The U.S. leads international spending on failed climate solutions, as reported by Oil Change International. Despite 50 years of research, carbon capture and fossil-based hydrogen subsidies have not reduced emissions significantly. The U.S. invested $12 billion in carbon capture over 40 years, with Norway, Canada, the EU, and the Netherlands also spending billions. Harjeet Singh criticized these subsidies as a “colossal waste of money,” benefiting industries driving climate change. Carbon capture primarily aids oil production and delays the transition to renewables. Failure examples include the Petra Nova and FutureGen projects, costing taxpayers millions. The group urges governments to phase out fossil fuels rather than invest further in ineffective technologies. ExxonMobil’s shift to promoting carbon capture for profit, with government subsidies, reinforces industry delay tactics. The U.S. spending billions on carbon capture and fossil hydrogen subsidies further hinders real climate action. OCI warns that public funds allocated for these technologies could reach over $100 billion in the next decade, highlighting the urgent need to prioritize renewable energy over fossil fuel bailouts.
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