his view of how we might actually solve the environmental crisis in time. You won't want to miss his searing indictment of fossil fuel companies for walking back their climate commitments -- and his call for a global rethink of the roles of polluting industries in politics and finance.