New York, 28 October 2021 (TDI): The United Nations Development Programme (UNDP) released its research, on 27 October. They also shared a film that is part of the “Dont Choose Extinction” Campaign. According to the UNDP, the world spends 423 billion dollars annually.
The countries spend the money to subsidize fossil fuels for consumers. Due to the oil, and electricity generated by the burning of fossil fuels. Then the analysis mentions that those 423, are four times the amount to help poor countries. It is to help them tackle the climate crisis. The COP26, which is next week, will discuss the crisis.
IMF AND UNDP FURTHER STATEMENT
The International Monetary Fund recently published data. First, with the money spent on subsidies, the world could pay for Covid-19 vaccinations for every person in the world. The money could also get rid of poverty. The IMF then added that if indirect costs are added to the subsidies; then the total amount increases to 6 trillion.
UNDP’s analysis highlighted that these funds, worsen inequality, and prevent action on climate change. The administrator of UNDP, Achim Steiner, pronounced it. Steiner stated that the COVID-19 has exposed outdated aspects of the global economy.
According to Steiner, those aspects include the fact that the world continues to spend billions on fossil fuels. While hundreds of millions of people live in poverty, and also the climate crisis accelerates. He also urged the governments to ask themselves, if subsidizing fossil fuels is a rational use of money.
The IMF stated that fossil fuels are insufficient. Then added that in developing countries, half of the public resources are spent to support fossil fuel consumption. But that consumption benefits the richest 20% of the population.
MOLINA’S STATEMENT AND DON’T CHOOSE EXTINCTION CAMPAIGN
The co-author of the research, and Lead Economist of UNDP’s Bureau for Policy and Programme Support, George Gray Molina; pronounced this. Molina stated that addressing fossil fuels subsidies, is an issue with political notions.
He then added that the facts show that reform is necessary, and if it is done correctly, it supports the poor, creates jobs, and protects the planet. Ahead of the upcoming G20 and COP26, the UNDP published the report. The Secretary-General, made a strong call to reform.
The UNDP produced a short film, to highlight the negative effects of fossil fuels. In the film, a dinosaur gives a speech to the UN General Assembly, urging the leaders to shift away from fossil fuels subsidies. Don’t Choose Extinction is also the newest UNDP campaign.