“The fossil fuel industry has conjured a toxic triangle that is trapping us into a warming world. Governments and investors are helping the industry to recklessly protect its own profits at the expense of us all. The world’s poorest are already being hit hardest and millions more will be made hungry by climate change,” the Oxfam chief executive, Mark Goldring, said.
Oxfam says the “toxic triangle” supported spending of more than $674bn (£423bn) on fossil fuels in 2012. Investment in the industry was propped up by tax breaks, government incentives and an estimated $1.9tn of subsidies a year. More than $500,000 a day was being spent on lobbying US and EU governments, it says.