10:51 - 30.08.2024

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August 30, Fineko/abc.az. According to Oil Change International (OCI), the EU, US, Norway, Canada, and the Netherlands account for a staggering 95% of global investments in carbon capture and storage (CCS) technologies and hydrogen. According to ABC.AZ, the organization argues that rather than mitigating climate change, these technologies primarily serve to prop up the fossil fuel industry.

The US alone is set to allocate a whopping $12 billion from its treasury in the form of direct subsidies for these controversial solutions. In fact, the US and Canada have already spent $4 billion on carbon capture used to enhance oil recovery, essentially using public funds to subsidize oil extraction.